Winnipeg-based Artis Real Estate Investment Trust plans to acquire a regional shopping centre in Cranbrook, B.C. for $27.7 million.
The purchase of Tamarack Mall will add more than 287,000 square-feet to its retail portfolio. The mall in the largest urban centre in south-eastern B.C. is anchored by several big box tenants including Winners, Zellers, Shoppers Drug Mart and Staples.
The acquisition is expected to close in the second quarter and will be funded from cash on hand and from proceeds of a new $19.6 million mortgage financing.
The REIT has been on a recent acquisition spree. It recently closed a $10 million purchase of the 105,670 square-foot Westbank Zellers building in West Kelowna.
It also acquired a 50% interest in the Kincaid Building in Burnaby and the Cliveden Building on Annacis Island with Kingswood Capital Corporation.