A Canadian real estate trust has paid $14.5 million for Franklin's Westhaven Town Center.
Slate U.S. Opportunity Trust, managed by a Toronto-based investment firm, paid $149 per square foot for the Harris Teeter-anchored development, which is 96 percent occupied. Other prominent tenants in the project include Vanderbilt Medical Group and Westside Wine & Spirits.
The town center serves as the retail component of the name's-the-same larger traditional neighborhood development from Southern Land. The local development company has a number of new projects in its pipeline — including Southside at McEwen and a mixed-use Green Hills project — that an injection of capital will no doubt help accelerate.