Crestpoint Real Estate Buys Three Properties, Including Former Nhl Rink
Crestpoint Real Estate Buys Three Properties, Including Former Nhl Rink
Maple Leaf Gardens was where Toronto Maple Leafs last hoisted the Stanley Cup
Crestpoint Real Estate Investments has purchased a 50% stake in three properties from Loblaw Properties, including an interest in the historic Maple Leaf Gardens that once was home to Toronto’s NHL team.
Toronto-based Crestpoint did not reveal a price but said it would have $10.4 billion in assets under management and 38.3 million square feet upon closing the acquisition.
Crestpoint acquired the property interests in the portfolio from Loblaw Properties Ltd. and Shoppers Realty as part of a 50-50 joint venture with an affiliate of Choice Properties Real Estate Investment Trust. Crestpoint said it entered into the joint venture transaction with Choice Properties, Canada’s largest real estate investment trust, on behalf of its Crestpoint Core Plus Real Estate Strategy open-ended fund.
The deal includes a 150,000-square-foot Real Canadian Superstore in Winnipeg, Manitoba, and a strata title interest in the lower floors of 60 Carlton St. in Toronto, formerly Maple Leaf Gardens. Constructed in 1931, the building was the home arena of the Toronto Maple Leafs until 1999. It’s the arena where the NHL team last won the Stanley Cup in 1967.
The arena site now houses 95,000 square feet of retail space, including a flagship Loblaws grocery store, an LCBO outlet, a Joe Fresh location and 150 underground parking spaces. Toronto Metropolitan University will retain ownership of the top level of the property, which houses the Mattamy Athletic Centre.
The multiproperty acquisition also includes a 711,000 distribution centre in Mississauga, Ontario.
Crestpoint said the portfolio is fully leased and backed by Loblaw’s and Shoppers’ investment-grade credit parent company, Loblaw Companies Ltd.
Source CoStar. Click here for the full story.
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