RioCan, Kimco Spending $44M on Ontario Retail

MISSISSAUGA, ON-Canada’s largest REIT and the United States’ largest public owner and operator of community shopping centers are adding to their joint venture portfolio a new retail center here anchored by a Canadian Tire and a Dominion supermarket.

RioCan REIT of Toronto and New York-based Kimco Realty Corp have agreed to pay $44 million for Clarkston Crossing, an unenclosed grocery-anchored center located in Mississauga, a mature area of Greater Toronto. Upon completion, the center will include over 230,000 sf of lettable area.

RioCan CEO Ed Sonshine tells GlobeSt.com the property is 95% complete and 95% leased. Anchor tenants are Canadian Tire and Dominion supermarket. Other national tenants include Shoppers Drug Mart, LCBO, Mark’s Work Wearhouse, Buck or Two and Rogers Video.