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Slate U.S. Opportunity (No. 1) Realty Trust Provides Update on Recent Acquisition Activity
By: PR Newswire
Dec. 4, 2012 05:45 PM
/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Dec. 4, 2012 /CNW/ - Slate U.S. Opportunity (# 1) Realty Trust (the "Trust") announced today that it has completed two previously disclosed transactions.
Westhaven Town Center located in Franklin, Tennessee (Greater Nashville) was purchased for U.S.$14,500,000 (U.S.$149 PSF) at an approximate 8.2% going-in cap rate. The asset is 96% occupied, anchored by a Harris Teeter grocery store on a long-term lease.
Bowling Green Plaza and Madison Plaza are located in Bowling Green and Madison, Virginia, respectively. The two properties were purchased for a combined U.S.$7,940,000 (U.S.$80 PSF) at an approximate 8.8% going-in cap rate. The assets are 90% occupied, both anchored by Food Lion and Family Dollar.
Including the above-mentioned transactions, the Trust has acquired twelve (12) assets since completing its initial public offering in April 2012. The Trust was established for the primary purpose of indirectly acquiring, owning and leasing a portfolio of diversified revenue-producing commercial real estate properties in the U.S. with a focus on anchored retail properties. Slate Properties Inc. ("Slate") is the trust Manager.
About Slate: Slate is a Toronto-based commercial real estate investor and asset manager. Slate's founding partners have significant experience managing complex real estate transactions in domestic and international markets. Since 2005, the company has acquired 48 commercial real estate assets across North America with a total value of approximately C$1 billion. Slate's in-house team of asset management professionals have over 80 years of combined experience. The company manages and co-invests in the Trust, Slate U.S. Opportunity (# 2) Realty Trust, and a closed-end fund of U.S. retail assets.
SOURCE SLATE PROPERTIES INC.
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