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Firm Capital Property Trust has acquired a 40% stake in Thickson Place, a 105k SF retail centre in Whitby, ON, from First Capital Realty for $15.8M. The deal grows Firm Capital’s portfolio by 11%, to $157M. Thickson Place is 100% occupied, anchored by Metro and LCBO and across from Whitby Mall, another retail property in which Firm Capital owns a 40% interest, alongside the same JV partners (a syndicate group controls 10%). Both malls are managed by First Capital, and Firm Capital says its ownership of the neighbouring centres will provide long-term synergies.
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