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Five Retail Centers Trade for $75M

TORONTO-First Realty Capital acquires 428,400 sf of retail space in four centers in Ontario, Quebec and British Columbia.

By Brian K. Miller | Updated on December 22, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

TORONTO-First Capital Realty Inc. has picked up four retail assets for $75.1 million. Totaling 428,400 sf, the neighborhood and community shopping centers are located in Ontario, Quebec and British Columbia.

The largest of the lot is Port Place Shopping Centre, a 147,000-sf center in Downtown Nanaimo on Vancouver Island in British Columbia. The property is located in the Harbor District at the intersection of Terminal Park and Nicol Street. Major tenants include Thrifty Foods (27,000 sf) and London Drugs (28,000 sf). The purchase price of $19.9 million (including closing costs) was satisfied by cash and the assumption of $6.4 million of debt at a fixed rate of 5.78% due March 2011.

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