Charter REIT has acquired Place Val Est, a 110,313-sq.-ft. food-anchored retail strip centre located in the former town of Val Caron, now part of Sudbury following an amalgamation in 2001. The purchase price before closing costs was $14.72 million, and the acquisition is expected to close in late January 2008.
The property was originally developed in 1983 and has seen many additions to it over the last 20 years. It is currently a 28-unit retail strip centre with tenants such as LOEB, PharmaSave, Pro Hardware, LCBO, Pet Valu, Tim Horton’s, Harvey’s and RBC. The Property is currently 93 per cent leased with four vacant units.