On February 12, 2021, Skyline Retail REIT purchased a new retail property in the city of Abbotsford, British Columbia.
Parallel Marketplace is located at 1920 North Parallel Road in Abbotsford, and consists of four retail buildings totalling 72,659 square feet of retail space. The complex has a total of 14 tenants including anchor tenant Otter Co-Op Grocery, as well as Anytime Fitness and Bank of Montreal. The total purchase price for Parallel Marketplace was $31.4 million.
Located in East Abbotsford, this complex is easily accessible from the Trans Canada Highway, and has complimentary shopping, hotels, and restaurants nearby.
“Skyline Retail REIT is pleased to be entering a new community with its first acquisition of 2021, with the purchase of Parallel Marketplace in Abbotsford,” said Gordon Driedger, President, Skyline Retail REIT.
“The Retail REIT has seen success in its expansion in British Columbia; in addition to this new purchase, we have holdings in Kelowna and Sooke, the latter of which was recognized in 2020 by the Victoria Real Estate Board’s commercial building awards.”
Skyline Retail REIT now comprises 111 properties in 67 communities in five provinces across Canada, with a total of 4,672,961 square feet of retail space.