Purchased in 2004, the property is located at 1220 & 1250 Brant Street in Burlington, Ontario. The shopping centre consists of 297,000 square feet, anchored by Sobeys, Indigo, Famous Players, Lazy Boy Furniture and Marshalls. The shopping centre also includes 4 acres of vacant land for further retail development.
Burlington has a population of 160,000 residents and has excellent transportation links to Toronto including rail links, the QEW and Go Transit. Its economic base is diverse including food processing, packaging, transportation, electronics, auto parts manufacturing and business services.
Terracap was able to structure a deal on a tax effective basis that was attractive to the vendor. The vendor was faced with a low tax cost base and high recapture upon disposition. Terracap structured the purchase through a third party that absorbed the recapture and sold Terracap the assets at the higher tax cost base. This allowed the Company to acquire this significant and much sought after Class A property at a reasonable purchase price in a very hot commercial real estate market.
The shopping centre has proven to be an excellent investment. The centre is virtually 100% leased with moderate rent step-ups year over year. Offers were received on the center, which precipitated a sale to an internal investor pool, resulting in a significant gain for investors who opted to capitalize on the opportunity to exit.
Currently built and opened for business is a 40,000 sf LA Fitness on surplus lands on the site and an extensive renovation of the existing Sobeys store has been recently completed as well. The construction and lease up has been completed and there is approximately 7,500 sf of pad space in front of Sobeys and there is a new Marshall’s store.
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For leasing opportunities at the Burlington Power Centre please contact:
Vice President, Leasing
1-(800) 363-3207 or 416-222-9345 Ext. 7084
|Melissa Germain||Marketing & Leasing Co-ordinator||1-(800) 363-3207 or 416-222-9345 Ext. 5555|
For a list of current leasing availabilities please click the Leasing Opportunities tab above.