(For more retail coverage, click GlobeSt.com/RETAIL.)
TORONTO-First Capital Realty Inc. has picked up 158,000 sf of retail for $43.7 million. The locally headquartered owner and developer of shopping centers says it acquired the Terra Nova Shopping Centre in Richmond and the Chartwell Shopping Centre in Toronto.
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 one 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.
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