Evergreen Centre sold to new interests

Local mall has new owners

Partners Real Estate Investment Trust announced today that it would be acquiring the Evergreen Shopping Centre, a five building 88,200 square foot open-air shopping centre located in Sooke, approximately 37 kilometers west of Victoria.

Anchored by a Western Foods grocery store, a newly-constructed Shoppers Drug Mart, a BC Liquor outlet and a Royal Bank branch, the property is currently 96.2 per cent occupied. The property currently generates Net Operating Income of approximately $1.2 million on an annualized basis and management expects it will generate approximately $400,000 in incremental annualized Funds From Operations.

The purchase price of the property is approximately $15.8 million, subject to final adjustments and acquisition costs. The aggregate outlay of funds will be covered by the placement of a $10.5 million mortgage bearing interest at a rate slightly below four per cent. The balance of the purchase price will be in cash from a recently funded new secondary loan bearing interest at seven per cent and the REIT’s lines of credit. The closing of the transaction is expected on or before August 31, 2011.

Sooke is an attractive, high-end residential community and tourist centre within easy commuting distance of Victoria. The town has been growing over the last decade and has a number of new residential developments underway.

“We are pleased to be extending our presence in the British Columbia market with this acquisition,” commented Adam Gant, Chief Executive Officer. “The purchase is consistent with our stated strategy to strengthen, expand and further diversify our portfolio by acquiring well-positioned community and neighbourhood properties in growth markets with consistent strong cash flows derived from tenants that provide necessity-based products and services.”

Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) 18 retail properties across Canada. Partners REIT focuses on expanding and managing a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets across Canada.

 

Just Posted

PHOTOS: Check out the bells and whistles added to Westhills Stadium

Rick Stiebel/News Staff Clusters of tradespeople buzzing around busy with last-minute preparations… Continue reading

Saanich approves new eight- and 11-storey residence buildings for UVic

Residents also supported the environmentally friendly residences

‘Listen to your body:’ Saanich woman fights to have breast implants removed

Woman struggles to find doctor to remove Allergan textured implants, recently linked to rare cancer

Police find shoes, backpack of the man found dead in Saanich

Officers credit public’s help, continue to seek information

Ravens Crossing breaks ground on happy Hygge cohousing project

Speeches, music and a blessing as 80 people attend start of Danish-style development

VIDEO: Could we BE any more excited? ‘Friends’ fans go crazy for merch

Movie theatres will show select episodes to mark the NBC series’ 25th anniversary

Sooke’s Old-Fashioned Country Picnic set for Saturday

The free event combines music, kids activities, food and fun

Vancouver Island RCMP hunt for man after pair of indecent exposure incidents

Elderly Qualicum Beach woman grabbed by man who had been masturbating in the woods

Bodies of two missing Surrey men found near Ashcroft

Ryan Provencher and Richard Scurr have been missing since July 17

Pile of wood mulch ‘spontaneously combusts’ at Vancouver Island industrial site

Business owner thanks fire department for quick response

Five hedgehogs quickly adopted after being left at BC SPCA

Lucky new owners picked up their pets from Maple Ridge branch on Aug. 20

B.C. cricket players get interrupted by racist remark

Community has had protocols in place for years to respond to prejudice

Groovy B.C. wedding a throwback to Woodstock ‘69

Couple hosts themed wedding 50 years after legendary festival

Most Read