The land will be developed as an expansion of Rona Centre, currently totaling 173,455 sf. It is located at the intersection of Eglinton Avenue and Warden Avenue, which is part of an already established retail node. Rona Centre is anchored by Rona, Kelsey's and McDonald's.Immediately southwest of Rona Centre is RioCan Warden, another of its centers. RioCan Warden is a 232,367-sf new format retail center tenanted by national retailers such as Winners, Future Shop, Mark's Work Wearhouse, Reitmans and the Shoe Co.The acquisition price for the properties was not released by the parties involved and not otherwise immediately available. RioCan CEO Ed Sonshine was not immediately available Monday morning for comment. In a prepared statement, he says that upon completion of its plans for the site, "our ownership of 597,545 sf will dominate this very urban and high growth location."

RioCan is Canada's largest real estate investment trust with total assets of approximately $4.2 billion. In Ontario, it has an ownership interest in about 18 million sf. Countrywide, it has interests in 195 retail properties (including eight under development) containing an aggregate of about 47 million sf.