- What Moncton-based Vestis Properties is shopping a three-property retail portfolio
- Why One of the sites has future development potential
- What next Avison Young is marketing the portfolio
A three-property retail portfolio in New Brunswick is on the block for $20.8m.
The portfolio, owned by Vestis Properties and marketed by Avison Young, has a net operating income of $1.5m, meaning a buyer could achieve a 7% capitalization rate.
The offering comprises three strip-plaza and -mall properties in Moncton, Shediac and Saint John totaling 132,000 sq ft.
McBuns Plaza, at 116-122 Shediac Road in Moncton, is a five-unit, fully occupied strip mall. It has over 10,000 sq ft of developable land that could house six additional units.
Mall Centre-Ville, at 342 Main Street in Shediac, has 30 units, largely occupied by retailers, with some used for office and professional services purposes. The 70,000 sq ft mall includes local retailers and larger occupants such Service New Brunswick and Canada Post.
Westmorland Place, at 531-535 Westmorland Road in Saint John, is a three-structure retail plaza with 27 units, all of which are occupied. Tenants include KFC, Once Upon a Child, Scotiabank and several restaurants.
All three properties are in high-traffic areas and have long-term leases with their respective tenants, according to marketing materials.
