Primaris to Buy Halifax Shopping Centre, Annex for $370M
Primaris REIT has agreed to acquire Halifax Shopping Centre and the adjacent Annex for $370 million.
The two properties comprise more than 900,000 square feet. Toronto-based Primaris said the purchase will be completed with a combination of cash and equity.
Both properties are unencumbered. The deal is expected to close around November 30.
The retail complex is located in central Halifax next to the Mumford transit terminal and has average sales of $1,000 per square foot.
Halifax Shopping Centre is an indoor mall that spans about 562,000 square feet on 20.9 acres of land. Primaris said it is 69% occupied and occupancy will increase to 96.2% in committed tenancies through a Sears redevelopment that includes Simons, Winners, Dollarama and PetSmart.
Other large-format tenants include Sport Chek and Zara.
The open-air Annex centre comprises 412,000 sf on 26.7 acres. Large-format tenants include Walmart, Sobeys and Dollarama, while major brands Mark’s Work Wearhouse, Shoppers Drug Mart and BMO are also present.
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.