First Capital secures key Toronto retail locations
First Capital Realty Inc. announced last week the acquisition of an 85,000-square-foot flagship retail property in downtown Toronto, Ontario.
The property comprises three levels of retail space with over 220 feet and 270 feet of high visibility frontage at the southeast corner of Yonge and Bloor streets.
The retail space is situated at the base of a 76-storey residential condominium tower that contains approximately 760 units. The property also features a direct connection to the busy Bloor-Yonge subway station, used by over 400,000 passengers daily.
The property will form the eastern gateway to Bloor Street’s main retail area. Nordstrom Rack will be a major tenant in the property with their first Canadian location - a 39,000-square-foot flagship store.
At another major Toronto intersection, First Capital has also entered into an agreement to purchase an assembly of properties, including Toronto’s well-known Pusateri’s Fine Foods gourmet grocery store located at the northeast corner of Avenue Road and Lawrence Avenue in Toronto.
“The opportunity to acquire assets of this calibre in our core urban markets is quite rare. We are particularly pleased that our business is well positioned to capitalize on these infrequent opportunities to add exceptional properties that are consistent with our strategy, which has been the case this year,” says Adam Paul, President and CEO, in a news statement.
First Capital Realty is one of Canada’s largest owners, developers and managers of grocery anchored, retail-focused urban properties where people live and shop for everyday life. The Company currently owns interests in 161 properties.
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