Strathallen Completes Retail Acquisition in New Westminster, British Columbia
|Purchase Activity Update|
|Friday, 30 July 2010|
On behalf of Investor Clients and in conjunction with joint venture partner Vermont Property Group, Strathallen has purchased Royal City Centre, a 347,531 sf two story mixed use retail and office property in New Westminster, BC.
The retail component of the Property is anchored by Safeway, Shoppers Drug Mart and Dollarama. Major office tenants include Toronto Dominion Bank and Royal Bank. The site includes excess density that would permit construction of a residential condominium at 6th Avenue and 8th Street, providing additional future development potential.
This investment represents the eleventh acquisition for Strathallen Retail Property Fund LP No. 2.