LaSalle acquires The Junction, a leading shopping centre located in British Columbia
VANCOUVER (May 24, 2016) – LaSalle announced it has acquired The Junction, a strategically-located Class A, grocery-anchored shopping centre located in the District of Mission, British Columbia, a community in Fraser Valley, within the greater Vancouver region. LaSalle acquired the property from RioCan Real Estate Investment Trust and Kimco Realty for $68.05 million.
Edmund Lee, Senior Vice President at LaSalle, said: “The Junction is an exceedingly well-located and well-leased shopping centre that provides a premier shopping experience to local residents and is a strong regional draw within the Fraser Valley. We’re excited to add this first-class shopping centre to our portfolio and look forward to working with our retail and civic partners to bring additional vibrancy to the centre via a number of on-site and community-oriented initiatives.”
He added: “Through discussions with our tenants and customers, we’ve targeted a number of retail categories that will augment the already strong tenant roster and bolster The Junction’s role as the area’s leading retail centre.”
The 282,533 square foot centre is located in the heart of the District of Mission’s active retail node. Currently, The Junction is 96 percent occupied and boasts high-quality tenants, including: Save-On-Foods, London Drugs, Cineplex/Silvercity, Staples and Goodlife. Situated near the major intersection of Highways 11 and 7, the shopping centre maintains a prominent location within the community and is highly accessible throughout the region.
The Junction was acquired in April on behalf of LaSalle’s flagship Canadian Income & Growth IV Fund, which invests in office, industrial, retail, and multifamily products in major markets across Canada.