TORONTO, June 15, 2016 /CNW/ - Primecorp Commercial Realty Inc., acting as exclusive Advisor, announced today the successful sale of a 100% interest in Whitby Mall, 1615 Dundas Street East in Whitby, Ontario (GTA). Primecorp acted on behalf of the Vendor, an El-Ad Group (Canada) subsidiary. The Purchaser is a joint venture between Firm Capital Property Trust and First Capital Realty Inc. The transaction was led by Primecorp's National Commercial Investment Team , headed by Aik Aliferis and Nick Pantieras.
Whitby Mall is comprised of a 374,811 square foot mixed use commercial property, anchored by national tenants including Sobeys, Bad Boy Furniture, McDonalds and Bank of Montreal, as well as a number of other office and medical tenants.
"We are very excited that we have been able to complete this monumental sale for our global client, El Ad, which is further enhanced by the fact that the buyers are true industry leaders. We are pleased to see Firm Capital and First Capital join forces to expedite such a great opportunity" says Aik Aliferis, CEO and founding partner of Primecorp Commercial Realty Inc. He goes on to say "This transaction allows for our global client to continue on their development path and allows for the buyers to add strategic assets to their exceptional portfolio; this is truly a win for both the buyers and seller and we at Primecorp are proud to be a part of it."
El-Ad Group (Canada) is associated with Elad Canada Inc., a Toronto-based developer of condominium and multi-residential rental projects, in the Greater Toronto and Montreal areas.
"Whitby Mall is a significant income producing property that provides long term value enhancing repositioning opportunities to the Purchaser. This transaction illustrates our ongoing commitment to providing effective and efficient investment grade advisory services to our clients" says Nick Pantieras, President and founding partner of Primecorp Commercial Realty Inc.
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, totaling approximately 24.9 million square feet of gross leasable area. Firm Capital Property Trust is focused on creating long-term value for its Unitholders. In partnership with management and industry leaders, Firm Capital's plan is to co-own a diversified property portfolio of multi-residential, flex industrial, retail, net lease convenience retail, and core service provider professional space.
Primecorp is a progressive Commercial Real Estate Investment Brokerage, Management, and Advisory Firm founded in 1998 by Principals Aik Aliferis, Sam Firestone, Steve Lerner, and Nick Pantieras. The Firm has offices in Ottawa, Toronto, Gatineau, and Montréal. Primecorp has completed transactions in excess of C$6 billion in over 55 Canadian cities since its inception.
SOURCE PRIMECORP COMMERCIAL REALTY INC.
Image with caption: "Primecorp Commercial Realty Inc. (CNW Group/PRIMECORP COMMERCIAL REALTY INC.)". Image available at: http://photos.newswire.ca/images/download/20160615_C5127_PHOTO_EN_714292.jpg
For further information: MEDIA RELATIONS - Aik Aliferis, 1.888.720.2020 ext 234, WWW.PRIMECORP.CA