- What Vaughan Square traded at a 5.75% cap rate
- Why Salthill Capital purchased the shopping centre for $45.5m
- What next The property is fully tenanted and anchored by Walmart
Salthill Capital has acquired an unenclosed shopping centre north of Toronto for $45.5m, Green Street News can reveal.
RioCan REIT disposed of Vaughan Square, at 8300 Highway 27 in Vaughan, in a deal that closed in January. The price translates to a first-year capitalization rate of 5.75%.
CBRE acted on behalf of the buyer. The 262,000 sq ft shopping centre was previously known as RioCan Centre Vaughan.
With 18 units, Vaughan Square is 100% leased to tenants including LCBO, Rogers and TD. It’s anchored by Walmart.
Near the intersection of Highway 27 and Langstaff Road in Vaughan’s Woodbridge community, it’s within 1 km of Highway 427 and 3 km from Highway 407. Nearly 547,000 people with an average household income of about $139,000 live within 10 km of the shopping centre.
Salthill Capital is a private real estate company with $2.7bn in assets under management. Cathal O’Connor is principal and chief executive of the Toronto-based firm.
One of Canada’s largest REITs, RioCan had $8.2bn in unencumbered assets as of Q3 2024. Headquartered in Toronto, Jonathan Gitlin is president and chief executive.
Vaughan is 23 km north of downtown Toronto.
