Lowe’s Takes Target Space at Abbotsford Power Centre
Lowe’s is taking over the lease for the Target space at RioCan REIT co-owned Abbotsford Power Centre, a 115k SF location that's one of eight stores being acquired from RioCan by the home improvement retailer. Lowe’s is also taking a 60k SF former Target location at RioCan co-owned Tillicum Centre in Victoria. Canadian Tire will acquire a Target lease in Sudbury, ON, the trust noted in an investor update, but 18 disclaimed leases are still up for grabs—1.6M SF total. In many cases, RioCan says, these former Target stores will need to be redemised and leased to two or more new tenants.