REIT Nabs Grocery-Anchored Greenville Center

Slate Retail REIT has entered into an agreement to acquire 11 Galleria for $14 million.
11 Galleria, Greenville, N.C.

11 Galleria, Greenville, N.C.

Greenville, N.C.—Slate Retail REIT, an owner and operator of U.S. grocery-anchored real estate, recently announced its intention to buy 11 Galleria in Greenville, N.C., for $14 million, or $129 per square foot. Closing is expected to be completed in the first quarter of 2017 and remains subject to customary closing conditions. Slate Asset Management LP is the REIT’s manager.

Located at 950 Criswell Drive, the property was built on the site of the former Carolina East Mall. 11 Galleria is anchored by The Fresh Market. Other tenants include Dick’s Sporting Goods, Cheddar’s and Bonefish. The shopping center opened in 1979 and was last renovated in 2007. The 109,000-square-foot property features 55 stores, 2,131 parking spaces and a food court with 40 seats. Currently, the shopping center is 78 percent occupied.

Slate Retail REIT owns and operates more than $1 billion of assets located across 50 U.S. metro markets. The REIT’s manager has more than $3.5 billion in assets under management.

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