An Ottawa strip mall best-known for being home to the first Lone Star Texas Grill has been sold for $16.5-million.
Developer Joey Theberge has purchased Fisher Heights Plaza from the Leikin Group, a local firm run by prominent real estate executive Barbara Farber whose other holdings include College Square. The off-market deal closed last week.
In addition to the iconic Tex-Mex restaurant, the mall’s other tenants include the National Bank of Canada, Subway, Circle K, a dentist and a chiropractor. The 36,000-square-foot retail complex at the corner of Baseline Road and Fisher Avenue is almost fully leased, with one 1,200-square-foot vacancy.
OBJ360 (Sponsored)
uOttawa grows Kanata North’s presence to meet rising innovation demands
When the University of Ottawa first opened its Kanata North Campus in the heart of Canada’s largest tech park, the goal was clear: To bring researchers, students, and industry closer
Matching donations matters: How local companies help enable life-saving care for children in need
Self-storage company Access Storage is proud to support healthy communities where its employees work and live – and in the case of Ottawa, that means joining a host of other
Graeme Webster of Koble Commercial Real Estate, who helped broker the deal, said the 3.5-acre property also includes an empty parking lot that’s ideally suited to a future multi-residential project.
“You’ve got a retail plaza with a great base of tenants and additional development opportunities,” he said. “The upside on this is huge.”
Webster noted that health-care professionals are typically immune to economic boom-and-bust cycles, generating steady rental income that’s especially attractive to landlords.
“When medical tenants move in, they typically don’t move out,” he said. “That’s a lot of stability on one end of the plaza, and then you have the original Lone Star at the other side.”
Nick Pantieras of Marcus and Millichap, who brokered the deal on behalf of the Leikin Group, said the “timing was right” to sell the property, citing the region’s “buoyant” commercial investment market.
“The sale of this asset meets the vendor’s strategic objectives,” he added.
