Pine Street Retail Plaza Listed for $9.5 Million Sale Opportunity

A fully leased shopping plaza at the corner of Pine Street and McNabb Street has been officially listed for sale with an asking price of $9.5 million. The property encompasses 42,455 square feet of retail space and sits on just over four acres, making it a significant commercial site in the region.

The plaza is anchored by Food Basics and is currently 100 percent occupied. It serves as a vital “daily-needs” destination for the surrounding neighbourhood, offering a diverse mix of retail, service, and food tenants. This combination caters to the local community, ensuring steady foot traffic throughout the week.

Recent Renovations Enhance Property Value

Significant renovations were completed in 2023, enhancing the plaza’s appeal to potential investors. Improvements included exterior updates, the addition of new “vanilla shell” units in several spaces, and the replacement of rooftop HVAC systems for units two through eight. These upgrades have positioned the plaza as a modern and attractive investment opportunity.

The property’s listing highlights its strategic location along Pine Street, a major corridor in the east end. The presence of nearby residential areas contributes to consistent customer traffic, further increasing the plaza’s attractiveness as a commercial investment.

Investment Details and Financial Highlights

The property is marketed as a stabilized investment opportunity, featuring a weighted average lease term of approximately 3.65 years. This aspect provides potential buyers with a sense of security in terms of ongoing revenue generation. Annual property taxes amount to $173,226, a factor that investors will consider when evaluating the overall financial viability of the purchase.

As a freehold property, the plaza offers buyers complete ownership, allowing for flexibility in management and future development. The combination of a fully occupied space, recent renovations, and a prime location positions the Pine Street plaza as an attractive investment in the current market.

This sale presents an opportunity for investors looking to enhance their portfolios with a well-established retail property.