- Property size 52,089 ft2
For Sale: Northfield Centre, Waterloo - retail for sale
JLL’s National Retail Investment Group is pleased to offer for sale a 100% freehold interest in Northfield Centre, a 52,089 SF dominant pharmacy-anchored centre situated on a large 5.24 acre corner lot at the busy intersection of Weber Street North and Northfield Drive West in Waterloo, Ontario. Northfield Drive is currently 95.5% leased to a superior roster of national tenants including Rexall, RBC, Fit4Less, Tim Hortons, Dollar Tree, and Mr. Sub, with national tenants representing 91.4% of leased GLA. The Property offers the investor secure future cash flow a healthy weighted average lease term of 6.45 years.
Northfield Centre, with over 35,000 vehicles passing by daily, is located in the north end of the city, just off the Conestoga Parkway in Waterloo’s premier commercial node. The Property is located directly across the street from Waterloo Corporate Campus, a 40-acre mixed use redevelopment consisting of retail, office, and a data centre. The Property is also located approximately 2 km from Conestoga Mall, Ontario’s 5th (Canada’s 11th) most productive mall, drawing in over 5,900,000 visitors annually.
Located close to many major thoroughfares and highways, this Centre is easily accessible by vehicle and public transportation from across the region. Northfield Centre is positioned less than 500 m from Northfield Station, a stop on the Region of Waterloo’s Ion rapid transit system.
- The site is surrounded by affluent, established residential neighbourhoods with over 30,000 residents within a 3 km radius and an average household income of $95,031 (2019). This population is forecast to grow by 5.05% over the next 5 years.
- Situated on a large 5.24 acre corner where over 35,000 vehicles pass by daily, directly across the street from Waterloo Corporate Campus.
- The total value of building permits issued for new construction in Waterloo Region was a record $1.7 billion in 2019, an increase of 68 per cent over 2018, and 44 per cent higher than the 10-year average.
- The Centre is well-designed with multiple access points and ample parking, and has been carefully leased to a diverse mix of needs-based and service-oriented tenancies which create a healthy draw to the centre.