Choice Properties REIT Acquires 4 BC Sites From Loblaw
Four BC retail sites are among the 10 acquired by Choice Properties from Loblaw Cos, its principal tenant and largest unitholder (in the midst of a $1B expansion). The trust paid $117.3M for a portfolio that includes a 41k SF Your Independent Grocer at 18765 Fraser Hwy in Surrey; a 21k SF No Frills at 1460 East Hastings St (above); plus a 10k SF Shoppers Drug Mart in Lake Country, BC. Choice also acquired a 355k SF Loblaw warehouse at 18800 Lougheed Hwy in Pitt Meadows. The deal expands the trust's 529-site portfolio by 681k SF GLA, with potential to develop 7k SF of incremental GLA at two newly acquired Ontario properties.