Choice Properties REIT closed on $61.7 million of transactions in the first quarter of 2024.

Toronto-based Choice reported that the REIT completed $74.6 million worth of development, moving the properties to income-producing status.

The transactions involved one acquisition and two dispositions.

“Despite the ongoing macroeconomic uncertainty, our industry-leading balance sheet continues to provide us with a distinct advantage in allowing our teams to remain focused on our core business of owning, operating, and developing real estate,” said Rael Diamond, the REIT’s president and CEO in the quarterly report.

Choice acquired a Toronto retail property from related grocery store operator Loblaw companies for $38.4 million. Meanwhile, the REIT sold an industrial property and a retail asset for a combined total of $23.3 million.

The locations of the latter two assets were not disclosed.

On the development front, Choice delivered a purpose-built residential rental building located in Brampton, Ont. The property comprises 151 units at the REIT’s share, and the development included a retail intensification that added 26,000 square feet of gross leasable area.

Choice also invested $32.1 million of capital in development projects on a proportionate-share basis.

Photo: Choice Properties REIT

(Connect CRE will hold its inaugural Canada Kick-off Event in Toronto on June 11. This will be Connect’s first commercial real estate industry conference in Canada. Panelists will include Syl Apps, managing director and co-country head for Hines; Lindsay Brand, chief investment officer at Concert Properties; Mark Kenney, CEO of Canadian Apartment Properties REIT; and, Marie-France Benoit, Avison Young’s director of Canadian market intelligence. Come and gain insights from industry leaders on such matters as buyer sentiment amid a lower interest-rate environment, cross-border transaction trends, and investors’ outlook for 2024 and beyond. Register today.)