- What Plaza REIT now holds 100% ownership of Tacoma Plaza
- Why ICBC sold its 50% stake in the property
- What next The plaza is fully tenanted with several national chains
Plaza REIT purchased the remaining 50% interest in a Dartmouth, N.S., shopping centre from Insurance Corporation of British Columbia, Green Street News can reveal.
Tacoma Plaza, at 50 Tacoma Drive, was owned equally by the two firms. The deal closed on Jan. 23, and Plaza REIT now holds a 100% interest in the property.
Plaza REIT has not disclosed the purchase price, but the valuation of the property is said to be around $26m.
The 185,000 sq ft plaza has 29 retail units. It is 100% occupied, and notable tenants include Dollarama, Pet Valu, RBC, Shoppers Drug Mart and Sobeys. Other occupants include health and wellness service providers and quick-service restaurants including BarBurrito, Burger King and Domino’s.
Tacoma Plaza is surrounded mostly by residential neighbourhoods, as well as a few other retail plazas, and the property is visited by nearly 9,000 vehicles per day, according to Plaza REIT.
It is 400 m from Highways 7 and 111 and 3 km from downtown Dartmouth.
Plaza REIT, headed by Jason Parravano, is an investor, developer and manager of retail real estate across Canada. Its portfolio is valued at $1.2bn with an additional $500m in assets under management. In addition to Nova Scotia, the firm has assets in Alberta, Manitoba, New Brunswick, Newfoundland, Ontario, Prince Edward Island and Québec.
