|By PR Newswire||
|November 20, 2012 05:44 PM EST||
/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Nov. 20, 2012 /CNW/ - Slate U.S. Opportunity (# 1) Realty Trust (the "Trust") announced today that it has completed the acquisition of a grocery-anchored retail asset in Fuquay-Varina, North Carolina (Raleigh-Cary MSA).
Fuquay Crossing was purchased for U.S.$13,100,000 (U.S.$105 PSF) at an approximate 8.7% going-in cap rate. The asset is 94% occupied, anchored by a Kroger grocery store on a long-term lease.
To date, the Trust has acquired nine 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 45 commercial real estate assets across North America with a total value of approximately $1 billion. Slate's in-house team of asset management professionals have over 80 years of combined experience.
SOURCE SLATE PROPERTIES INC.
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