BMO Capital Markets Real Estate Inc. and Form Real Estate Advisors Inc. (collectively the “Advisors”) were engaged on an exclusive basis by RioCan REIT (the “Vendor” or “RioCan”) to arrange the sale of a 100% freehold interest in Tillicum Centre which was successfully acquired by Anthem Properties and Crestpoint Real Estate Investments in early 2019 for $110 million.
Tillicum Centre is a 476,926 square foot regional destination shopping centre benefitting from a central location and a strong roster of national and regional daily needs tenancies. The property is anchored by Save-on-Foods, London Drugs, Lowe’s, Cineplex and Winners, who in aggregate represent 62% of the property’s Gross Leasable Area (“GLA”). Additionally, the opportunity exists to substantially intensify the overall density of the property, including a to-be-subdivided 2.17-acre parcel with 309,000 square feet of approved residential uses. Overall, Tillicum Centre presented an opportunity to acquire an asset with regional scope and demonstrable stability, in conjunction with the ability to add value through the realization of a thoughtfully executed development and intensification program.
Tillicum Centre investment highlights include the following:
- Strong roster of defensive national and regional tenants
- Core investment market location
- Opportunity to create a true mixed-use site
- Centrally located and highly accessible site
- Approved residential development density
For more information, please contact Jon Buckley.