- What A private investor has put 45-53 West Side Road in Port Colborne in play
- Why The plaza is 100% leased and anchored by No Frills
- What next Colliers has the assignment
A grocery-anchored shopping plaza in the Niagara Region could command bids of $16m, Green Street News can reveal.
Colliers is marketing the fully occupied property in Port Colborne, Ont., on behalf of a private investor. Based on net operating income of nearly $940,000, the valuation translates to a first-year capitalization rate of 5.9%.
The 93,000 sq ft plaza, at 45-53 West Side Road, has a weighted average lease term of 4 years. Tenants include Dollarama, Pet Valu and Goodwill. No Frills has been the anchor tenant since 1995 and generates approximately $694/sq ft in revenue per year. The average base rent is $8.93/sq ft, offering a buyer cashflow upside on lease renewal.
There are three retail pads, all with drive-throughs. Bidders are being told they also could develop an additional 6,000 sf of rentable space on the 8-acre site.
The plaza is at an intersection with Highway 3. It’s 10km from Welland, 20km southeast of Queen Elizabeth Way and 25km southeast of Niagara Falls.
Some 8,400 residents live within 3km of the property, and more than 20,000 live in Port Colborne. The average household income in the city is $72,484.
Grocery-anchored retail sites have proved popular in recent months, with BGO agreeing to buy Armadale Square in Markham, Ont., for $60m, Epic Investment Services picking up Ottawa’s Greenbank Hunt Club Centre for $35.9m and Trinity Development Group nabbing Toronto’s Sheridan Plaza for $40m.
