FCR will be retaining 100% interest in the retail and commercial parking elements of the property. realestate realestatenews KingHighLine Toronto
In a release, FCR confirmed it has entered into a firm agreement to offload the component for gross proceeds of $149M, while retaining 100% interest in its retail and commercial parking elements. The buyer has not yet been disclosed.
Situated at a prime location at 1100 King Street West and neighbouring the Liberty Village community, the King High Line is a mixed-use property featuring 160,000 sq. ft of retail, 650 ft of which run along the King St. W frontage. Retail tenants include Longos, Canadian Tire, Shoppers Drug Mart, Winners, and a Petsmart, among others. It is the site of three residential towers, with a total of 506 units, currently 96% occupied.
According to FCR’s release, the sale price equates to a capitalization rate of less than 3% on in-place net operating income. The site was recently financed with a 10-year, interest-only $160M first mortgage , with a 4.8% fixed rate. The mortgage is to be assumed by the purchaser upon the transactions scheduled Q4 closing.
Added Paul, “We have an exceptional portfolio and remain confident in our ability to unlock value for our unitholders through the ongoing monetization of low-yielding and non-core properties while progressing our necessity-based retail properties and maintaining a significant density pipeline for future development.”
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