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, ...
Mariner Square

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.

gkorstrom@biv.com

@GlenKorstrom

comments powered by Disqus

More from Real Estate

Horseshoe Bay ‘locals first’ initiative wraps with 50% buy-in

Project includes a 159-unit condo complex in six buildings ranging from three to 11 storeys.

Read Article

‘Sacred’ single-family homes questioned

Dialogue delves into District of North Vancouver’s ‘missing middle’ housing options 

Read Article

Rocky Mountaineer moves into new office

Rail-tour company relocates to new headquarters in downtown Vancouver 

Read Article

Townline’s Victoria project seeing heavy rental demand

Read Article

Avigilon flips old Telus HQ for big profit

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×