Saugeen Shores Shopping Centre, Port Elgin, ON_Property for Sale

1110 Goderich Street, Port Elgin, ON, N0H 2C3, CA

Saugeen Shores Shopping Centre, Port Elgin, ON

Asset description

JLL’s National Retail Investment Group is pleased to offer for sale a 100% freehold interest in Saugeen Shores Shopping Centre (the “Property” and/or “Site”), a newly developed grocery-anchored centre in Port Elgin, Ontario. Comprised of 74,474 SF, the Property is 92.8% leased to a diverse mix of essential needs tenants highlighted by Food Basics, a medical use tenant (under negotiation), Dollarama, Goodwill, Starbucks, Osmow’s, and BarBurrito. The Property offers the investor secure and increasing future cashflow with a long weighted average lease term of 14.1 years.

Saugeen Shores Shopping Centre is situated on a 6.71 acre corner lot at the intersection of Goderich Street (Highway 21) and Devonshire Road in the north end of Port Elgin, in close proximity to densely populated residential neighbourhoods with over 10,600 residents living within a 3 km radius. The Property is a brand new development constructed in 2023/2024 and is well-designed with ample parking along with premium frontage and visibility along Goderich Street (Highway 21), Port Elgin’s main arterial thoroughfare which bisects the town and connects to neighbouring communities such as Southampton.

Interested parties will be required to execute and submit the Confidentiality Agreement (CA) prior to receiving detailed information about the Property:

https://hello.jll.com/SaugeenShoresSCPortElginON

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Attributes

Building area net

6,919 sm

Occupancy

93%

Year built

2023

Land area gross

2.72 ha

WAULT

14.1 years

Media

Investment highlights

STRONG FINANCIALS - The Property offers the investor secure and increasing future cash flow with a healthy weighted average lease term of 14.1 years. 95.4% of leased GLA is represented by national tenants.
STRATEGIC LOCATION - Situated on a large 6.91 acre corner lot, the Property capitalizes from a dominant market location with premium frontage and visibility along Devonshire Road and Goderich Street (Highway 21), the region’s primary arterial thoroughfare.
BRAND NEW CONSTRUCTION - The Property is newly constructed with exceptional finishes, meeting the modern standard’s of the country’s most sought after retailers.
WELL-DESIGNED ASSET - The Property is well-designed with multiple access points, prominent signage, ample parking, and premium frontage along Goderich Street (Highway 21).
ESSENTIAL NEEDS TENANT MIX - The Property has been carefully leased to a diverse mix of needs-based tenancies, creating a healthy and constant draw to the centre. The Property is anchored by a strong performing Food Basics.
GROWING COMMUNITY - Saugeen Shores is the fastest growing community in the region and is projected to continue this growth for the foreseeable future. 2022 saw a construction value of $129 million with 390 permits issued.