The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Retrocom Mid-Market REIT Announces New Anchor Tenants and $11 Million Dollar Revitalization of Chilliwack Mall

Thursday, March 24, 2011

Retrocom Mid-Market REIT Announces New Anchor Tenants and $11 Million Dollar Revitalization of Chilliwack Mall08:52 EDT Thursday, March 24, 2011TORONTO, ONTARIO--(Marketwire - March 24, 2011) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OR TO ANY NON-CANADIAN SOURCERetrocom Mid-Market Real Estate Investment Trust (the "REIT" or "Retrocom") (TSX:RMM.UN) announced today that Winners, Sport Chek and Reitmans have committed to occupy the previous Walmart location at Chilliwack Mall. The Winners store will occupy approximately 26,000 square feet and the new Sport Chek store will be approximately 24,000 square feet. Completing the new reconfigured space, Reitmans will be leasing a new 5,000 square foot unit. All three new tenants will have exterior access, while Sport Chek will also have an interior access opening into the mall. Construction of the new stores is expected to begin this summer, with store openings targeted for the second quarter of 2012.In addition to the arrival of Winners, Sport Chek and Reitmans, Retrocom will be investing approximately $11 million in revitalizing the mall including extensive upgrades to the interior and exterior of the centre. The revitalization project will include new flooring, upgrades to the ceilings and washrooms, along with new exterior facades. Construction of the revitalization project will commence this summer, with the upgrades being completed by the second quarter of 2012.Situated in Chilliwack, BC, Chilliwack Mall is located in the heart of the retail district centred at the intersection of Vedder Road and Luckakuck Way. This 178,484 square foot enclosed community mall is anchored by Safeway and features over 25 shops and services. Chilliwack has a population of 86,000 and serves a trade area totalling 112,500. The market has been growing steadily over the past twenty years and is projected to continue to grow at a rate of roughly 2.5% per annum over the next ten years. Chilliwack is the service centre for the surrounding region of the Fraser Valley.Richard Michaeloff, Chief Executive Officer of the REIT, said, "Chilliwack Mall is an excellent example of how Retrocom will continue to add value to its existing portfolio through redevelopment and repositioning opportunities. We look forward to the addition of Winners, Sport Chek and Reitmans to the shopping centre. These new retailers, along with our multi-million dollar investment, will solidify and enhance Chilliwack Mall's position in the marketplace."About Retrocom Mid-Market REITRetrocom Mid-Market REIT is an Ontario unincorporated open-end real estate investment trust which focuses on owning and acquiring community-based commercial properties in primary and secondary cities across Canada with the objective of producing a geographically diversified portfolio of properties with stable and growing cash flows. Cautionary StatementsThis press release contains forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the REIT. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the REIT believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the REIT nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.FOR FURTHER INFORMATION PLEASE CONTACT: Richard MichaeloffRetrocom Mid-Market Real Estate Investment TrustChief Executive Officer416-741-7999 ext. 5227416-741-7993 (FAX)rmichaeloff@rmmreit.com