Spartanburg Area Shopping Center Sold for $118/sf


dorman centerIt’s been anything but a quiet summer at the lake for executives at Slate Retail Real Estate Investment Trust (SRT.UN-T). In the past three months, the REIT has purchased 10 U.S. shopping centers. Two of those announcements have come in the past five days, namely the purchases of North Lake Commons in Chicago and Dorman Centre in South Carolina.

The most recent deal is for the Dorman Centre, located just off I585 in Spartanburg, S.C., a few kilometres east of Charlotte. The shopping center is situated in a retail node and anchored by Walmart. It was bought for US$46 million ($118 per square foot) and is 97% occupied.

Slate says the purchase is expected to close in the third quarter.

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