FREDERICTON, N.B. — Plaza Retail REIT recently announced it has acquired interests in three new properties in Quebec and Ontario with the intention of developing or redeveloping the sites.
One site on St-Joseph Boulevard in Drummondville, Que. is anchored by a newly opened Maxi grocery store, stated a recent release. Plaza intends to redevelop 34,000 square feet of vacant space and add additional retail space. The site will have a gross leasable area of 81,000 square feet upon completion. Plaza owns a 50 per cent interest in this property.
Another property on the corner of Royaume Boulevard West and Talbot Boulevard in Chicoutimi, Que. was purchased for a new 90,000-square-foot retail development. Plaza owns a 37.5 per cent interest in the property.
The third site, on Mapleview Drive West in Barrie, Ont., is intended for a 60,000-square-foot grocery-anchored development, the majority of which has been pre-leased. Plaza owns a 50 per cent interest in the property.
Plaza also continues to work on existing development projects, including:
- Tri-City Plaza, Cambridge, Ont.: Phase one of this redevelopment is expected to be completed this spring, and phase two will be starting in February. The majority of this redevelopment has been pre-leased.
- Northern Avenue Plaza, Sault Ste. Marie, Ont.: The lease buyout of a non-operating large box tenant at this grocery-anchored site allowed Plaza to redevelop and fill the large box space with multiple tenants. Phase I of the redevelopment is anchored by Princess Auto and is currently under construction. Subsequent phases of the redevelopment are expected to start in late 2022.
- Taunton Road, Oshawa, Ont.: Construction for this 46,000-square-foot grocery-anchored development has recently commenced and is expected to be completed in mid-2023.
- Plaza des Laurentides, Saint-Jerome, Que.: Plaza has completed leases on 54,000 square feet of additional space and anticipates starting construction shortly on phase three of the project. The development is expected to be completed in the first quarter of 2023.
Plaza’s portfolio as of the end of September includes interests in 255 properties totalling 8.6 million square feet across Canada and additional lands held for development.