TORONTO-RioCan Real Estate Investment Trust has agreed to purchase two Walmart anchored retail centers in Ontario and Quebec for $102 million, at a cap rate of 6.65%. The total square footage of 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. Both properties are more than 98% occupied.

The 287,765-square-foot Gatineau site, completed in 2006, is anchored by a 158,000-square-foot Walmart that has a lease that runs through 2026. Other tenants include GolfTown, Dollarama, BouClair and Tommy Hilfiger. The site includes 27,000 square feet under construction, and the potential for another 115,000 square feet.

The 271,117-square-foot Hamilton site includes a 172,500-square-foot Walmart that is leased through 2028. The other tenant space construction is almost complete, and will include Staples and Winners, and shadow-anchor Canadian Tire. The site includes the potential for another 78,000 square feet of development.

Edward Sonshine, president and CEO of RioCan, said the two centers are in high-growth urban markets. “The acquisition of these two high-quality properties enables RioCan to secure a long-term stable cash flow stream with a high-quality tenant such as Walmart, which is RioCan’s third largest tenant by rental revenue,” he said in a statement. The seller was undisclosed.