Slate Retail REIT to Acquire Robson Crossing in Georgia
- Oct 25, 2016
by Evelina Croitoru
Atlanta—Toronto-based Slate Retail REIT, a real estate investment trust focusing on U.S. grocery-anchored real estate, has entered into a binding agreement to purchase Robson Crossing, a Publix-anchored retail center in Flowery Branch, Ga.
The company will acquire the asset for the purchase price of $11 million, which translates to $110 per square foot. The deal is scheduled to close in the fourth quarter of 2016 and remains subject to customary closing conditions.
Located at 3446 Winder Highway, the 100,245-square-foot property was developed on a 18-acre parcel at the southeast corner of Georgia Highway 53 and Georgia Highway 13. The shopping center is anchored by a 51,420-square-foot Publix supermarket and a 17,000-square-foot Ace Hardware store. At the time of the deal, the property was 90 percent leased.
The REIT is being managed by Slate Asset Management LP, a leading real estate investment platform with more than $3 billion in assets under management.
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