Smart Real Estate Investment Trust (SmartREIT) has purchased a mixed-use retail-office centre in Pointe Claire, Quebec. The mixed-use centre features a new Walmart Supercentre, a Home Depot and a number of national retailers such as Dollarama, L’Equipeur (a Canadian Tire banner), and TD Canada Trust, along with a number of food and service offerings.
The 382,000 square foot mixed-use centre is 99 per cent leased and incorporates a fully leased 62,000-square-foot six-storey office building.
“The high quality tenant base and the centre’s dominance in its urban market fits very well with SmartREIT’s existing retail portfolio,” said SmartREIT CEO Huw Thomas.
The City of Pointe Claire, located on Montreal’s West Island, has a thriving population base with strong demographics and household income.
“We have the potential to add additional density to this centre, which fits perfectly with our strategy to intensify our portfolio with additional retail as well as residential, seniors’ housing, and even storage in selected locations, expanding each centre’s offering to meet the needs of its community,” added Thomas. “By leveraging the capabilities of our extensive development platform, we are now working on adding value to a number of our existing retail sites as well as developing major urban mixed-use projects such as the Vaughan Metropolitan Centre.”