Canada's Slate Retail acquires $90 mln U.S. retail portfolio

Toronto-based real estate investment trust (REIT) company Slate Retail REIT has acquired a seven-property, grocery-anchored retail portfolio in the Southeastern and Mid-Atlantic U.S. for $90 million.

Slate Retail's acquired assets include Virginia’s Bermuda Crossroads in Richmond, as well as Gainsborough Square and Indian Lakes Crossing, both of which are located in the Virginia Beach-Norfolk-Newport News metropolitan statistical areas.

Built between 1997 and 2008, the centers range in size from about 57,700 to 122,600 square feet. At the time of the deal, the assets were 92 percent leased to Harris Teeter, Food Lion, and Weis Markets serving as anchors.

As part of the deal, Slate Retail paid $90 million to peer Armada Hoffler Properties Inc. to purchase the 623,800-square-foot collection of grocery-anchored properties.