Partners REIT acquires Vancouver Island retail property

Partners REIT has signed an agreement to purchase the Mariner Square Shopping Centre, a six-building open-air retail centre aggregating approximately 101,000 square foot of gross leasable area in downtown Campbell River on the east coast of Vancouver Island about 260 kilometers north of Victoria. The purchase price is approximately $25.8 million. “We are pleased to be expanding our presence on Vancouver Island with the purchase of Mariner Square,” commented Patrick Miniutti, president. “The property is well-situated in a strong economic region experiencing solid population growth supported by two major infrastructure projects, and is consistent with our strategy to purchase retail assets with consistent and defensible cash flow.”

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