Crombie Real Estate Investment Trust (Crombie REIT) has announced it will buy 68 Safeway outlets across Western Canada in a sale-leaseback deal with Empire Company Ltd., parent of Sobeys Inc., Canada’s second-largest grocer.
In early June, Empire signed an agreement to buy more than 200 grocery stores from Canada Safeway Ltd. in a $5.8-billion deal. At the time, it said that it intended to finance the acquisition with a $1 billion sale-leaseback, and that Crombie would have the first crack at the offer.
“We are pleased to announce this sale-leaseback transaction between Sobeys and Crombie REIT,” said Empire president and chief executive Paul Sobey.
Empire created Crombie REIT in 2006.
The properties in the deal total three million square feet of gross leasable area and include 49 freestanding stores and 19 retail plazas, each anchored by a Canada Safeway grocery store. There are 29 properties in B.C., 27 in Alberta, three in Saskatchewan and nine in Manitoba.
From | Sienna Senior Living Inc., Markham, Ontario. Sienna reports the following:
DEAL | Sienna has purchased eight senior residences in British Columbia, and a 50 per cent interest in Pacific Seniors Management General Partnership, the operator of the B.C. properties. Price: $225 million.
From | William Wright Commercial, Vancouver. William Wright agent Zuber Jamall sold the following:
DEAL | 1,440-square-foot office strata in the Terminal City Club, downtown Vancouver. Price: $1.27 million.
From | HQ Commercial, Vancouver. HQ agents Mark and David Goodman and Cynthia Jagger sold the following:
DEAL | 48-unit rental apartment building, Chilliwack. Price: $4.2 million.
DEAL | 13-unit rental apartment building, Marpole neighbourhood, Vancouver. Price: $4.4 million.
DEAL | 12-unit rental apartment building with two penthouses and views on a 6,000-square-foot lot, Kitsilano neighbourhood of Vancouver. Sold under a bid process. Price: $6 million.
From | CBRE National Apartment Group, Edmonton. CBRE senior vice-president Bradley Gingerich reports the following:
DEAL | Portfolio of three rental apartment buildings with a total of 293 units, Saskatoon. Price: $31.9 million.
From | NAI Commercial, Vancouver. NAI agent Ted Weibelzahl sold the following:
DEAL | 41,818 square feet of land with commercial zoning, Fraser Highway, Langley. Price: $1.5 million
NAI agents Terry Harding, Jackson Tang and Brandon Harding sold the following:
DEAL | 10-unit rental apartment building, Fourth Street, New Westminster. Price: $1.75 million.
NAI agent Brian Larrivee sold the following:
DEAL | 29.53 acres of land for mixed-use development, Allan Drive, Kamloops. Price: $1.37 million.
From | RioCan Real Estate Investment Trust, Toronto. RioCan announces the following:
DEAL | Firm agreement with the Canada Pension Plan Investment Board to buy the remaining 50 per cent interest in four co-owned shopping centres, including Grandview Corners in Surrey, RioCan Meadows in Edmonton and RioCan Beacon Hill in Calgary. Price: $352 million.
From | Pure Multi-Family Real Estate Investment Trust LP, Vancouver. Pure CEO Steve Evans reports the following transaction:
DEAL | Pure has sold its 256-unit Fairways at Prestonwood rental complex on 11.4 acres in Dallas, Texas that it bought in 2013 for US$17.5 million. Price: US$22.8 million. •
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