TORONTO-RioCan Real Estate Investment Trust has agreed topurchase two Walmart anchored retail centers in Ontario and Quebecfor $102 million, at a cap rate of 6.65%. The total square footageof the purchase is 558,881 square feet.
The two centers are the Gatineau Walmart center in Gatineu,Quebec and Hamilton Southeast Walmart in Hamilton, Ontario. Bothproperties are more than 98% occupied.
The 287,765-square-foot Gatineau site, completed in 2006, isanchored by a 158,000-square-foot Walmart that has a lease thatruns through 2026. Other tenants include GolfTown, Dollarama,BouClair and Tommy Hilfiger. The site includes 27,000 square feetunder construction, and the potential for another 115,000 squarefeet.
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