Concord, Ontario-based shopping centre developer Forecast Inc., has sold seven retail properties and commercial/ industrial lands to an undisclosed Canadian pension fund advised by Toronto-based Blackwood Partners Inc. for $167 million. Blackwood will provide asset and property management services for the purchaser.
The seven properties included in the sale are located in Alliston, Brantford, Orangeville, Port Elgin, Shelburne, and St. Marys, Ontario, and have a potential GLA of approximately 1,000,000 square feet upon completion.
The Port Elgin and St. Marys shopping centres are fully constructed, while the remaining properties are at various stages of development and will be completed by Forecast over the next two to three years. Under the terms of the agreement, Forecast will remain responsible to complete the construction and leasing of the retail properties.