Transactions - JULY 28, 2022

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Madison International Realty, SITE Centers sell 2.3msf retail portfolio

by Released

A joint venture between Madison International Realty and SITE Centers, an Ohio-based REIT, has sold The Sunbelt Retail Growth Portfolio, a 2.3 million square-foot portfolio comprised of 13 open air shopping centers, to Slate Grocery REIT, an owner and operator of U.S. grocery-anchored real estate.

The sales price was not disclosed.

The 13-property portfolio includes seven properties in Florida, two in North Carolina, and one in Georgia, Massachusetts, Ohio and Virginia. Ten of the centers are grocery anchored and the portfolio was 97 percent occupied at the time of sale. Across the portfolio, the weighted average anchor tenure is over 17 years while weighted average shop tenure is over 10 years. There is a total population of 2,395,711 within a five-mile radius of the properties.

CBRE’s National Retail Partners team represented the seller.

“The Sunbelt Growth Portfolio transaction was strategic for all parties,” said Casey Rosen, executive vice pres

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