Slate to Acquire $53M NC Retail Asset

The owner and operator of U.S. grocery-anchored real estate inked a binding agreement to purchase Mooresville Consumer Square, a 579,391-square-foot retail property in Iredell County.

Aerial view of the Mooresville Consumer Square in Moorisville, N.C.
Aerial view of the Mooresville Consumer Square in Moorisville, N.C.

Slate Retail REIT announced that it has entered into a binding agreement to acquire Mooresville Consumer Square for $51.3 million or $109 per square foot. The Walmart-anchored property is 97 percent occupied. Closing is expected to be completed in the second quarter of 2017 and remains subject to customary closing conditions. Slate Asset Management LP is the REIT’s manager. 

Located at 355 West Plaza Drive in Mooresville, N.C., the asset provides easy access from Interstate 77. Pizza Hut, Planet Fitness, Amstar Entertainment, Ollie’s Bargain Outlet, Taco Bell and Wendy’s are among the shopping center’s tenants. The average household income in the area is $88,300.

At the beginning of this year, Slate Retail REIT acquired 11 Galleria, a Fresh Market-anchored retail center in Greenville, N.C.

Image courtesy of DDR Corp. website