- What Westrich Pacific has bought a single-tenant property in Ottawa from Skyline Retail REIT
- Why The Edmonton-based multifamily developer is continuing its Ottawa expansion
- What next Westrich will look to rezone the site
Edmonton-based developer Westrich Pacific acquired an Ottawa retail property for $7.6m, Green Street News can reveal.
The property, at 2655 Queensview Drive, is a single-tenant building leased to GoodLife Fitness. The deal closed on Aug. 2, with Westrich obtaining $5.7m in financing from Canada ICI Capital. Marcus & Millichap’s IPA division handled the sale.
The seller is Skyline Retail REIT. Skyline acquired the one-storey property in December 2014 as part of a $28m, six-property GoodLife Fitness portfolio purchase.
Westrich is a multifamily developer that recently has shown interest in Ottawa. In January, the firm announced that its first project in Ottawa — and first project east of Alberta — had been approved. Plans call for a 20-storey tower and six-storey apartment building to rise at 1125-1149 Cyrville Road, near the St. Laurent Shopping Centre.
There are no immediate plans in place to redevelop the GoodLife property, but Westrich will look to rezone for possible development in the future.
