First Capital Realty Buys TransCanada Centre

TORONTO-First Capital Realty Inc. has picked up an 186,000-sf center in Calgary and bought out its partner in two other properties in separate transactions totaling $47.9 million. Traded on the Toronto Stock Exchange, the locally based company owns develops and operates grocery-anchored centers in growing metropolitan areas.

Its new acquisition is TransCanada Centre, a Calgary shopping center located at the southeast corner of TransCanada Highway (16th Avenue) and 52nd Street Northeast. The center is anchored by a 48,000-sf Safeway supermarket and other major tenants including an 11,800-sf Super Drug Mart, a 20,000-sf fitness facility, Rogers Video and some national fast food tenants. The purchase price, $38.1 million including closing costs, was paid in cash. First Capital Realty's VP of Western Canada Brian Kozak says the acquisition takes its Calgary portfolio to 1.05 million sf.

In the two other deals, the company gained full ownership of Old Strathcona, a 79,000-sf neighborhood center in Edmonton, AB, and Dufferin Corners, a 76,000-sf neighborhood center in Toronto.

First Capital Realty already had 50% stake in the Edmonton property and acquired the other 50% for $5 million including closing costs. The deal included the assumption of $1.9 million of fixed rate debt at 6.49% that come due in November 2013.

In the Toronto property, the company had a 75% stake and acquired the other 25% for $4.8 million. The deal included the assumption of $1.4 million of fixed rate debt at 7.33% that comes due in September 2012.

First Capital Realty owns interests in 16.3 million sf of retail space divided among 137 properties, including six that are under development. The company also owns 13.3 million shares (17.8%) of Equity One, a southern US-focused shopping center REIT with interests in another 20 million sf spread among 200 properties.