Choice Properties and Loblaw to develop 1.2 million square foot GTA distribution centre
Choice Properties Real Estate Investment Trust ("Choice Properties") exercised its equity conversion right from Rice Group to acquire a 75% ownership interest in 154 developable acres of industrial land in East Gwillimbury in the Greater Toronto Area. Loblaw Companies Limited (“Loblaw”) intends to build a 1.2 million square foot, automated, multi-temperature distribution facility on part of the property to add capacity and create new capabilities for the retailer.
The development plan for the property is for Choice Properties to build a multi-phase industrial park with the potential for approximately 1.8 million square feet of new generation logistics space. For the first phase of the development, Choice Properties and Loblaw entered into an approximately 100-acre land lease. The total initial cost of the project is approximately $170 million, including land and site preparation.
Aird & Berlis represented Choice Properties in the transaction with a team that included Nili Goldman and Kim Carty (Real Estate) and Jennifer Wainwright (Corporate).