A subsidiary of Guelph-based Skyline Group of Companies has invested millions of dollars in acquiring additional real estate in Guelph's downtown.
On Wednesday, Skyline Retail REIT announced it had recently purchased 26-40 Carden Street and 27-39 Macdonell Street in the city's downtown for $4.6 million.
In all, the property consists of 17,510 square feet of retail space on two floors. The two properties are back to back facing the two streets.
The company said in a press release the property presents a favourable opportunity to secure additional long-term tenants and presents an attractive opportunity for potential future redevelopment.
“(We are) proud to be investing in the growth and vibrancy of downtown Guelph with this purchase,” said Gordon Driedger, president, Skyline Retail REIT. “The property at Macdonell and Carden Streets presents an excellent opportunity to attract new business to the city’s downtown, which we’re proud to call our home base.”
In 2018 Skline Retail REIT purchased a grocery-anchored plaza at 160 and 170 Kortright Road East, as well as 200 and 210 Kortright Road West.
Skyline Retail REIT owns over 4.7 million square feet of retail space in 68 communities across Canada. It is operated and managed by Guelph-based Skyline Group of Companies.
