TORONTO — Choice Properties Real Estate Investment Trust will acquire a 75 per cent ownership interest in 154 acres of industrial land in the Greater Toronto Area.
Choice Properties intends to turn the East Gwillimbury land it acquired a stake in by exercising an equity conversion right from Rice Group into an industrial park with 167,225 square metres of logistics space.
Loblaw Companies Limited will use more than 111,483 square metres to build an automated distribution facility it says will add capacity and new capabilities for the retailer.
The grocery giant expects the facility at the corner of Highway 404 and Green Lane East to be in operation by the first quarter of 2024.
The first phase of development includes a 100-acre land lease agreement Choice Properties and Loblaw entered into.
Choice Properties and Rice Group’s total initial cost of the project is about $170 million, including land and site preparation, which they estimate will take 15 months.
This report by The Canadian Press was first published June 3, 2022.
Companies in this story: (TSX:CHP.UN, TSX:L)
