INVESTMENT OPPORTUNITY | INVESTMENT SUMMARY
Niagara Falls Plaza | 6777 Morrison Street, Niagara Falls, Ontario
Dorchester Road
Morrison Street
COLLIERS CAPITAL MARKETS CANADA NIAGARA FALLS PLAZA | RETAIL INVESTMENT
Executive Summary
Colliers International (the “Advisors”) have been retained on an exclusive basis by RioCan REIT (“RioCan” or the “Vendor”) to offer for sale a 100% freehold interest in Niagara Falls Plaza, located at 6777 Morrison Street, Niagara Falls, Ontario, a 83,582 square foot unenclosed retail centre (the “Property”). The Property occupies a 13.51-acre site at the intersection of Morrison Street and Dorchester Road. The Property is 100% leased to LA Fitness, Dollarama, Lee Valley Tools and Goodwill offering a collective weighted average remaining lease term of 10 years.
Conveniently located off the Queen Elizabeth Way (QEW) with frontage on Dorchester Road and Morrison Street, the Property is situated near Home Depot, Zehrs, Staples and Bank of Montreal, providing the Property with additional exposure.
The Property has been maintained and managed to institutional investment standards and is being offered for sale free and clear of financing. A bid date will be communicated by the Advisors. Investment Highlights
• 100% leased to a mix of highly-coveted national tenancies with a significant Mix of Strong weighted average remaining lease term of 10 years National Covenant • Tenants include LA Fitness, Lee Valley Tools, Goodwill and Dollarama Tenants with Long • Property offers strong and stable holding income with substantial contractual rent growth from current tenancies (compounded annual growth rate of 2.5% Term Leases from 2019 – 2025)
• Situated at the northeast corner of Morrison Street and Dorchester Road with nearby access from the QEW and Highway 420 with traffic of over 100,000 Strategically vehicles daily Positioned in a • Located within an established retail node with national retail presence including Home Depot, Zehrs, Staples and BMO Prominent Retail • Canada One Factory Outlets is located just three kilometres southwest at QEW Node and Lundy’s Lane • Another large grocery-anchored unenclosed shopping centre is situated just 2.7 kilometres northwest at Thorold Stone Road and Montrose Road
• At 14% coverage ratio, the property has excess land that allows for potential longer-term development opportunities Development • RioCan estimates an additional 50,000 SF – 60,000 SF of potential new leasable Opportunities area • The property is institutionally managed and maintained with ample surface parking spaces on site
Free and Clear of • The Property is offered without any existing financing, allowing potential purchasers to seek out attractive financing and improve returns in a low interest Financing environment
2 INVESTMENT SUMMARY
10 Years 83,582 SF ±50,000 SF Weighted Average Rentable Area Potential Development Remaining Lease Term GFA
QEW
Highway 420 Interchange
Dorchester Road Morrison Street
4 / 100% 2.5% 14% Number of Tenants / Annual Contractual Rent Site Coverage Current Occupancy Growth (2019 - 2025)
COLLIERS CAPITAL MARKETS | CANADA 3 NIAGARA FALLS PLAZA | RETAIL INVESTMENT
Site Plan Dorchester Road
9,333 SF
16,562 SF
16,687 SF
Potential Future Retail Morrison Street Morrison 41,000 SF
Potential Future Retail
Potential Future Retail
4 INVESTMENT SUMMARY
N
QEW
Dorchester Road Morrison Street
Excess Land
COLLIERS CAPITAL MARKETS | CANADA 5 For More Information
To receive a detailed information package about the Property, please execute and return the Confidentiality Agreement to Carolina Zamarripa by email [email protected].
Colliers Capital Markets | Canada 181 Bay Street, Suite 1400 Toronto, Ontario, Canada M5J 2V1 T: +1 416 777 2200 | F: +1 416 777 2277
Scott Chandler** Bill Pitt** John Stewart** Andrew Barnicke** Senior Vice President Senior Vice President Senior Vice President Vice Chairman, Managing Partner +1 416 643 3796 +1 416 643 3400 +1 416 643 3401 +1 416 643 3766 [email protected] [email protected] [email protected] [email protected]
*Sales Representative ** Broker
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