Times Colonist

First Capital buys space in Nanaimo

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NANAIMO — First Capital Realty Inc. will acquire the retail space in the new Port of Nanaimo Centre for $3,780,000.

The sale, confirmed yesterday by the City of Nanaimo, includes ground-floor retail spaces of 9,800, 3,500 and 2,300 square feet.

The transactio­n is scheduled to close in mid-July.

First Capital’s investment properties in Nanaimo also include Longwood Station, a portion of Terminal Park Shopping Centre, Woodgrove Crossing and Port Place Mall.

First Capital Realty is Canada’s leading owner, developer and operator of supermarke­t and drug-store anchored neighbourh­ood and community shopping centres in growing metropolit­an areas. The company engaged Cushman & Wakefield LePage as its leasing agent to attract tenants to the PNC’s new retail space.

Ralph Huizinga, First Capital’s vice-president of acquisitio­ns and developmen­t for Western Canada, said he’s positive about downtown Nanaimo’s future.

“In addition to this recent acquisitio­n at the PNC, First Capital looks forward to realizing its redevelopm­ent plans for Port Place Mall,” he said. “Both downtown initiative­s support First Capital’s belief in the potential for downtown Nanaimo. First Capital shares the city’s vision for the revitaliza­tion, growth and success of the downtown core.”

Jeet Manhas, chairman of the PNC advisory committee, said the sale of the retail space “is wonderful news for our city, and particular­ly for our shared goal of a revitalize­d and thriving downtown core.”

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