Carry Plaza sold due to corporate reorganization by owner

By Collin Gallant on October 24, 2017.

Medicine Hat News

A shopping plaza in Medicine Hat is among 44 commercial properties across Canada that will change hands this month during a corporate reorganization of a major real estate income trust.

Carry Plaza on Dunmore Road—the home to Rexall Drugs and Earls restaurant—had been owned by ONEReit, and that company announced last summer it would buy up publically traded shares and divest properties.

Strathallen Capital Corp., announced on Oct. 4 it had completed a $702-million purchase of 44 ONEReit properties.

The deal also includes the Wheatland Mall in Swift Current, and other malls in Kindersley, Moose Jaw and Red Deer.

Among the properties, which total 4.6 million square feet, are 18 locations in Ontario and seven in Quebec.

ONEReit, also operated a subsidiary known as Retrocom properties.

The total value of the ONEReit privatization was $1.1 billion, according to the company.