Breaking NewsGlobeSt.com will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

VANCOUVER, BC-RioCan REIT of Toronto has acquired a new four-story retail center here that the company says will become a model for many of its urban sites. The company paid $44.5 million for the 149,000-sf asset.

The property is located at 2290 Cambie Street, or the corner of Cambie Street and 7th Avenue. The complex recently opened for business and is anchored by two of Canada’s top retailers, Canadian Tire and Best Buy. Canadian Tire signed a 20-year lease; Best Buy signed on for 15 years.

RioCan’s chief executive Edward Sonshine could not be reached Tuesday afternoon for comment. In a prepared statement, he says that with city “densification” projects on the rise, the multi-level concept allows large format retailers to open locations in urban sites. Urban locations have been extremely difficult to obtain due to planning restrictions and the lack of available land, he says.

“This multi-level format will become a model for many of RioCan’s urban sites as we continue extracting the maximum value from every property in our portfolio,” says Sonshine.

RioCan is Canada’s largest real estate investment trust with total assets of approximately $4.2 billion. It has ownership interests in 47 million sf in 196 retail properties across Canada, including eight under development.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.