- What Loca Properties sold a grocery store in North Bay, Ont. for $16.3m
- Why A private investor acquired the property for under asking
- What next A Loblaw-owned grocery brand has a long-term lease in place
Loca Properties offloaded a single-tenant grocery store property in North Bay, Ont., for $16.3m, Green Street News can reveal.
The 50,000 sq ft building at 1 Laurentian Avenue is tenanted on a long-term lease by Your Independent Grocer, a Loblaw Cos.-owned grocery store chain. The Laurentian Avenue store includes a pharmacy, Joe Fresh and garden centre.
The property was listed for sale earlier this year for $17.5m, ultimately closing $1.2m under the asking price.
The purchaser is a private investor operating under the name Rockwood Holdings. The deal closed on Oct. 30, with Colliers brokering the sale.
Rockwood obtained an $11.4m loan from RBC to finance the purchase.
The property is at the intersection of the Trans-Canada Highway and Trout Lake Road and is adjacent to the Northgate Shopping Centre, a large mall with major retailers such as Best Buy, Dollarama, Roots and Walmart.
