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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