- What Oxford Plaza is on the block
- Why The owners, who have had the property since 2016, are looking to offload it
- What next Royal LePage New Concept is marketing the retail plaza
A fully occupied retail plaza in Richmond Hill, Ont., has hit the market with an asking price of $50m.
Oxford Plaza is on about 4 acres at 10620 Yonge Street, just south of Elgin Mills Road West. The 51,000 sq ft property comprises two buildings. Two large spaces are occupied by Shoppers Drug Mart and Value Village, with smaller storefronts housing restaurants, a car rental agency, a hair salon and a wine store.
The asking price is nearly double the $25.5m that the plaza last sold for in 2016. Although no mortgage was registered at the time, the current owners, operating under the name 2473808 Ontario Inc., took out an $18.25m loan on the property from CIBC in 2021.
The plaza is being marketed by Royal LePage New Concept and offers a 287-foot frontage along Yonge Street. It’s next door to the Richmond Heights Plaza, which has tenants including Dollarama, FreshPro Foodmart and Winners.
While sales of retail properties in the GTA have slowed, there have been several notable deals of late. In January, RioCan REIT purchased a 50% stake in Lawrence Plaza for $100m, and in March, Arkfield acquired a plaza at 17480 Yonge for $31m.