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.

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