- What Econo-Malls is selling four grocery-anchored properties in Atlantic Canada
- Why The portfolio is 100% occupied with a 5-year WALT
- What Next CBRE has the marketing assignment
Article amended at 5:08 p.m. ET on Feb. 24, 2025, to reflect that Econo-Malls is the vendor.
Econo-Malls is bringing to market a four-property retail portfolio in Atlantic Canada for $30m, Green Street News can reveal.
The valuation for the 185,000 sq ft portfolio works out to $162/sq ft, with the price translating to a capitalization rate of 6.5%. CBRE has the marketing assignment.
The fully occupied portfolio comprises four freestanding buildings in New Brunswick and Nova Scotia:
- 140 Roseberry Street, Campbellton, N.B.
- 3552 Highway 3, Barrington Passage, N.S.
- 142 Reserve Street, Glace Bay, N.S.
- 716-720 Central Avenue, Greenwood, N.S.
The properties have triple-net leases with a weighted average lease term of 5 years.
The largest property in the portfolio is the 55,000 sq ft Glace Bay location, anchored by Sobeys and the Nova Scotia Liquor Commission.
The 51,000 sq ft Greenwood location is occupied by a Sobeys and a Needs Fast Fuel gas station. The Campbellton property, spanning 45,000 sq ft, is tenanted by IGA Extra and NB Liquor.
The smallest property, at 33,000 sq ft, is a stand-alone Sobeys in Barrington Passage.
Sobeys, a wholly owned subsidiary of Empire Co., operates more than 1,500 locations across Canada with a strong presence in Atlantic Canada. IGA, an Empire Co.-owned independent franchise brand, has over 300 stores, predominantly in Québec.
