- What Avalon Centre in Ottawa has come on the market
- Why Hazelview and Trinity Development Group are looking to offload the asset
- What next Marcus & Millichap’s IPA division is handling the listing
A grocery-anchored shopping centre that hit the market in mid-August is expected to sell for over $30m, Green Street News can reveal.
Avalon Centre, at 2030 Tenth Line Road in the Orléans region of Ottawa, is being marketed by Marcus & Millichap’s IPA division. A number of prospective buyers have expressed interest in the property, with a bid date expected to be set for September.
The property last sold in 2021 to Hazelview Investments and Trinity Development Group for $25.9m.
The mall is fully leased, and tenants include Farm Boy, M&M Food Mart, Once Upon a Child and several restaurants. The weighted average remaining lease term is 4.2 years, and an extremely low retail vacancy rate in the area of 0.4% provides the opportunity for strong rent growth.
The property is in a high-traffic area, surrounded by other retail complexes to the east and west and suburbs to the north.
A sale would mark the second notable divestment for Hazelview in recent months. The firm offloaded its stake in an three-tower residential project in Toronto for $160.8m at the end of July.
