Leyad has acquired 22 single-tenant retail properties leased to Loblaw Companies Limited and located across the country and, in a separate deal, the Village Shopping Centre in St. John’s, N.L.

The Loblaw-leased stores were acquired in an off-market deal from a private, United States-based vendor that can’t be named due to a non-disclosure agreement. It’s the same seller that Leyad purchased seven other Loblaw-leased stores, totalling 387,000 square feet, from earlier this year.

“Everything came together quickly,” Leyad senior vice-president of commercial Greg Castiel wrote in an email interview with RENX. “We presented a firm offer to the vendor and transacted within a few months.”

The total transaction value of the portfolio is approximately $300 million, which Leyad said is the largest Canadian retail real estate transaction completed to date in 2026. 

The portfolio is comprised of stores under various Loblaw-related banners that are on triple-net leases and have a weighted-average-lease term of approximately 14 years. The average store size is approximately 40,000 square feet and each one is centrally located in its respective market.

“We’re focused on necessity-based retail properties that are dominant in their trade areas and continue executing on this strategy,” wrote Castiel.

Leyad’s newly acquired stores

Leyad’s newly acquired stores are:

• a No Frills in Glencoe, Ont.;
• a No Frills in Dryden, Ont.;
• a Wholesale Club in Thunder Bay, Ont.;
• a Wholesale Club in Kenora, Ont.;
• a Your Independent Grocer in Sudbury, Ont.;
• a Real Atlantic Superstore in Fort McMurray, Alta.;
• a Your Independent Grocer in High Level, Alta.;
• a Wholesale Club in Bonnyville, Alta.;
• a Real Atlantic Superstore in Medicine Hat, Alta.;
• a Your Independent Grocer in Fort MacLeod, Alta.;
• a No Frills in St. Paul, Alta.;
• a No Frills in Olds, Alta.;
• a No Frills in Nipawin, Sask.;
• a No Frills in Merritt, B.C.;
• a Shoppers Drug Mart in Haut-Lameque, N.B.;
• a Your Independent Grocer in Chipman, N.B.;
• a Your Independent Grocer in Grand Manan Island, N.B.;
• a Maxi in New Richmond, Que.;
• a Dominion in Bay Robert, Nfld.;
• a Real Atlantic Superstore in Brandon, Man.;
• a No Frills in The Pas, Man.;
• and a Shoppers Drug Mart in Teulon, Man.

Loblaw, Canada’s largest food retailer, is Leyad’s largest tenant by revenue.

“We’re big believers in Loblaw’s vision and its long-term business plan for its store network,” wrote Castiel.

Montreal-based Leyad will be the property manager for the stores.

Village Shopping Centre

Leyad has also acquired the 54-store, two-level, 427,000-square-foot Village Shopping Centre on a 25.6-acre site at the corner of Topsail Road and Columbus Drive in the west end of St. John’s from Plaza Retail REIT and Crestpoint Real Estate Investments Ltd. for an undisclosed price. 

The site has discretionary approval to add a 110-unit residential development in its north parking lot.

A new 30,169-square-foot No Frills store opened at the mall last year and has a 15-year lease. Other major tenants include a 40,152-square-foot SportChek, a 26,232-square-foot Fit4Less, a 25,000-square-foot Home Hardware and a 25,000-square-foot Rossy.

Village Shopping Centre opened in 1978. While it had been losing tenants in recent years, Castiel likes its prospects and what Leyad can do for it.

“It’s a central community hub and serves the daily needs of residents,” he wrote. “We’re very hands-on and see that we can create long-term value with new deals, building on the momentum brought on by the new No Frills location.”

Leyad will be Village Shopping Centre’s property manager.

Leyad’s growth

Leyad is a privately owned real estate investment and development firm that has a major focus on retail but also owns a large portfolio of multi-residential properties, seven industrial properties and two hotel properties.

The company has been in major growth mode over the past few years and recently expanded its senior leadership team with a series of appointments and promotions.

Leyad has been actively acquiring shopping centres, stores and commercial properties across Canada over the past few years. This year it has also purchased:

• Winnipeg’s 897,066-square-foot, 160-store St. Vital Centre;
• the 201,516-square-foot, 37-store Lloyd Mall in Lloydminster, Alta.;
• the 456,430-square-foot, 88-tenant Intercity Shopping Centre in Thunder Bay, Ont.;
• and The Bay Centre, a 440,411-square-foot mixed-use commercial property in Victoria.