TORONTO, ON – (Marketwired - April 05, 2016) – Harold Spring, President and CEO of Bayfield Realty Advisors Inc. is pleased to announce the acquisition of the remaining 50% interest in The Shops of Pickering Ridge and adjacent development lands owned by a public fund administered by Sunstone Realty Advisors for the price of $30.75 million. The properties are located in the City of Pickering in the Province of Ontario and comprise a modernized open format 280,000 SF shopping centre and approximately 9 acres of vacant land adjacent to the shopping centre held for commercial and/or residential development.
The Shopping Centre has been the subject of a massive redevelopment and re-tenanting programme from mid-2013 to date and approximately $7.7 million has been spent in relation to this programme. The property sits at the northeast corner of Brock Road and Hwy 401. Brock Road is the main Pickering on/off ramp with respect to Hwy 401. The property has approximately 2,000 feet of frontage on Hwy 401.