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Crombie sells 15 retail properties to U.S. real estate firm

Real estate trust will sell a majority non-managing interest in 15 grocery store-anchored properties across Canada for $193 million
Tanya Commisso
CROMBIE
The Saddletown Circle Safeway in Calgary is one of 15 retail sites being sold by Crombie REIT to Oak Street Real Estate Capital of Chicago. | Crombie REIT
Crombie REIT will be selling majority stake in 15 properties across Canada to a Chicago based firm in a deal worth $193 million. 
 
The retail properties are grocer-anchored by Sobeys stores and fully occupied. Oak Street Real Estate Capital is receiving an 89 per cent interest in the properties. while Crombie will retain the remaining interest and will continue to manage the properties. The properties total 721,000 of space square feet across B.C., Alberta, Manitoba, Ontario, Quebec, Nova Scotia and Newfoundland and Labrador. 
 
“These properties are an excellent addition to our portfolio, which is designed to create stable long-term cash flow backed by investment-grade rated corporations,” said Marc Zahr, CEO and managing partner of Oak Street, in the release.
 
Oak Street will acquired its share of 12 mortgages from Crombie. Crombie will receive an estimated $102.6 million in proceeds, after costs. 
 
The transaction is expected to close by fall of 2019. 
 
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