Inaugural Acquisition for $500M Retail Partnership is 235,000-SF Center

BRAMPTON, ON-The RioCan Retail Value Limited Partnership has acquired the 235,000-sf Brampton Super Centre here for $26.8 million, including assumed mortgage debt of $18.7 million.

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.