X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DARTMOUTH, NOVA SCOTIA-A new shopping center unfolding here has found a powerful investor, as the Canadian Real Estate Investment Trust has agreed to secure a 50% interest in Dartmouth Crossing. The 1.5 million-sf lifestyle center just outside downtown Halifax is being constructed by North American Development Group, another Canadian-based firm which will remain a partner as it builds the partially opened center to full capacity.

NADG “has produced an outstanding retail project with a dominant market position,” CREIT President Stephen Johnson said in a release announcing the pact. Having also bought into NADG’s Carrefour de le Rive-Sud Shopping Center in Quebec, CREIT has a history with the firm, and Johnson says his company is “delighted to expand our partnership with (NADG) by acquiring an interest in another superb shopping center.”

CREIT is paying $135 million for its investment, and this week delivered $75 million of that tab. The remaining funds are expected to be issued in the near term, company officials stated. CREIT did not assume any debt on the acquisition, but $115 million of new debt financing was raised earlier this year on other properties to provide funds for anticipated 2007 acquisitions, including Dartmouth Crossing. The center is part of the Halifax Regional Municipality, an area where CREIT already has substantial holdings. “The new acquisition complements and strengthens CREIT’s position in the Halifax region,” says Johnson, whose entity owns 140 industrial, office and retail properties throughout the country.

Declaring Dartmouth Crossing as “one of Canada’s best retail assets,” Johnson notes the project has already attracted an impressive roster of tenants. Among the well known names in place are Best Buy, Golf Town, Linens ‘n Things and Staples, while Dartmouth Crossing also offers a variety of dining and entertainment options. The park features several retailer-owned anchors such as Costco, Empire Theaters, Home Depot and Wal-Mart. The retail-owned portion encompasses about 650,000 sf of the complex, with CREIT buying into the remaining piece of the center.

Dartmouth Crossing will continue to be managed by Centrecorp Management Services, an NADG affiliate specializing in the operation of retail centers in Canada and the US. Centrecorp is also manager of another NADG-owned mall in Nova Scotia, the Clayton Park Shopping Centre.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.