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West Valley Marketplace purchased for $34.5M
Last Post 12 Sep 2017 11:46 PM by RyanCaleb. 0 Replies.
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12 Sep 2017 11:46 PM
    Hi,


    Slate Retail REIT announced a binding agreement to acquire West Valley Marketplace for $34.5 million, according to a news release from Slate Retail, an owner and operator of U.S. grocery-anchored real estate.

    The property is Walmart-anchored and 96 percent occupied, located in the Allentown-Bethlehem-Easton Metropolitan Statistical Area. REIT is paying $133 per square foot. Closing is expected in the third quarter of 2017 and remains subject to customary closing conditions, the news release states. 

    Slate Retail also announced it has entered into a $100 million interest rate swap for a five-year term at a fixed rate of 1.71 percent. This swap fixes the interest cost for approximately 12 percent of the REIT's floating rate debt, according to the news release.


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