- What Pine Plaza in Sault Ste. Marie is on the market
- Why M+H Properties Ontario Plazas is looking to sell the plaza at a 6% cap rate
- What next CBRE has the marketing assignment
A grocery-anchored plaza in Sault Ste. Marie, Ont., is on the market with pricing guidance of $8.95m, reflecting a cap rate of 6%, Green Street News can reveal.
CBRE’s Matthew Pieszchala and Adam Occhipinti have the assignment for Pine Plaza, which is being marketed as a value-added grocery-anchored investment sale.
On 4.2 acres at 691-709 Pine St., the property was built in 1985. The owner, M+H Properties Ontario Plazas LP, carried out approximately $500,000 of renovations in 2023. The plaza’s façade was fully renovated for all tenant spaces except the grocery store and two new HVAC units as well as a new security system were installed.
Tenants include retail, dining and service options. The anchor tenant is Food Basics, which has been in the plaza since 1985 when it was known as A&P. Eight of the property’s nine units are leased, with a weighted average lease term of 4.82 years and options extending up to 25 years.
The plaza comprises nearly 42,500 sq ft of rentable space. Marketing materials also state that it has the potential to add an endcap drive-thru, adding upside in rents.
