Bayfield Acquires Garden City And Frontenac Mall
Friday, January 1, 2010
Mr. Harold Spring, President and CEO of Bayfield Realty Advisors Inc. (Bayfield) today announced that together with its joint venture partner Rio Can Real Estate Investment Trust (Rio Can) it has completed the acquisition of two retail properties located in Ontario and Manitoba. These properties will total approximately 575,000 square feet and the total purchase price for these properties is approximately $60.5 million.
Garden City Shopping Centre is a 285,000 square foot enclosed shopping centre located in Winnipeg, Manitoba and is anchored by a 94,267 square foot Canadian Tire and a 26,838 square foot Winners. The property also benefits from a 92,604 square foot shadow anchored Sears department store which is connected to the property and has an interior entrance to the centre. The property is 93.4% occupied. Bayfield will acquire the property with its partner Rio Can. Bayfield will own a 70% interest in the property and RioCan will own a 30% interest as well as serve as the property manager. Financing of $23.5 million at a 5.5% interest rate for a five-year term has been arranged.
Frontenac Mall is a 289,700 square foot grocery anchored shopping centre, located in Kingston, Ontario. The property is anchored by a 39,953 square foot Food Basics. Other national tenants include Premier Fitness, Value Village, Dollarama, and Swiss Chalet. Bayfield will acquire a 70% interest in the property which it will own in partnership with Rio Can. RioCan is acquiring an additional 15% interest in the property, which was previously owned on a joint venture basis in RioCan’s RRVP partnership. RioCan’s total ownership interest will be 30%. RioCan will continue to serve as the property manager for the property. The property is 85.3% occupied, 88.8% excluding the basement space. Rio Can has arranged financing on behalf of the joint venture of $14.3 million at a 6.1% interest rate for a five-year term.