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Plaza Retail REIT investing $21 million in 14 projects

DCN News Service
Plaza Retail REIT investing $21 million in 14 projects

FREDERICTON, N.B.—Plaza Retail REIT has announced it is investing $21 million in the redevelopment or expansion of 14 retail projects in Atlantic Canada, Quebec and Ontario.

The projects are comprised of one newly acquired ground-up project, a newly acquired redevelopment, six redevelopments of existing properties and six expansions of existing properties, Plaza indicated in a statement released Sept. 21.

Plaza, based in Fredericton, N.B., expects to add approximately 97,000 square feet to its portfolio through these projects, three of which are being developed with joint venture partners.

The largest project, to be 25,000 square feet upon completion, is located in Charlottetown, P.E.I. and has a first quarter 2018 anticipated completion date; it’s currently in planning. Six more are in currently in construction. The other projects are in Dartmouth, N.S., Beauport, Que., St. Jerome, Que., Rimouski, Que., Brampton, Ont. (two builds), Orleans, Ont., Charlottetown (two others), Greenwood, N.S., Antigonish, N.S., Saint John, N.B. and Moncton, N.B.

Plaza’s current portfolio includes interests in 297 properties totalling 7.6-million square feet across Canada and additional lands held for development. Plaza’s properties include a mix of strip plazas, standalone small box retail outlets and enclosed shopping centres.

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