GWL Realty Advisors has purchased the Longwood Station shopping mall, located in Nanaimo B.C. for $33.1 million. The 106,000 square-foot shopping centre was sold by Calgary-based First Capital Realty.

The acquisition brings the total value of assets under GWL’s management to approx. $15.9 billion. Since 2010, the company’s retail assets have increased from $451 million to $841 million in 2014 – a 86 per cent increase.

“There are limited opportunities to acquire grocery anchored shopping centres in Western Canada,” said Paul Finkbeiner, President, GWL Realty Advisors Inc. “The purchase of Longwood Station aligns with our commitment to achieve our client’s portfolio diversification objectives by pursuing high quality retail assets on their behalf.”

Longwood Station is strategically located on a 9.04 acre site in Nanaimo’s north end, within a proven commercial corridor. The shopping centre is anchored by Thrifty Foods. Other major tenants include TD Bank, Boston Pizza, The Longwood Brew Pub and a BC Liquor Store.