Choice Properties REIT Snags 2 Shoppers Drug Marts and an LCBO
Choice Properties REIT has acquired two Shoppers Drug Mart locations and an LCBO at 3020 Elmcreek Rd in Mississauga. The three deals increase the trust's portfolio to 515 properties (41.4M SF). The Shoppers pharmacies—a 30k SF two-storey building at 1428 Highway W in Courtice, Ont, and an 18k SF single-storey building at 9186 Highway 93 S in Midland—were acquired for $18.2M. Both are 100% occupied by Shoppers, a subsidiary of Loblaw Cos (Choice’s principal tenant and largest unit holder) on 20-year leases. The LCBO, a 12k SF building adjacent to an existing Choice property at 3045 Mavis Rd, sold for $5.6M.