Terra Nova is a 73,000-sf neighborhood shopping center anchored by a 25,300-sf Save-On-Foods supermarket. Other tenants include Coast Capital Savings, Royal Bank, Starbuck's Coffee and Pizza Hut. The purchase price was about $24.7 million, including closing costs. As part of the transaction, First Realty assumed $12.4 million of fixed rate debt at 4.66% that comes due in April 2010.
Chartwell is an 85,000-sf neighborhood shopping center at the corner of Brimley Road and Huntingwood Drive in Toronto. The center is anchored by a 23,600-sf Price Chopper (Sobeys) supermarket, Shoppers Drug Mart, Bank of Montreal and CIBC. The purchase price was about $19 million, including closing costs. As part of the transaction, First Capital assumed $7.1 million of long term fixed rate debt at 7.77% that comes due in July 2011.
The land parcel is 2.24-acres. The site has 40,000 sf of retail development potential. The $1.6-million purchase price was satisfied in cash.
First Capital chief executive Dori Segal was not available Tuesday afternoon for comment. In a prepared statement, he says the company entered the greater Vancouver market two years ago and now owns nine properties there totaling about 1 million sf. So far this year, First Capital has invested $288 million in income-producing shopping centers. Its portfolio now totals 14.7 million sf in 121 properties. In addition, it owns 13 million shares (17%) of Equity One, which is one of the largest shopping center REITs in the southern US.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
