- What Emshih Developments bought 3455 Fairview Street for $25m
- Why Burlon Centre sold the fully occupied retail plaza
- What next Cushman & Wakefield had the assignment
A fully leased retail plaza in Burlington, Ont., has traded for $25.2m, Green Street News can reveal.
Emshih Developments acquired the 67,000 sq ft complex at 3455 Fairview Street from Burlon Centre last month. The valuation translates to a sub-5.5% first-year capitalization rate.
Cushman & Wakefield’s Fraser Vrenjak, Mike Murray and Dan Rogers brokered the deal for locally based Burlon.
The 5-acre site encompasses one 28-unit strip centre and three free-standing buildings. The plaza was completed in 1988 and renovated in 2011. Tenants include ServiceOntario, Rogers and Kawartha Dairy. There are more than 100 parking spaces.
Nearly 35,000 people with an average household income of $114,420 live within the surrounding trade area, known as the Fairview Retail Corridor. Burlington Transit buses stop at the plaza, and Queen Elizabeth Way and Highway 403 are both within a kilometre.
Burlington is 50km southwest of Toronto, in Halton Region. Recent retail trades in the area, according to Green Street’s Sales Comps Database, include Lime Ridge Mall, which Cadillac Fairview sold to Primaris REIT for $416m in June, Van Mills Centre, which fetched $34.5m in October as part of a court-ordered sale, and 1224 Dundas Street East, which Aimco sold to Soneil Investments for $55.3m in May 2024.
Emshih Developments is a Burlington-based development and property management company specializing in retail assets, healthcare facilities and retirement residences. It’s helmed by president Dr. Michael Shih.
