December 9, 2016
Slate Retail REIT, headquartered in Toronto, entered into a binding agreement with Colony Holding Cos. LLC to acquire Norwin Town Square. The Canadian REIT will pay $18.9 million to acquire the 134,000-square-foot grocery-anchored center in Irwin, PA, part of the Pittsburgh, PA MSA.
Located at 12120 State Route 30, Norwin Town Square was built in 1963 and, over the years, had fallen into disarray. Government officials approached Colony Holding Co. in early 2011 for suggestions on how to improve the blighted asset, and ended up acquiring it. Colony then began a 2.5-year redevelopment plan, which was completed last year.
The center is anchored by a Shop ‘n’ Save, with additional tenants including Wooden Nickel Restaurant, Z’s Beer, Petland and Planet Fitness. The center is 99% occupied.
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