Plazacorp to buy two Quebec strip malls and expand Oromocto property

Plazacorp to buy two Quebec strip malls and expand Oromocto property

DOLLARD DES ORMEAUX, Que. Plazacorp Retail Properties plans to buy Centennial Plaza and Plaza du Marche for $19.1 million dollars. The adjacent strip malls have a total of 187,000 square feet between them in the prime, shopping district of this town on the island of Montreal.

The company has also announced a major expansion of the 157,000-squarefoot Oromocto Mall in Oromocto, N.B. Plazacorp has an arrangement with Loblaws, the mall’s anchor tenant, to enlarge the existing Super Value store and turn it into an Atlantic Super Store. The company will also put $1 million in additional capital improvements to the mall that it bought last October for $5.4 million.

Plazacorp has a portfolio of 1.58 million square feet of retail real estate in Quebec and Atlantic Canada. The company tries to select well-situated properties in thriving smaller centres.

Copyright Crailer Communications Jan/Feb 2001

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