On June 15th, 2016, Primecorp Commercial Realty Inc. was very pleased to announce the successful sale of a 100% interest in Whitby Mall, located at 1615 Dundas Street East, Whitby, Ontario, in the GTA. Led by our National Commercial Investment Team, and headed by founding partners, Aik Aliferis and Nick Pantieras, Primecorp acted as exclusive Advisor for the vendor, an El-Ad Group (Canada) subsidiary. The Purchaser is a joint venture between Firm Capital Property Trust and First Capital Realty Inc.
Whitby Mall is a significant income producing property that provides long term value enhancing repositioning opportunities to the purchaser. This transaction illustrates our ongoing commitment to providing effective and efficient investment grade advisory services to our clients. — Nick Pantieras, President and Founding Partner of Primecorp Commercial Realty Inc.
Whitby Mall Site Details
Whitby Mall is mixed-use commercial property that includes: an enclosed shopping centre with a three-storey office tower on the east side; a four storey office tower on west side of the main building; and four freestanding retail pads, totalling 374,811 square feet of leasable area. The mall is situated on an 8.6 hectare site, which features approximately 1,460 surface parking spaces.
Solid Commercial Anchor Tenants at Whitby Mall
This well-known shopping centre, with over 50 merchants is anchored by solid national tenants including Sobeys, Bad Boy Furniture, McDonalds, Bank of Montreal, Service Ontario, the Government of Canada Passport Office, as well as a number of other office and medical tenants.
Whitby Mall is a Significant Income Producing Property
Whitby Mall is an attractive investment property, strategically located on the south side of Dundas Street East at the intersection of Thickson Road South, within Whitby’s largest retail shopping node. The shopping centre is surrounded by a mature residential community with strong demographics, within 3 kilometres of the site, consisting of an average household income of $96,773. The location offers convenient access to Highway 401 via Thickson Road South.
The Municipality of Whitby (population: 131,546) is located at the heart of Durham Region, within the eastern portion of the Greater Toronto Area (GTA), and offers prime access to Canada’s largest market of over 6 million people.
Win-Win for Commercial Real Estate Buyers and Seller
The vendor in this deal, El-Ad Group (Canada) is associated with Elad Canada Inc., a Toronto-based developer of condominium and multi-residential rental projects, in the Greater Toronto and Montreal areas.
The purchaser is a joint venture between First Capital Realty, one of Canada’s largest owners, developers and managers of grocery anchored, retail-focused urban properties (with current interests in 161 properties, totalling approximately 24.9 million square feet of gross leasable area) and Firm Capital Property Trust, a boutique alternative private equity real estate firm, in operation for over 25 years, with current real estate investments in excess of $650 million per year.
The significance of this deal is effectively summarized by Primecorp CEO and Founding Partner, Aik Aliferis:
We are very excited that we have been able to complete this monumental sale for our global client, El Ad, which is further enhanced by the fact that the buyers are true industry leaders. We are pleased to see Firm Capital and First Capital join forces to expedite such a great opportunity… This transaction allows for our global client to continue on their development path and allows for the buyers to add strategic assets to their exceptional portfolio; this is truly a win for both the buyers and seller and we at Primecorp are proud to be a part of it.
As one of the top commercial real estate investment, brokerage, management and advisory firms, based in the National Capital Region, with offices in Toronto and Montreal and a strong national and growing in international presence, Primecorp is pleased to continue with the delivery of substantial deals offering significant returns for our valued clients and associates. The sale of Whitby Mall is one of the latest in a long line of prolific commercial real estate transactions, stretching back nearly 20 years, across 55 Canadian cities and totalling over C$6 billion, that we are proud to have facilitated.