New Georgetown South plaza sold to First Capital for $32.7M

Halton Hills Village-- the new Georgetown South plaza at the corner of Mountainview and Argyll Rd-- was sold recently to First Capital Realty Inc. First Capital purchased the newly built 104,000 sq. ft. plaza from The Shoppes at Four Corners Inc. March 20 for $32.7 million. Sylvie Lachance, executive vice-president of First Capital Realty based in Toronto, said the centre is a "perfect fit" operationally for the company. "This is basically exactly what we're doing at First Capital," said Lachance. The company likes to own centres anchored by grocery or drug stores in growing areas, she explained. "That community is growing fast, the demographics are excellent," said Lachance. "We will be catering to the day-to-day needs of the population." She said most of the space in the centre has been leased except for 10,000 sq. ft. She would not name the tenants who have not yet moved in. "We are expecting by the end of 2007 to be entirely full," said Lachance. There is space for an additional 7,000 sq. ft. stand-alone building at the centre's entrance off Mountainview Rd. north of the Tim Hortons. First Capital Realty, Canada's leading owner, developer and operator of supermarket-anchored neighbourhood and community shopping centres, also recently purchased a 132,000 sq. ft. shopping centre in Montreal for $17.5 million and a 55,000 sq. ft. plaza in Calgary for $13.1 million. "We continue to execute our strategy of acquiring well-located properties with redevelopment opportunities situated in growing urban markets. Including these recent transactions, year to date shopping centre acquisitions total $133.3 million," said Lachance. The company currently owns interests in 160 properties, including six under development, with approximately $18.9 million square ft. of gross leasable area.