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Plaza Retail REIT Acquires Redevelopment Site in Brockville, ON
Plaza Retail REIT Acquires Redevelopment Site in Brockville, ON Canada NewsWire ...
About this update from Plaza Retail Reit
[{"type":"text","content":"\n\n\n\nPlaza Retail REIT Acquires Redevelopment Site in Brockville, ON\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nFREDERICTON, Jan. 11, 2018\n\n\n\n̶  REIT capitalizes on the changing retail landscape by acquiring second property formerly tenanted by Sears Canada   ̶ \n\n\n\nFREDERICTON, Jan. 11, 2018 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) (\"Plaza\" or the \"REIT\") today announced that it has acquired a prime retail property in Brockville, Ontario for $14.0 million. The 1000 Islands Mall property, previously anchored by a Sears Canada store that now sits empty, is a 281,000 square foot enclosed mall that is ideally positioned for redevelopment as a strip plaza. Located on Parkedale Avenue adjacent to Highway 401, the property has long been the retail focal point of the Brockville market, easily accessible by area consumers. The REIT intends to redevelop the property into a multi-unit retail plaza comprising approximately 155,000 square feet of gross leasable area. The property will also have excess density that can accommodate future expansion.\n\n\"The acquisition of this property comes on the heels of last month's acquisition of a Québec property that was also previously leased to Sears,\" said Michael Zakuta, President and CEO of the REIT. \"Plaza is recognized for our core strengths in development and redevelopment. This property represents another new opportunity for Plaza to leverage this proven expertise to capitalize on the changing retail landscape in Canada.\"\n\nThe REIT has satisfied the purchase price through $4.9 million in cash and a new $9.1 million borrowing facility at a cost of prime plus 1.25%. Development/construction expenses will be financed through the expansion of this facility. Consistent with Plaza's established redevelopment strategy, the REIT has initiated discussions with multiple potential tenants for the site.\n\nAbout PlazaPlaza is an open-ended real estate investment trust and is a leading retail property owner and developer, particularly in Ea...