- Property size 75,197 ft2
Under Review: Oakwoods Centre, Oakville - retail for sale
JLL’s National Retail Investment Group is pleased to offer for sale a 100% freehold interest in Oakwoods Centre (the “Property”), a 75,152 SF newly constructed Farm Boy anchored retail centre. The Property is situated on a 7.26 acre portion of the 42 acre Oakwood Business Park, home to over 230,000 SF of office and industrial uses and a future three tower Hilton-branded hotel. Oakwoods Centre is currently 93% leased (94.4% including conditional leases) and boasts a premium tenant roster with an attractive 12.09 year weighted average lease term remaining, offering investors long term income stability. A number of the tenants’ leases are indemnified or guaranteed.
The newly constructed Property is well designed and offers premium visibility, multiple access points, and ample parking. Oakwoods Centre is strategically positioned to capitalize on its proximity to the Queen Elizabeth Way (QEW) and Ninth Line / Ford Drive interchange, providing seamless access to the QEW, Highway 407, and Highway 403.
The centre is surrounded by affluent, established neighbourhoods with many residential developments planned or under construction in the immediate area. Over 48,000 residents live within a 3 km radius of the site (5.7% growth by 2024) with an average household income of $179,226 (2019).
Farm Boy is a best-in-class “AAA” covenant with significant term remaining. In 2018, the company was acquired by Empire, Sobeys’ parent company, for $800M. The Farm Boy lease is guaranteed by Sobeys.
In 2018, Oakville was named Canada’s best place to live overall (MoneySense) and is forecast to reach a total population of 267,400 by the year 2031. Oakville boasts a diverse economy and has become the location of choice for nearly 300 national and international corporate headquarters.
Top GTA developers such as Menkes, Great Gulf, and Mattamy Homes are currently building housing communities, townhomes and high-density towers within a 5 minute drive of the Property, given the quick access to major highways and public transportation systems.
Oakwoods Centre has been carefully leased to a diverse mix of needs-based and service-oriented tenancies, creating a healthy and constant draw to the centre.
The Property has continued to experience excellent leasing traction throughout 2020, as there is significant demand for high-quality retail locations in Oakville from national/regional retailers.