A Montreal-based investment group has purchased the site of a Cineplex theatre, strip mall and other commercial buildings on Carling Avenue, according to Zinati Realty Commercial Brokerage.
A Montreal-based investment group has purchased the site of a Cineplex theatre, strip mall and other commercial buildings on Carling Avenue, according to Zinati Realty Commercial Brokerage.
Broker of record John Zinati told OBJ on Tuesday that the current owner, RioCan, has sold the property in an off-market deal that closed at $30 million.
The sale represented a 7.5 per cent cap rate, he said.
“Nothing in commercial real estate is quick but, relatively speaking, it was a very smooth and efficient transaction,” said Zinati.
The 15-acre property at 3098 Carling Ave. includes 127,000 square feet of real estate. In addition to the circular Cineplex surrounded by a parking lot, the site includes two standalone buildings housing a Shoppers Drug Mart and Moores Clothing menswear store, as well as a strip mall that contains a dentist, various salons, restaurants and LifeLabs.
“If you’re looking at an aerial view, (the parcel) is pretty much a perfect rectangle from Carling all the way back,” Zinati said.
While Zinati said he couldn’t disclose the name of the group of investors that made the purchase, he said there aren’t any current plans to make major changes to the property.
“It’s a generational investment,” he said. “The intent is to keep the tenants and keep the property status quo. It’s a good investment with a great tenant mix for a long-term hold on a very sizable piece of land.”
Located off Britannia Bay, the property is surrounded by suburban residential neighbourhoods such as Fairfield Heights, with the Bayshore Shopping Centre to the south. Across the street is the Ottawa River Pathway, which connects to the nearby Andrew Haydon Park and Nepean Sailing Club to the west. 
