Firm Capital Property Trust acquires two Canadian retail properties

By

Jennifer Braun

Published
Jun 10, 2016

Firm Capital Property Trust announced on Thursday the acquisition of a 40 percent interest in two retail properties located in Whitby, Ontario: The Whitby Mall and Thickson Place.
 
As a result of the portfolio acquisition, the Trust will increase the size of its current portfolio by approximately 25 percent to $157 million.

 
The properties are located directly across from each other. The Whitby Mall which is located at 1615 Dundas Street East, Whitby Ontario is a 374,811 square foot mixed use commercial property anchored by Sobeys, while Thickson Place which is located at 80 Thickson Road South, Whitby Ontario is a 104,808 square foot retail property anchored by Metro and the LCBO.
 
"We are pleased to be able to partner with one of Canada's premier owners and managers of grocery anchored, retail-focused properties on this acquisition" said Bob McKee President and CEO of the Trust, in a news statement.

Both properties will be managed by First Capital Realty Inc, who own 50 percent of the joint venture.