Partners Real Estate Investment Trust (TSXV:PAR.UN) announced Monday that it is acquiring Quinte Crossroads, a new shopping centre in Belleville, Ont., for $21.25 million.

This purchase involves a new format centre consisting of four building totalling 88,319 square feet on a 14.26-acre site directly adjoining the Quinte Mall to the east and shadow anchored by The Home Depot.

The property also comes with about 48,000 square feet of preapproved development in the heart of the site, which is currently 100 per cent occupied.

The purchase price of just over $21 million is subject to final adjustments and other acquisition costs and will be satisfied by the placement of a new mortgage of $14.2 million and the balance from funds on hand. Closing is expected near the end of March.

"The acquisition is consistent with Partners REIT's strategy to strengthen, expand and further diversify its portfolio by acquiring well positioned community and neighbourhood properties in growth markets with consistent strong cash flows derived from tenants that provide necessity-based products and services," CEO Adam Gant said in a release.

Partners currently owns directly or indirectly 27 retail properties in British Columbia, Alberta, Ontario, Manitoba and Quebec with about 2.1 million square feet of leaseable space.