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RioCan Picks Up Expansion Land

TORONTO-The locally headquartered retail REIT acquires a Staples store and 12.5 acres of land adjacent to two of its existing centers.

By Brian K. Miller | Updated on August 15, 2005

TORONTO-RioCan REIT has acquired a single-tenant retail building, a car dealership property and an industrial building here that sit adjacent to two of its existing retail developments. The locally headquartered retail REIT says it is now in the planning phase for redeveloping the 12.5 acres holding the car dealership and the industrial building and expects to break ground in 2007.A source at RioCan tells GlobeSt.com the retail building the company acquired (1980 Eglinton) is a 40,000-sf Staples store that is under lease to Staples for the next four years. The auto dealership property (2000 Eglinton) is leased to the Scarborough Lexis Toyota dealership, which is looking for a new home. The industrial building, 2040 Eglinton, is a vacant warehouse.

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.”

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