RioCan REIT Has Recovered From Target's Departure
RioCan REIT has put Target in its rearview mirror, having entered into agreements or advanced discussions on 47 leases to replace 122% of the revenue lost from the retailer’s abrupt exit. This includes a lease deal with Nations Fresh Foods for Target’s 153k SF space at RioCan’s Stockyards in Toronto. At Lawrence Square, HomeSense, Marshalls and PetSmart will lease most of the 89k SF ex-Target. At Scarborough Centre, Costco Wholesale Business Centre is taking Target’s entire 116k SF space. Redevelopment related to the 47 leases will cost RioCan $137M, with $88M coming from its settlement with Target Corp.