GWL Realty Advisors has added to its property management portfolio by acquiring Credit Ridge Commons in Brampton, Ont. on behalf of an unnamed investor client for an undisclosed price.
“Credit Ridge Commons is a new-generation, open-format retail centre that is located in a high-growth node and leased to national tenancies with strong covenants,” said GWL Realty Advisors president Paul Finkbeiner.
The power centre was constructed in phases between 2011 and 2015. It has 368,000 square feet of leasable space and sits on 35.5 acres at the intersection of Mississauga Road and Williams Parkway, north of Highway 407 and west of Highway 410 near new subdivisions in northwest Brampton.
Centre anchored by Walmart and The Home Depot
“The final phase of the centre, a 14,000-square-foot building with seven retail units, achieved substantial completion on Sept. 30, 2015,” said Finkbeiner. “Many of the tenants have already been granted possession of their units.
“These units are expected to be open for business early in 2016. Since the property is a high-quality, newly developed centre with long-term leases, the property is a core investment with long-term stability and limited requirements for capital or redevelopment considerations.”
Finkbeiner said the centre is “99.6 per cent leased, with only one 1,400-square-foot unit available.”
Finkbeiner wouldn’t reveal his company’s investor client or who Credit Ridge Commons was purchased from. However, the North American Development Group website described it as a North American, Senator Homes and Canadian Real Estate Investment Trust (REF.UN-T) joint venture property managed by Centrecorp Management Services Limited.
GWL Realty Advisors portfolio
GWL Realty Advisors will take over the asset and property management of Credit Ridge Commons.
The company provides asset management, property management, development and specialized real estate advisory services to pension funds and institutional clients.
GWL Realty Advisors manages more than $16.8 billion in assets and has $650 million worth of projects under construction across Canada. It manages a Canadian retail portfolio valued at $867.1 million, including $185.7 million (representing 584,565 square feet) in Ontario.
(Image above from the Canadian REIT website.)