First Capital Realty Inc. (TSX: FCR) announced it is buying about $181 million worth of commercial real estate. They include Longstreet shopping centre in Edmonton, Macleod Plaza in Calgary and Hazelton Lanes in Toronto.
First Capital Realty Inc. (TSX: FCR) announced Friday it has acquired Hazelton Lanes, a Toronto commercial property, for $110 million. Toronto-based First Capital also announced $71 million of additional acquisitions in Toronto, Calgary and Edmonton.
Hazelton Lanes is a 205,000-square-foot mixed use property at 87 Avenue Road north of Bloor Street in Toronto’s upscale neighbourhood of Yorkville. It has retail, office and parking space, including a Whole Foods franchise, which First Capital stated in a press release has “significant repositioning opportunities.” The 124 residential condominium units in the same building are not part of the transaction.
The Hazelton Lanes acquisition is “subject to the customary closing conditions,” First Capital stated.
First Capital also announced that in August, it completed the $34.3 million acquisition of Macleod Plaza, a 124,000 square foot shopping centre on Macleod Trail in Calgary.
Tenants of that property include Dollarama and Shoppers Home Health Care. It also includes retail space recently occupied but since vacated by Office Depot.
In Edmonton, First Capital acquired for $16.9 million the Longstreet Shopping Centre, a 44,500-square-foot property on 104 Avenue Northwest east of 116 Street Northwest.
Also since August, First Capital has acquired about $19.8 million worth of land for redevelopment in Toronto through Main and Main Developments, a joint venture.
Other developments announced Friday include the $42.6 million sale of an Alberta property owned by First Capital Realty, the 103,000-square-foot West Lethbridge Town Centre.
DCN DIGITAL MEDIA
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