{"id":1004067683,"date":"2013-02-22T07:43:49","date_gmt":"2013-02-22T15:43:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004067683"},"modified":"2022-03-03T22:08:22","modified_gmt":"2022-03-04T06:08:22","slug":"canadian-reit-expands-retail-portfolio-with-four-property-acquisition-in-alberta","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/canadian-reit-expands-retail-portfolio-with-four-property-acquisition-in-alberta\/","title":{"rendered":"Canadian REIT Expands Retail Portfolio with Four-Property Acquisition in Alberta"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

Crombie Real Estate Investment Trust has announced an acquisition plan that would add four retail plaza properties to its current commercial portfolio. The company hopes to close the four deals it has lined up by the end of the month. The properties are all located in the Alberta area, and acquiring them will set Crombie back by an estimated $132 million. The deals will be made possible through the use of the REIT\u2019s revolving credit facility and the proceeds of the $60 million prospectus unit offering and related private placement, completed at the end of 2012.<\/p>\n

The four properties total 306,000 square feet of retail space bearing strong occupancy rates, and each one having solid anchor tenants or shadow anchors. The four retail plaza properties that Crombie is acquiring are as follows: a 143,000-square foot property located in Fort McMurray that boasts a 100 percent occupancy rate and is anchored by a Sobeys and a 98 percent occupied, 100,000 square foot property located in Lethbridge that has a Safeway grocery for an anchor are the larger properties. The other two acquisitions are a 29,000-square foot fully occupied retail property anchored by a Shoppers Drug Mart in Lethbridge, as well as an Edmonton-located retail spot offering 34,000 square feet of space, also anchored by a Shoppers Drug Mart and shadow-anchored by a Sobeys, which happens to be owned by the Crombie Real Estate Investment Trust.<\/p>\n

In order to complete the moves, Crombie\u2019s borrowing base and available limit on its revolving credit facility will be temporarily increased, reaching a level of $285 million until more permanent financing can be introduced in its place. Once that happens, the maximum level will return to its initial $200 million threshold. The company is also set to assume mortgages worth $10.8 million after closing the acquisition.<\/p>\n

Crombie\u2019s President and CEO, Donald E. Chow, FCA, stated that the company is \u201cpleased with the acquisitions as they align with the continued growth of our portfolio of high quality grocery and drug anchored shopping centers across Canada.\u201d<\/p>\n

Crombie\u2019s current portfolio totals 169 properties that feature approximately 14 million square feet of leasable space.<\/p>\n

Like us on facebook:<\/strong> https:\/\/www.facebook.com\/pages\/Commercial-Property-Executive\/258033884191<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Crombie Real Estate Investment Trust plans to add four retail plaza properties to its current commercial portfolio in the Alberta area by the end of the month.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21783,21742,21749],"tags":[],"class_list":["post-1004067683","post","type-post","status-publish","format-standard","hentry","category-international","category-investment","category-latest","category-retail"],"acf":[],"yoast_head":"\nCanadian REIT Expands Retail Portfolio with Four-Property Acquisition in Alberta - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/canadian-reit-expands-retail-portfolio-with-four-property-acquisition-in-alberta\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canadian REIT Expands Retail Portfolio with Four-Property Acquisition in Alberta\" \/>\n<meta property=\"og:description\" content=\"Crombie Real Estate Investment Trust plans to add four retail plaza properties to its current commercial portfolio in the Alberta area by the end of the month.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/canadian-reit-expands-retail-portfolio-with-four-property-acquisition-in-alberta\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-02-22T15:43:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-04T06:08:22+00:00\" \/>\n<meta name=\"author\" content=\"Alex Girda\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/canadian-reit-expands-retail-portfolio-with-four-property-acquisition-in-alberta\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/canadian-reit-expands-retail-portfolio-with-four-property-acquisition-in-alberta\\\/\"},\"author\":{\"name\":\"Alex Girda\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/540f0253de89dedaae7684239611b81c\"},\"headline\":\"Canadian REIT Expands Retail Portfolio with Four-Property Acquisition in Alberta\",\"datePublished\":\"2013-02-22T15:43:49+00:00\",\"dateModified\":\"2022-03-04T06:08:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/canadian-reit-expands-retail-portfolio-with-four-property-acquisition-in-alberta\\\/\"},\"wordCount\":370,\"commentCount\":0,\"articleSection\":[\"International\",\"Investment\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/canadian-reit-expands-retail-portfolio-with-four-property-acquisition-in-alberta\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/canadian-reit-expands-retail-portfolio-with-four-property-acquisition-in-alberta\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/canadian-reit-expands-retail-portfolio-with-four-property-acquisition-in-alberta\\\/\",\"name\":\"Canadian REIT Expands Retail Portfolio with Four-Property Acquisition in Alberta - 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