Scott’s REIT, an owner of 207 small-box retail properties in seven provinces across Canada, announced that it has completed the acquisition of an income-producing property in Anjou, a borough of Montreal, located just east of the city on the Island of Montreal.
Under its small-box retail acquisition program, Scott’s REIT acquired the 47,400-sq.-ft. retail centre located at a high-traffic intersection. The retail centre is anchored by a Home Outfitters and tenanted by an A&W and Shell service station. The leases are long-term with an average length of 8.7 years.
“This is our second acquisition this quarter, demonstrating our ongoing commitment to strategically increase our asset base and provide added value for our unitholders,” said Evelyn Sutherland, chief financial officer of Scott’s REIT. The property was purchased for $11,850 and financed through an assumption of a first mortgage, a vendor take back note and cash on hand.