Metrus has finalized a $100 million agreement to purchase and leaseback Sears Canada’s 960,000-square-foot National Distribution Centre located at 9501 Highway 50 in Vaughan, Ontario.
“Sears Canada is taking a proactive approach to its real estate strategy,” executive chairman Brandon Stranzl said in a statement.
This deal is the largest yet in Sears Canada’s sale of non-core real estate, as the company looks to improve their balance sheet and re-establish Sears Canada as a major retailer in the changing marketplace.
“We are excited to work with such an influential Canadian retail icon,” said Robert De Gasperis, president of Metrus. “We look forward to working with Sears Canada collaboratively in helping them meet their real estate goals.”
Metrus is one of the Greater Toronto Area’s leading companies in development and property management, with a wide spanning portfolio of office, commercial and retail buildings of more than 15 million square feet of space.