BGO has acquired a large grocery-anchored shopping centre in Mississauga, Ont., for an undisclosed price.

Rockwood Plaza spans more than 300,000 square feet across 23.7 acres. The property is currently 95% leased and benefits from Highways 401, 403, 427 and the QEW. The site is also in proximity to the Dixie GO station and Mississauga Transitway.

Simon Holmes, a managing partner and the company’s chief investment officer for Canada indicated that the company plans to develop mixed-use assets on the site while retaining the successful retail component.

“This acquisition aligns with Prime’s repositioning strategy, targeting high-quality, income-producing assets with the potential for long-term value creation,” said Holmes.

“Rockwood Plaza not only provides a stable income profile and significant future development optionality given its urban location and favourable zoning, it also showcases the strength of BGO’s vertically integrated platform. With BGO Properties, our in-house property management, operations and leasing team, fully embedded in the execution strategy, we are uniquely positioned to enhance performance and deliver enduring value for our investors.”

Rockwood is anchored by a Food Basics outlet, while the property’s other tenants include national retailers Winners, HomeSense, Shoppers Drug Mart, Dollarama and three major banks.

BGO said it will implement an active asset-management plan at Rockwood, focusing on selective capital improvements, tenant engagement and strategic leasing designed to enhance the property’s long-term value.

Pictured: Rockwood Plaza shopping centre in Mississauga, Ont.

Photo: Courtesy of BGO