Partners REIT spends $25.8m to buy Island shopping centre
Victoria-based Partners Real Estate Investment Trust (Partners REIT) (TSX:PAR.UN) announced February 19 that it is spending $25.8 million to buy the Mariner Square Shopping Centre, which is in downtown Campbell River.
The 97.8%-occupied, six-building, open-air centre has approximately 101,000 square feet of leasable space.
It is anchored by a Save-On-Foods, London Drugs and a B.C. liquor store as well as Starbucks and Subway restaurants.
“The property is well-situated in a strong economic region experiencing solid population growth supported by two major infrastructure projects, and is consistent with our strategy to purchase retail assets with consistent and defensible cash flow,” said Partners REIT president Patrick Miniutti.
Partners REIT owns, either directly or indirectly, 33 retail properties across B.C., Alberta, Manitoba, Ontario and Quebec that combine to have approximately 2.3 million square feet of leasable space.