The 98.5%-occupied unenclosed center is the inaugural acquisition of the partnership, formed by Toronto-based RioCan Real Estate Investment Trust, the Ontario Municipal Employees Retirement System and the U.S.-based Teachers Insurance and Annuity Association-College Retirement Equities Fund. The funds strategy is to acquire underperforming shopping centers in Canada that have the potential for significant value-added, redevelopment or repositioning opportunities, make the appropriate changes and then dispose of these assets over a period of years.

Located in the city's primary commercial corridor at the southwest corner of Queen Street East and Highway 410, Brampton Super Centre is currently anchored by Sears and a No Frills (Loblaws) supermarket, whose tenancies both expire within the next two years. Other national tenants include National Sports, Remax Realty, TD Bank, Bulk Barn, Pizza Hut, Kelsey's and Burger King.

"This property is one type of the opportunities available to the partnership where the value creation potential lies in the imminent lease (expiration) of both anchor tenants," says RioCan president and CEO Edward Sonshine. He tells GlobeSt.com that both the supermarket and the department store are out of renewal options and want to stay at the project, and that their current rents are below market by $2 or $3 per sf. Sears occupies 80,000 sf at the center and Lowblaws also leases 80,000 sf, though it has downsized to 50,000 sf and subleased the excess space to local retailers, says Sonshine.