Crestpoint has acquired a 50% stake in a three-building portfolio from Loblaw Properties and Shoppers Realty for an undisclosed price.

The deal was completed as part of a 50-50 joint-venture with an affiliate of Toronto-based Choice Properties REIT.

The portfolio comprises one distribution centre and two retail properties totalling almost one million square feet.. The distribution centre is a 711,000-square-foot dual load facility located in Mississauga, Ont. The two retail assets consist of a 150,000-sf Real Canadian Superstore in Winnipeg and a strata-title interest in the lower floors of 60 Carlton Street in Toronto. Constructed in 1931, the Carlton Street building is the redeveloped former Maple Leaf Gardens, the storied home of the NHL’s Toronto’s Maple Leafs until 1999.

The former arena’s lower area now houses 95,000 sf of retail space, including a flagship Loblaws grocery store, an LCBO liquor store, a Joe Fresh clothing outlet and 150 underground parking spaces. Toronto Metropolitan University owns the top level of the property, which contains the Mattamy Athletic Centre.

The portfolio is 100% leased for 15-plus years and is backed by Loblaw’s and Shoppers’ investment-grade-credit parent company, Loblaw Companies. Crestpoint participated in the deal through the Crestpoint Core Plus Real Estate Strategy open-ended fund.

As a result of the deal’s completion, Toronton-based Crestpoint’s total assets under management total $10.4 billion and 38.3 million square feet of commercial real estate, said the company in a news release.

Pictured: Former Maple Leaf Gardens site at 60 Carlton Street in Toronto

Image: CNW Group/Crestpoint