News

Shopping centre sold to Burlington real estate company

By Monte Sonnenberg, Simcoe Reformer

A Burlington-based real estate investment company purchased the White Horse Plaza on the south side of Simcoe last month for $15 million. Anchor tenants include Sobeys, Tim Hortons and Dollarama.  MONTE SONNENBERG / SIMCOE REFORMER

A Burlington-based real estate investment company purchased the White Horse Plaza on the south side of Simcoe last month for $15 million. Anchor tenants include Sobeys, Tim Hortons and Dollarama. MONTE SONNENBERG / SIMCOE REFORMER

SIMCOE  - 

The White Horse Plaza in Simcoe has changed hands.

Often referred to as the Sobeys Plaza, the six-acre shopping centre on the south side of Simcoe was sold to M+H Properties Group of Burlington in February.

The vendor was Crombie Property Holdings, a real estate holding company that owns many of the properties and shopping centres across Canada that house a Sobeys grocery store.

Records at the Norfolk land registry office in Simcoe say the Feb. 5 transaction was worth $15 million.

“This is a typical property M+H would like to buy,” M+H partner Brad McDonald said Wednesday.

“It’s anchored by three solid franchises – Sobeys, Tim Hortons and Dollarama. We see a lot of potential here. We see Simcoe as a gateway to a lot of summer traffic. There is a lot of vacancy at the plaza and we intend to fill that as soon as we can.”

McDonald added that M+H Properties is discussing lease opportunities with two unnamed franchise retailers.

“We are working on filling that mall and driving more traffic to it.”

The property on Norfolk Street South covers about six acres. It is bounded by Poplar Street on the north and Parker Drive on the south. The plaza has a retail floor area of 92,600 square feet.

Other tenants include Kentucky Fried Chicken, Fiedler’s Delicatessen, PharmaSave, PetValu, First Choice Haircutters, Libro Credit Union, Subway, Speed Queen Laundry, J.C. Sushi and Carlson Wagonlit Travel.

M+H Properties is a private-equity real estate and asset management firm. Company literature says M+H “sources and purchases properties through debt instruments and sells participations to investors through limited partnership units.”

Holdings in the M+H portfolio include malls, plazas and shopping centres in Perth, Amerherstview, Kingston, Hamilton and Ottawa as well as Simcoe.

MSonnenberg@postmedia.com