- What An Ontario retail complex is expecting offers north of $18m
- Why Vacant units present an opportunity to reconfigure the space for higher rents
- What next Royal LePage Commercial has the assignment
A retail plaza in Belleville, Ont. – on the market for the first time in over 20 years – is expected to draw offers north of $18m, Green Street News can reveal.
Bridge & Sidney Square, on nearly 8 acres at 161 Bridge Street West, comprises nearly 109,000 sq ft of leasable area, 76% of which is occupied. Giant Tiger, which occupies 25% of the space, is the anchor tenant. The rent roll, with a weighted average lease term of 6.1 years, also includes Dollarama, Tim Hortons, Mucho Burrito, a pet store, a pharmacy and a health clinic.
Royal LePage Commercial’s Rob Walkowiak has the sales assignment for Devco Group, a Toronto-based real estate investment company.
Vacant units are being pitched as a chance for a buyer to reconfigure smaller footprints that can charge higher rents. While the units are being marketed for lease, and have drawn interest, Devco has told bidders it will headlease the space while lease up continues.
A buyer can assume an $8.8m mortgage, which carries a below-market interest rate of 4.25%. Devco is also open to a vendor take-back loan in second position.
The property is a kilometre west of downtown Belleville and adjacent to another retail property anchored by a Shoppers Drug Mart. The surrounding area largely comprises established residential subdivisions.
Belleville, whose population has grown to 57,000 residents, is 160km east of Toronto and 60km west of Kingston. Though not a primary market, Belleville has seen some real estate activity over the past year, particularly in the industrial sector.
In December, Broccolini sold a fulfillment centre at 640 College Street East for $312m, one of the largest industrial trades last year, according to Green Street’s Sales Comps Database. In April, Choice Properties REIT announced it had completed a No Frills-anchored plaza at 211 Bell Boulevard.
