Peterson, Premise acquire Kelowna, Vernon shopping centres

Vancouver real estate investors Peterson Group and Premise Properties have co-purchased two shopping centres in British Columbia’s Okanagan Valley, underscoring the region’s growing population and relative value compared to Metro Vancouver.

“The assets just fit well into who we are, and what our strategy has always been, which is looking for value and opportunities,” said Darren Wong, Peterson Group’s director of investments.The two companies closed the deal on Feb. 19 to buy the retail properties from RioCan Real Estate Investment Trust (REI-UN-T), which is selling off about 100 properties it owns in smaller and secondary markets across Canada. The deal was worth $85 million, according to Premise.

The 14-acre Dilworth Shopping Centre in Kelowna includes nearly 200,000 square feet of leasable area. The centre is located on Highway 97 at Leckie Road — a busy stretch of the main thoroughfare linking the South and North Okanagan. Among the tenants are SafewayStaplesJYSKTD Bank and Boston Pizza.

The sale also included Vernon Square, a 98,000-square-foot shopping centre in Vernon. The 7.95-acre site also sits on Highway 97 and is a service-oriented strip mall that includes London DrugsProspera Credit UnionWhite Spot and several other small retailers.

That strip mall also includes a Safeway, which is owned separately and not part of the sale.

Both Peterson and Premise are privately owned companies active in property investment, development, management and financing. 

 

Read full article here.