Plaza Retail REIT Acquires Redevelopment Site in Brockville, Ontario
January 12, 2018 at 12:00 am IST
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Plaza Retail REIT announced that it has acquired a prime retail property in Brockville, Ontario for $14.0 million. The 1000 Islands Mall property, previously anchored by a Sears Canada store that now sits empty, is a 281,000 square foot enclosed mall that is ideally positioned for redevelopment as a strip plaza. Located on Parkedale Avenue adjacent to Highway 401, the property has long been the retail focal point of the Brockville market, easily accessible by area consumers. The REIT intends to redevelop the property into a multi-unit retail plaza comprising approximately 155,000 square feet of gross leasable area. The property will also have excess density that can accommodate future expansion.
Plaza Retail REIT (Trust) is a Canada-based open-ended real estate investment trust. The Trust is a developer, owner and manager of retail real estate located primarily in Ontario, Quebec and Atlantic Canada. Its portfolio includes interests in approximately 234 properties totaling approximately 8.8 million square feet across Canada and additional lands held for development. The properties are indirectly held by Plaza through its subsidiaries and through joint arrangements. Its portfolio largely consists of open-air centers and stand-alone small box retail outlets and is predominantly occupied by national tenants with a focus on the essential needs, value and convenience market segments. The Trust's portfolio consists of Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, New Brunswick, Nova Scotia, Ontario, Prince Edward Island, and Quebec.
PLAZA RETAIL REIT 
