RioCan Expands Interest in Stockyards
The Stockyards in Toronto is an "irreplaceable asset," RioCan CEO Ed Sonshine tells us, unique in the fact that it's 550k SF of new retail in a very urban area of the city—St. Clair and Weston. No wonder RioCan was attracted to The Stockyards, which it snapped up as part of buying out Trinity Development's interest in three properties for $105M, including two in Calgary. RioCan takes on the role of development manager and will handle leasing responsibilities.
The company also bought out Trinity’s interest in Whiteshield Plaza (156k SF) at Kennedy and Lawrence, anchored by Lone Tai Supermarket, for $11M. Ed says another unique aspect to the design of The Stockyards is that customers can drive up to parking in front of the second-floor stores, yet it's still very pedestrian friendly at street level." Canada’s first purpose-built Target store anchors the shopping centre.
