Kamloops' Lansdowne Village sells for $40-million
Lansdowne Village shopping centre in downtown Kamloops has been sold by Progressive Properties for $40.7 million.
Whiterock Real Estate Investment Trust (TSX: WRK.UN), a real-estate investment trust trading on the Toronto Stock Exchange under the symbol WRK.UN, has partnered with Return on Innovation Capital Ltd. to make the purchase, with the sale expected to be complete late this spring.
Whiterock will hold a 40 per cent interest and be property manager for Lansdowne.
Whiterock and Return on Innovation Capital also purchased an office building in Victoria for $32 million.
Lansdowne Village underwent a major renovation in 2005 when the Property Development Group transformed what was the enclosed Thompson Park Mall into what is now an a 191,000-sq. ft. shopping centre, anchored by Cooper's Foods and housing London Drugs, Tim Hortons and Fields, along with other tenants.
Lansdowne is 96 per cent leased, with an average lease term of seven years.