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Slate Retail REIT Sells Alabama Shopping Centre

Toronto Retail

Slate Retail REIT has sold Madison Center, a 65k SF Publix-anchored mall in Madison, AL, for $9.1M US, an estimated 6.4% cap rate. A predecessor of the Toronto-based trust—owner/operator of US grocery-anchored real estate, with $1B in assets in top 50 metro markets—acquired Madison Center in 2013 for $7.35M (7.8% cap rate). “The valuation parameters for the markets we own real estate in continue to be attractive for well-managed and tenanted properties,” Slate Retail REIT CEO Greg Stevenson says, and the firm’s focus remains on targeting properties in existing markets to achieve operating efficiencies.