First Capital Realty, a company that develops, owns and operates plazas and shopping centres anchored by drugstores and supermarkets such as Shopper’s Drug Mart and Sobeys, has purchased the upscale Hazelton Lanes for approximately $110 million.
The 205,000 square-foot shopping centre, whose anchor tenant is Whole Foods, is located in the heart of Yorkville.
First Capital also recently bought up plazas and shopping centres in Calgary and Edmonton. The company has spent a reported $381 million on acquisitions to date this year.
“We see tremendous repositioning and rent growth opportunities in Hazelton Lanes shopping centre, and all three properties are exactly in line with our acquisition strategy,” said Dori Segal, president and CEO of First Capital.
Gordon Driedger, senior vice-president Central Canada of First Capital, said it was too early to talk about any potential plans the company may have in store for Hazelton Lanes.