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Mid-Atlantic Retail Portfolio Trades for $90M

Slate Retail REIT has acquired a seven-property, grocery-anchored retail portfolio in the Mid-Atlantic for $90 million.

The portfolio totals 623,770 square feet and consists of Alexander Pointe, a 57,710-square-foot center anchored by Harris Teeter in Charlotte, N.C.; Bermuda Crossroads, a 122,570-square-foot center anchored by Food Lion in Richmond; Gainsborough Square, a 88,862-square-foot center anchored by Food Lion in Virginia Beach; Indian Lakes Crossing, a 64,973-square-foot center anchored by Harris Teeter in Virginia Beach; Harper Hill Commons, a 96,914-square-foot center anchored by Harris Teeter; Renaissance Square, a 80,467-square-foot center anchored by Harris Teeter in Charlotte; and Stone House Square, a 112,274-square-foot center anchored by Weis Markets in Baltimore.

The deal was initially announced March 10, 2020 for a purchase price of $106.5 million, before the agreement of purchase and sale was amended and reinstated. The transaction has now been completed. The seller was Armada Hoffler Properties.

*Pictured above is Bermuda Crossroads in Richmond.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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