BMO Capital Markets Real Estate Inc. and Form Retail Advisors Inc. (the “Co-Advisors”) have been retained by Partners Real Estate Investment Trust (the “Vendor” or “Partners”) on an exclusive basis to arrange for the sale of their 100% interest in four strata title commercial units located in Centuria Urban Village, a mixed-use complex in Kelowna, British Columbia (the “Property“ or the “Offering”).
Strategically situated within an affluent, high growth community, the Property consists of four strata commercial units totaling 32,532 square feet of gross leasable area (“GLA”). The units are situated on the ground floor of a 16-story mixed-use complex that boasts over 150 strata-owned residential units. The Property will be 100% leased at closing, supported by a two-year head lease by the Vendor for approximately 1,843 square feet (6% of the GLA). The Property is well anchored by a Nesters Market (Jim Pattison Group) grocery store and a Shoppers Drug Mart. Collectively, the anchors represent 86% of the GLA and 84% of the contractual rent, providing investors with excellent cash flow security.
The Property is being sold subject to existing debt, details of which will be provided in the Confidential Information Memorandum (“CIM”), for consideration with respect to this Offering.