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Alberta & Prairies  + Canada + Maritimes + Ontario + Pacific Canada  + Industrial  | 
CT REIT has completed a 352,000-square-foot distribution centre in Calgary for Canadian Tire.

CT REIT Completes 352K-SF Calgary Distribution Centre

CT REIT has completed a 352,000-square-foot distribution centre in Calgary for Canadian Tire.

The net-zero development was finished in the fourth quarter of 2023, Toronto-based CT said in its quarterly report.

The distribution centre was among $96 million of projects that CT completed during the quarter. Most projects involved Canadian Tire store expansions in B.C., Nova Scotia and Ontario. Canadian Tire is the REIT’s primary tenant across Canada.

CT said it made one new investment valued at $9.1 million in the fourth quarter. The investment involves the redevelopment of an enclosed mall in the secondary market of Winkler, Man.

CT invested $151 million and expanded its portfolio by 839,000 sf over the full year. The REIT also extended 28 Canadian Tire store leases and issued $250 million in unsecured debentrues, said Kevin Salsberg, CT’s president and CEO.

At year-end 2023, CT had 571,000 sf of gross leasable area under development with 98.8% preleased. When completed, the developments will represent an investment of $258 million.

Pictured: Canadian Tire Store in Edmonton

Photo: CNW Group/Canadian Tire


Inside The Story

Kevin SalsbergCT REIT

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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