- What Crestpoint Real Estate Investments assumed a land lease for Edinburgh Market Place in Guelph, Ont.
- Why Primaris REIT disposed of the shopping centre in December
- What next The plaza is fully tenanted and anchored by a Metro
Crestpoint Real Estate Investments has acquired Edinburgh Market Place, an open-air shopping centre in Guelph, Ont., for $31.5m.
The firm assumed a land lease for the 10-acre site on behalf of its open-end fund, Crestpoint Core Plus Real Estate Strategy. The land is owned by the University of Guelph.
The lease was transferred by Primaris REIT. The deal closed on Dec. 13 and was brokered by JLL.
Edinburgh Market Place spans 113,000 sq ft and is fully occupied. It’s anchored by a Metro grocery store and has other notable tenants like Staples and TD Canada Trust, as well as restaurants including Chipotle, Scaddabush and Swiss Chalet.
As of mid-2024, the weighted average remaining lease term was just under 5 years, according to marketing materials.
At 492 Edinburgh Road South, the plaza is across the street from Stone Road Mall and is 1 km from the University of Guelph. It has 375 parking stalls and is serviced by a public transit bus route.
The plaza was built in 1995 by Hammerson Canada under a land lease agreement and opened in 1996. Hammerson transferred the lease to OMERS Realty Management Corp. in 1998. It was then transferred to Primaris REIT in 2003.
