- What LS Properties bought 895–915 Empress at a low-7% cap rate
- Why JLL and Capital Commercial Investment Services had the assignment
- What next The retail centre is shadow anchored by Walmart
A shopping centre in Winnipeg has traded at a low-7% capitalization rate, Green Street News can reveal.
LS Properties acquired 895–915 Empress Street for $16.8m. JLL’s National Retail Investment Group and Capital Commercial Investment Services had the assignment.
The 57,000 sq ft retail centre is 91.3% leased. Tenants include Bulk Barn, GameStop, Golf Town and PetSmart, and the property is shadow-anchored by a Walmart. The weighted average lease term is 4.59 years. Per leasing materials, net rent for available space is $16/sq ft.
The centre, on nearly 5 acres, is near the intersection of Ellice Avenue and Empress Street in Winnipeg’s St. James retail corridor. It’s a kilometre from CF Polo Park, which draws 10 million visitors annually, 2km from Winnipeg Richardson International Airport and 4km from the city’s downtown. Over 201,000 people with an average household income of $94,000 live within 5km of the site.
LS Properties acquires and manages multifamily, retail and industrial assets in western Canada. John Stroich is president and chief executive of the Winnipeg-based company.
In February, the firm purchased a neighbourhood shopping centre in Saskatoon for $28.5m. Circle 8 Centre traded at a cap rate of just under 7.5%.
