SYDNEY STREET PITT STREET WATER STREET EAST CORNWALL SQUARE C O R N W A L L, O N ENCLOSED RETAIL REPOSITIONING OPPORTUNITY
CORNWALL SQUARE THE OFFERING CBRE Limited ( CBRE ), on behalf of Partners REIT (the Vendor ), is pleased to offer for sale a 100% freehold interest in Cornwall Square Shopping Centre, a 250,808 sq. ft. enclosed shopping centre located at 1 Water Street East, Cornwall, Ontario (the Property ). Situated on a prominent 9.27-acre site, the Property is the largest enclosed shopping centre in the region, and benefits from excellent exposure, a highly fuctional interior layout and an ample amount of parking with ~1,100 stalls (4.4 per 1,000 sq. ft. of GLA). Strategically located along Water Street East between Pitt Street and Sydney Street with exposure to more than 35,000 vehicles per day, the Property s location provides an investor with exceptional redevelopment potential. With a growing demand for residential intensification, the City of Cornwall is committed to urban densification and redevelopment of its downtown core with multiple municipal improvement programs currently in place. Additionally, the City has experienced a growth in employment related to logistics and call centres. Cornwall Square Shopping Centre is ideally positioned to benefit from these favourable employment and demographic trends. PROPERTY INFORMATION Site Area GLA 9.27 acres 250,808 sq. ft. # of Parking Spaces 1,100 (approximate) Year Built / Expanded 1978 / 1989 Zoning Major Tenants Mixed-Use (Residential and Commercial) Shoppers Drug Mart Dollarama TD Canada Trust 2
ST. LAWRENCE RIVER WATER STREET PARK CORNWALL CURLING CENTRE MARINA SYDNEY STREET WATER STREET EAST CORNWALL AQUATIC CENTRE PITT STREET CORNWALL CIVIC COMPLEX PARKING GARAGE LAMOUREUX PARK UNITED STATES 5 KM 3
CORNWALL SQUARE INVESTMENT HIGHLIGHTS PREMIER LOCATION AND VISIBILITY Cornwall Square sits at the corner of two major downtown arteries and acts as both a local and regional shopping destination. It is the only shopping centre within a 2 km radius from the downtown core, and sits across the street from Cornwall Civic Complex and Lamoureux Park. The Cornwall Civic Complex accommodates a variety of events from championship hockey, professional ice skating, marriages, conventions and top entertainment acts. Additionally, Lamoureux Park is an exceptional public amenity that will ensure long-term green-space accessibility and unencumbered water views for residents nearby. The Property boasts prominent frontage along Water Street East, Pitt Street and Sydney Street and is exposed to more than 35,000 vehicles per day. Located one block south of the City s main transportation hub, the Property features excellent accessibility with multiple egress and ingress points from all sides. MATERIAL VALUE ENHANCEMENT THROUGH STRATEGIC REPOSITIONING AND INTENSIFICATION POTENTIAL In-place zoning currently allows for a multitude of commercial and multi-residential uses, including retail, supermarket, restaurants, offices, institutional buildings and multi-family dwellings. The City of Cornwall has made clear its intention to redevelop the Central Business District and will accommodate additional zoning changes to improve the demographics of the area. Given the current leasing status of the Property, a significant amount of surplus land is available for development on the Property. Additionally, the Property benefits from its existing above-grade parking garage which would reduce/eliminate the need to develop new parking for residential development on the site. The Property features material long term redevelopment potential with a stable tenant roster providing meaningful holding income until redevelopment. 4
CONCEPT RENDERING POTENTIAL MULTI-RESIDENTIAL BUILDING LAYOUT 5
CORNWALL SQUARE INVESTMENT HIGHLIGHTS STABLE TENANCY AND INCOME PROFILE Cornwall Square features a stable roster of tenants highlighted by Shoppers Drug Mart, Dollarama and TD Canada Trust. Collectively, these high-quality covenant tenants account for 28% of the Property s occupied GLA. The year 1 projected net operating income for Cornwall Square is approximately $1.49 MM (including two prospective tenants). STRONG MUNICIPAL INITIATIVES TO ATTRACT ECONOMIC GROWTH AND DEVELOPMENT The Property is at the center of Cornwall s downtown core and is an integral part of the City s redevelopment program - as in-place zoning allows for multi-residential uses. The Brownfields Community Improvement Plan and Heart of the City Community Improvement Plan are programs focused on encouraging revitalization and redevelopment in the Central Business District and Le Village Commercial District. Incentives include tax abatements, grants for project designs, restorations and improvements. The programs have received exceptional interest to date with over 200 applications, $20m in funding assistance and $120m in total expenditure. ~$1.49MM YEAR 1 PROJECTED INCOME ~1,100 PARKING STALLS 9.27 ACRES FAVOURABLE DEMOGRAPHIC AND EMPLOYMENT TRENDS IN CORNWALL The City of Cornwall serves a regional market, including the surrounding municipalities which comprise the United Counties of Stormont, Dundas and Glengarry. The City has invested over $22 million in capital works in 2017, including $2 million in new buses for Cornwall transit. Cornwall s role as the large urban centre in the region and primary service hub will continue to expand and evolve in retail trade, education and health services. Walmart and Shoppers Drug Mart both have major logistics/distribution centres and are continuing to expand in the region. Institutions such as Atelka, Scotiabank and Service Canada, have increased hiring at their call centres and will continue to invest in their operations going forward. To further promote development and growth, the City is buying 121 acres of land from Loblaws and make the property shovel ready to attract new businesses and jobs. 6
LAMOUREUX PARK RESIDENTIAL DEVELOPMENT OPPORTUNITY 7
INTERESTED PARTIES ARE INVITED TO SUBMIT A LETTER OF INTENT ON A DATE TO BE COMMUNICATED BY THE ADVISOR. CONTACT US RAMSAY A. LUNAN, SIOR* CASEY T. GALLAGHER** HILLEL L. ABERGEL** NICO F. ZENTIL** Senior Vice President Capital Markets Group Investment Properties 514 849 7040 ramsay.lunan@cbre.com Executive Vice President CBRE Capital Markets National Investment Team 416 815 2398 casey.gallagher@cbre.com Executive Vice President CBRE Capital Markets National Investment Team 416 815 2324 hillel.abergel@cbre.com Senior Vice President CBRE Capital Markets National Investment Team 613 788 2708 nico.zentil@cbre.com CBRE LIMITED, BROKERAGE 1250 René-Lévesque Boulevard West, Suite 2800 Montreal, Québec T 514 849 6000 F 514 849 7095 145 King Street West, Suite 1100 Toronto, Ontario T 416 362 2244 F 416 362 8085 333 Preston Street, 7 th Floor Ottawa, Ontario T 613 782 2266 F 416 362 8085 www.cbre.ca *Certified Real Estate Broker **Sales Representative This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation ( CBRE ). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the Information ) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved.