The sale of Whitby Mall, a 374, 811 square foot mixed use space in Whitby, Ontario, in the Greater Toronto Area, is now complete.
Primecorp Commerical Realty Inc. led the 100 per cent interest sale on behalf of an El-Ad Group (Canada) subsidiary. Firm Capital Property Trust and First Capital Realty Inc. teamed up as buyers.
“Whitby Mall is a significant income producing property that provides long term value enhancing repositioning opportunities to the purchaser,” said Nick Pantieras, president and founding partner of Primecorp.
National tenants anchor the mall. Sobeys, Bad Boy Furniture, Bank of Montreal and McDonalds are some. Several medical and office tenants populated the space, which is currently 83 per cent occupied.
“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,” added Aik Aliferis, chief executive officer and founding partner of Primecorp.