Friday, June 06, 2008

Port of Nanaimo Centre Retail Space Purchase

First Capital Buys Retail Space

in Port of Nanaimo Centre

First Capital Realty Inc. will acquire the retail space in the new Port of Nanaimo Centre for $3,780,000. The sale includes three retail spaces comprised of approximately 9,800 square feet along Commercial Street, 3,500 square feet at the corner of Commercial Street and Museum Way, and 2,300 square feet at the corner of Museum Way and Gordon Street – adding to First Capital’s investment properties in Nanaimo which also include Longwood Station, a portion of Terminal Park Shopping Centre, Woodgrove Crossing, and Port Place Mall.

First Capital Realty Inc. is Canada’s leading owner, developer, and operator of supermarket and drug store anchored neighbourhood and community shopping centres in growing metropolitan areas. They have engaged Cushman & Wakefield LePage, the Canadian arm of the world’s largest privately-held real estate services firm as their Leasing Agent to attract tenants to the Port of Nanaimo Centre’s new retail space in the heart of Nanaimo.

Ralph Huizinga, First Capital’s Vice President of Acquisitions & Development for Western Canada is positive about downtown Nanaimo’s future. “In addition to this recent acquisition at the Port of Nanaimo Centre, First Capital looks forward to realizing its redevelopment plans for Port Place Mall. Both downtown initiatives support First Capital’s belief in the potential for downtown Nanaimo. First Capital shares the City’s vision for the revitalization, growth and success of the downtown core,” Huizinga said.

Nanaimo Councillor Jeet Manhas is Chair of the Port of Nanaimo Centre Advisory Committee.
“This is wonderful news for our city, and particularly for our shared goal of a revitalized and thriving downtown core. First Capital truly shares our vision for a vibrant city centre with new economic opportunities,” he said.

Mayor Gary Korpan said “It will be very exciting to see who First Capital and Cushman & Wakefield LePage bring to our downtown, and watch the Port of Nanaimo Centre come to life with new shopping experiences, and conference events, and our new museum space for our citizens and visitors. This is truly a historic time for the City of Nanaimo and for our citizens and we can be proud to see it all coming together and making our downtown a beautiful place to visit and enjoy.”

The transaction is scheduled to close in mid-July.

For more information on the Port of Nanaimo Centre or the Vancouver Island Conference Centre use this Nanaimo Info LINK.


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