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Crombie acquires $255 million worth of shopping centers


Crombie REIT has purchased a portfolio of 22 retail properties for $255 million. With the exception of two assets located in Manitoba and Saskatchewan, all of the properties are located in Ontario.

“National and regional tenants comprise approximately 90% of the total rental base for the Properties. Gap lease and head lease adjustments will result in the equivalent of 100% occupancy at closing. Furthermore, certain of the assets have attractive expansion opportunities, which should provide Crombie with additional upside if the REIT chooses to pursue development initiatives in the future. We have completed extensive due diligence in connection with the acquisition and are confident that this portfolio represents a strong addition to our existing asset base,” said Donald Clow, Crombie’s president and CEO.

The properties primarily consist of drug and food-anchored retail centres, with a primary concentration in Ontario:

Property

City

Prov

 

Major
  tenants

 

Total GLA
 
(sq. ft.)

3156   Birds Hill Rd.

Birds Hill

MB

 

Sobeys

 

39,193

160   Main St. S

Brampton

ON

 

Shoppers/Metro

 

101,325

4021   Upper Middle Rd.

Burlington

ON

 

Mac’s

 

11,066

2095   Dorchester Rd.

Dorchester

ON

 

Sobeys

 

31,197

2300   Dorchester Rd.

Dorchester

ON

 

Shoppers

 

18,467

703 Notre   Dame St.

Embrun

ON

 

Shoppers

 

16,910

15   Lindsay St.

Fenelon Falls

ON

 

Sobeys

 

25,010

263   Guelph St.

Georgetown

ON

 

Shoppers

 

28,492

150   Main St. E

Grimsby

ON

 

Shoppers

 

37,256

321   Main St. E

Grimsby

ON

 

TCS Stores

 

24,065

32-38   Ottawa St.

Havelock

ON

 

Sobeys

 

14,866

10   Alkenbrack St.

Napanee

ON

 

Shoppers Realty

 

24,735

5125   Montrose Rd.

Niagara Falls

ON

 

Shoppers

 

17,043

9801   Territorial Dr.

North Battleford

SK

 

Sobeys/Tim Hortons

 

29,752

1899   Algonquin Ave.

North Bay

ON

 

Sobeys/Target

 

191,123

400   Landsdowne St. E

Peterborough

ON

 

Loblaws/McDonalds

 

67,523

1875   & 1913 Landsdowne St. W

Peterborough

ON

 

Shoppers

 

18,675

511   Huron St.

Stratford

ON

 

Shoppers

 

27,375

521   Hwy. 8

Stoney Creek

ON

 

Mac’s

 

9,084

2751-2753   Eglinton Ave. E

Toronto

ON

 

Shoppers

 

16,995

1780   Markham Rd.

Toronto

ON

 

Shoppers

 

38,715

1555-1563   The Queensway

Toronto

ON

 

Future Shop

 

67,004




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