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.
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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.