- What Circle 8 Centre traded for $28.5m
- Why LS Properties purchased the shopping centre
- What next The plaza is almost fully occupied with a WALT of 3.4 years
Artis REIT has sold a neighbourhood shopping centre in Saskatoon for $28.5m, Green Street News can reveal.
LS Properties purchased Circle 8 Centre in a deal that closed last month. The price translates to a first-year capitalization rate just under 7.5%. CBRE had the assignment.
At 3120 Eighth Street East, Circle 8 Centre comprises three free-standing buildings completed from 1991 to 1993 as well as a two-storey building with an attached retail strip. There are 416 parking stalls.
The shopping centre spans 78,000 sq ft and is close to total occupancy. Anchor tenants include CIBC, McNally Robinson Booksellers, Moxies, Penningtons and Saskatchewan Liquor and Gaming Authority.
The weighted average lease term is 3.4 years and weighted average net rent is $26/sq ft. Weighted average net rent for anchor tenants is $30/sq ft, representing 40.5% of annual net rent. According to marketing materials, net rent for available units is $30/sq ft.
On almost 6 acres, Circle 8 Centre is within 5 km of Circle Drive, Louis Riel Trail and College Drive. It’s near Centre Mall, Circle Centre Mall and Bedford Square.
Artis REIT is a closed-end real estate investment trust with a portfolio of roughly 90 industrial, office and retail properties in Canada and the U.S. Samir Manji is president and chief executive of the Winnipeg-based company.
LS Properties has a portfolio of multifamily, retail and industrial assets in Alberta, Saskatchewan and Manitoba. John Stroich is president and chief executive of the company, which is headquartered in Winnipeg.
