Crombie REIT will be selling majority stake in 15 properties across Canada to a Chicago based firm in a deal worth $193 million.
The retail properties are grocer-anchored by Sobeys stores and fully occupied. Oak Street Real Estate Capital is receiving an 89 per cent interest in the properties, while Crombie will retain the remaining interest and will continue to manage the properties. The properties total 721,000 of space square feet across B.C., Alberta, Manitoba, Ontario, Quebec, Nova Scotia and Newfoundland and Labrador.
“These properties are an excellent addition to our portfolio, which is designed to create stable long-term cash flow backed by investment-grade rated corporations,” said Marc Zahr, CEO and managing partner of Oak Street, in the release.
Oak Street will acquired its share of 12 mortgages from Crombie. Crombie will receive an estimated $102.6 million in proceeds, after costs.
The transaction is expected to close by fall of 2019.
More Done Deals highlights
From | RE/MAX Penticton Realty. Keith Jakes and John Green of Green Real Estate Group sold the following properties:
DEAL | Seven-unit strip mall situated on a 1.2-acre lot. Skaha Lake Road, Penticton. Price: $2.84 million.
DEAL | 12-unit renovated multi-family building sold for $192,500 per suite. Haynes Street, Penticton. Price: $2.31 million.
From | NAI Commercial, Vancouver. NAI agents Terry Harding, Jackson Tang and Brandon Harding brokered:
DEAL | 36-unit apartment building situated on a 23,734-square-foot lot. Arcola Street, Burnaby. Price: $11.35 million.
NAI agents Angie MacDonald and Don MacDonald sold:
DEAL | 13,650-square-foot church and banquet hall on a 38,245-square-foot institutional-zoned site. 200 Street, Langley. Price: $2.5 million.
NAI agent Doug O’Neill brokered the following:
DEAL | 11,005-square-foot strata industrial unit located on Mitchell Island. 11111 Twigg Place, Richmond. Price: $3.3 million.
From | Frontline Real Estate Services Ltd., Langley. Frontline agents Kyle Dodman and Todd Bohn report the following sales:
DEAL | Freestanding industrial building on a 2.63-are property in the Gloucester Industrial Estates. 273A Street, Langley. Price: $8.47 million.
DEAL | Two strata industrial units in the Campbell Heights North Commerce Centre. 191 Street, Surrey. Price: $2.36 million.
From | CBRE Edmonton. CBRE agent Bradley Gingerich reports:
DEAL | Three-building multi-family complex totaling 144 suites. Wilshire Boulevard, Fort Saskatchewan. Price: $25.1 million.
From | William Wright Commercial, Vancouver. William Wright agent Stathis Savvis brokered the following sale:
DEAL | Small industrial automotive building zoned for commercial use. Hastings Street, Burnaby. Price: $1.3 million.
William Wright agents Matthew Everitt and Mark Nemish sold:
DEAL | 3,254-square-foot industrial unit in the IRONWORKS development. Pandora Street, Vancouver. Price: $2.43 million.
From | MaxWell Polaris, Edmonton. MaxWell agent Ian Fletcher sold:
DEAL | Multi-tenant industrial building situated on a 36,531-square-foot property. 52 Street, Edmonton. Price: $2.3 million.