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Choice Properties REIT Acquires 5 Loblaw Sites

Toronto Retail

Choice Properties REIT has paid $40.9M to acquire five properties from subsidiaries of Loblaw Cos, its principal tenant and unitholder. The portfolio includes a Shoppers Drug Mart distribution centre and stand-alone store; two multi-tenant sites anchored by a Loblaw food store; and a stand-alone parcel of land being developed with a Loblaw food store. The deal expands Choice’s portfolio by 394k SF GLA. One of the sites, a no frills at 1250 South Service Road in Mississauga, includes potential for 310k SF of mixed-use development. The five-site acquisition brings Choice’s portfolio to 534 properties.