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RioCan Drops $44M-Plus on Four-Level Retail Center

VANCOUVER, BC-The Toronto-based REIT acquires 2290 Cambie St., a new 149,000-sf retail center anchored by two of Canada's top retailers, Canadian Tire and Best Buy, which are on long-term leases.

By Brian K. Miller | Updated on August 30, 2005

VANCOUVER, BC-RioCan REIT of Toronto has acquired a new four-story retail center here that the company says will become a model for many of its urban sites. The company paid $44.5 million for the 149,000-sf asset.

The property is located at 2290 Cambie Street, or the corner of Cambie Street and 7th Avenue. The complex recently opened for business and is anchored by two of Canada’s top retailers, Canadian Tire and Best Buy. Canadian Tire signed a 20-year lease; Best Buy signed on for 15 years.

RioCan’s chief executive Edward Sonshine could not be reached Tuesday afternoon for comment. In a prepared statement, he says that with city “densification” projects on the rise, the multi-level concept allows large format retailers to open locations in urban sites. Urban locations have been extremely difficult to obtain due to planning restrictions and the lack of available land, he says.

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