- Property size 252,410 ft2
FOR SALE: Giant Tiger Retail Portfolio, Ontario - retail for sale
JLL’s National Retail Investment Group has been exclusively retained to seek proposals to acquire a collection of twelve single tenant Giant Tiger assets, on a portfolio, subset or individual basis.
The Portfolio is comprised of twelve “Essential Services” assets totaling 252,410 SF of leasable area, fully leased to Giant Tiger, a leading Canadian discount retailer with over 245 stores across the country. This Offering provides investors with a unique opportunity to acquire a quadruple net leased portfolio of well-performing, high quality assets with a weighted average lease term of 13.8 years.
The Properties are well designed with ample parking, premium visibility and multiple access points. The classification of all twelve properties within the Portfolio is “Daily Needs Retail,” which is intended to serve as a frequent destination for residents of the surrounding communities.
The Properties are strategically located in their respective communities, situated on major arterial thoroughfares providing easy accessibility and high traffic flow. The Portfolio is distributed across well-established and/or growing markets throughout Ontario, where they draw from trade areas extending well beyond their local communities.
QUADRUPLE NET LEASED ASSETS
The Offering provides Investors with an extremely rare opportunity to acquire a fully-leased portfolio of well-performing, high quality assets with quadruple net leases. In addition to the payment of Base Rent to the Landlord, the Tenant is responsible for the direct payment of property tax, insurance, utilities, and the repair/replacement of all structural and non-structural elements including the roof and the parking lot. The Landlord has no obligations to maintain, repair or replace any part of the Leased Premises. Furthermore, upon expiry, the Tenant is required to have replaced the roof membrane within the 25 years prior to the surrender date.
EXCELLENT INCOME SECURITY
The Portfolio is currently 100% occupied with a weighted average lease term of 13.8 years. The excellent lease expiry profile provides prospective Investors with a secure income stream over the investment holding period. In addition, the Portfolio has a low weighted average base rental rate of $9.22 allowing for significant rental growth both contractually and in the longer term, providing Investors with the opportunity to acquire nationally tenanted, “Essential Services” assets with secure and increasing cash flows
“AAA” COVENANT ASSETS
Giant Tiger is the leading Canadian owned discount retailer, committed to providing groceries, everyday household needs, and on-trend family fashions. The privately held company opened its first store in Ottawa in 1961. Today, Giant Tiger has 245 stores in 8 provinces across Canada with over 8,500 employees.
POTENTIAL UPSIDE THROUGH PAD DEVELOPMENT
Certain assets offer potential additional density through the development of retail pads or small strips, as they are situated on parcels with excess land.
FUTURE REDEVELOPMENT POTENTIAL
In addition to providing stable cash flows, at least two of the assets offer future mixed-used redevelopment 252,410 opportunities, given their excellent core locations.