Business
Crombie REIT announces agreement with Sears Canada Inc. at Avalon Mall
Crombie REIT announces agreement with Sears Canada Inc. at Avalon Mall Canada News...
About this update from Crombie Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nCrombie REIT announces agreement with Sears Canada Inc. at Avalon Mall\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nNew Glasgow, NS, Oct. 10, 2017\n\n\n\nNew Glasgow, NS, Oct. 10, 2017 /CNW/ - Crombie Real Estate Investment Trust (\"Crombie\") (TSX: CRR.UN) is pleased to announce that it recently received court approval of a lease surrender agreement with Sears Canada Inc. (\"Sears\") in respect of its store at the Avalon Mall in St. John's, Newfoundland and Labrador. In consideration of receiving a $5 million lease surrender fee, Sears has agreed to an early termination of its lease to vacate their 128,000 square foot store by February 28, 2018. This will enable acceleration of Crombie's redevelopment plans for the space.\n\nGiven Avalon Mall's dominance in the St. John's market, there has been significant ongoing leasing interest from numerous national tenants for this space. Management believes these new tenants will improve the mall's merchandising mix, drive additional customer traffic, and provide Crombie with considerably more rental income than what is generated today. \n\nCrombie is currently in the first year of redevelopment at Avalon Mall. This Phase I investment is estimated at $54.5 million. These upgrades are expected to enable Crombie to continue to improve tenant mix, increase customer parking capacity, increase sales per square foot, and maximize property income.\n\n\"We are delighted to have negotiated this lease surrender with Sears as it enables acceleration of our overall redevelopment plan for Avalon Mall\", said Don Clow, President and CEO of Crombie. \"We look forward to sharing our redevelopment plans for the space in the near future.\" \n\nAbout Crombie REITCrombie Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie currently owns a portfolio of 286 income-producing properties across Canada, comprising approximately 19.4 million square feet with a strategy to own, operate and d...