Download Newfoundland Retail Investment Opportunities

Newfoundland Retail
Investment Opportunities
PROPERTY SUMMARIES
NEWFOUNDLAND RETAIL INVESTMENT OPPORTUNITIES
JLL’s National Retail Investment Group has been retained on an exclusive basis by Slate Office REIT to arrange the individual
or portfolio sale of three centres located in Newfoundland: Fraser Mall in Gander; Marystown Mall in Marystown; and Millbrook
Mall in Corner Brook.
This collection presents investors with the opportunity to acquire one or several nationally branded retail assets in Newfoundland.
These assets comprise of approximately 305,479 square feet and contains properties that are dominant in their respective
markets. With prominent national anchors, the centres contain a strong mix of retail tenants and well positioned services that
fulfill consumer needs in their respective trade areas.
The assets are 82.6% leased and key tenants include No Frills, Foodland, CIBC, Scotiabank, Shoppers Drug Mart, Cineplex and
the Province of Newfoundland and Labrador.
NOI
(YE June 2016)
Property
GLA (SF)
Occupancy
Fraser Mall
230 Airport Boulevard,
Gander, NL
98,883
69.3%
$162,106
91,460
84.0%
$363,758
115,136
92.9%
$528,065
82.6%
$1,053,929
Marystown Mall
195-207 Ville Marie Drive,
Marystown, NL
Millbrook Mall
2 Herald Avenue,
Corner Brook, NL
305,479 SF
Key Tenants
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accuracy or completeness of the information contained herein and no reliance should be placed on the information contained in this document.
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FRASER MALL, GANDER
RENTAL AREA BREAKDOWN
PROPERTY OVERVIEW
Civic Address
230 Airport Boulevard, Gander, NL
Land Area
8.65 Acres
GLA
98,883 SF
Key Tenants
Foodland, Great Canadian
Dollar Store, CIBC, Province of
Newfoundland and Labrador
Occupancy Rate
69.3%
Net Operating Income
$162,106 (YE June 2016)
Asking Price
$1,621,000 (10% cap)
Foodland
13%
Vacant
31%
Great
Canadian
Dollar Store
10%
Other
12%
CIBC
4%
Province of
Newfoundland
and Labrador
30%
KEY LOCATION AT HEART OF RETAIL NODE
•
Located at the southeast corner of the intersection of Airport Boulevard and Elizabeth Drive, the centre enjoys high visibility
and a prominent market position.
•
Gander International Airport, located approximately 6 km away from Fraser Mall, is a key economic driver for the Gander area.
•
Gander is a regional hub, attracting a large consumer base from the surrounding area.
Retail Intelligence
3
MARYSTOWN MALL, MARYSTOWN
RENTAL AREA BREAKDOWN
PROPERTY OVERVIEW
Civic Address
195-207 Ville Marie Drive, Marystown, NL
Land Area
6.18 Acres
GLA
91,460 SF
Key Tenants
No Frills, Bank of Montreal, Scotiabank,
Province of Newfoundland and Labrador
Occupancy Rate
84.0%
Net Operating Income
$363,758 (YE June 2016)
Asking Price
$4,042,000 (9% cap)
Vacant
15.9%
Other
48.2%
No Frills
25.9%
Province of
Newfoundland
and Labrador
3.1%
Scotiabank
3.8%
Bank of
Montreal
3.0%
STABLE REGIONAL MARKET
4
•
Marystown Mall is located in central Marystown on the Burin Peninsula.
•
Stable local economy benefiting from industries such as goods distribution, offshore oil drilling, resource extraction and
transportation.
•
Marystown Mall services a wide geographic area and benefits from its mixture of tenants, with services that include retail,
government, medical facilities and financial services.
MILLBROOK MALL, CORNER BROOK
RENTAL AREA BREAKDOWN
PROPERTY OVERVIEW
Civic Address
2 Herald Avenue, Corner Brook, NL
Land Area
5.19 Acres
GLA
115,136 SF
Key Tenants
Shoppers Drug Mart, Cineplex
Entertainment, Investors Group, Province of
Newfoundland and Labrador
Occupancy Rate
92.9%
Net Operating Income
$528,065 (YE June 2016)
Asking Price
$5,281,000 (10% cap)
Shoppers Drug
Mart
Vacant
9.7%
7.1%
Other
60.1%
Province of
Newfoundland
and Labrador
8.8%
Investors
Group
5.4%
Cineplex
9.0%
EXCELLENT MARKET LOCATION AND TENANCY MIX
•
City of Corner Brook is a regional hub that attracts consumers from a wide area.
•
Millbrook Mall has good visibility as it is located on a main retail and service node, directly south of Lewin Parkway.
•
The Mall benefits from long-term tenants that provide a mix of services to the community including, Investors Group and
Remax, with the third floor being predominantly occupied by clinics.
•
Located approximately 2 km from the Western Memorial Regional Hospital and adjacent to the Downtown Health Clinic.
Retail Intelligence
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Matthew Smith
Senior Vice President, Capital Markets
National Retail Investment Group
[email protected]
416 304 6004
Hugh O’Connell
Senior Vice President, Capital Markets
National Retail Investment Group
[email protected]
416 304 6015
Nick Macoritto
Sales Associate, Capital Markets
National Retail Investment Group
[email protected]
416 238 5874
Jones Lang LaSalle
199 Bay Street, Suite 4610, Box 407
Toronto, ON M5L 1G3
tel +1 416 304 6000
fax +1 416 304 6001
www.jll.ca/NRIG
Larry Sowerby
Principal/Broker
Partners Global Corporate Real Estate Inc.
[email protected]
902 444 4004
www.partnersglobal.com