December 21, 2021, Montreal
Forum and Crofton Moore announced today the acquisition of Mega Centre Sainte-Foy, a 529,000 square foot retail power centre in Quebec City, Quebec. Mega Centre Sainte-Foy is strategically located at the intersection of Autoroute 40 and Autoroute Duplessis in western Quebec City's dominant retail node, approximately 2 kilometres from Jean Lesage International Airport.
This dominant open-format retail centre is anchored by Walmart and features a diverse roster of national and regional tenants including Marshalls/HomeSense, Bureau en Gros, Cineplex, Jysk and the Brick. The centre offers an attractive mix of daily needs, home furnishings, financial, entertainment, specialty and fashion retailers to its surrounding neighbourhoods in the western part of Quebec City and beyond.
"The timing was right for us to acquire this high-performing centre that is 93 percent leased," said Dean Mendel, Forum co-founder. "Mega Centre Sainte-Foy serves a stable trade area that includes more than 100,000 residents with median household income exceeding $100,000. And there are growth opportunities both for our existing tenants and the centre itself through expansion and development of complementary uses."
"The acquisition of Mega Centre Sainte-Foy marks Crofton Moore's first investment in the Quebec City market. We are extremely proud to once again partner with Forum and add such a high-quality retail asset to our portfolio," said Mitchell Moss, Crofton Moore's President. "Our teams are excited to get to work and continue to improve the centre's product offering for both our tenants and their customers."
Forum is a leading developer of retail neighbourhood shopping centres across Canada. As a full-service provider, the company manages every aspect of the development process including due diligence, acquisition, land use planning, construction, leasing and day-to-day property management.
The company has been active in real estate since the late 80s, developing essential services grocery anchored retail product. The acquisition of Mega Centre Sainte-Foy is accretive to the company's portfolio and will benefit from Forum's relationships with both national and regional retailers.
About Crofton Moore
Through its direct involvement in over 11 million square feet of real estate ventures, Crofton Moore has earned a sterling reputation as a provider of innovative leasing, development and property management solutions. With clients from across Canada and around the world, the company is a choice partner for real estate investors seeking diversification in the burgeoning Quebec and Ontario markets.