First Capital Realty, owners of the Leaside Village shopping centre at Laird Drive and Esandar Drive, has entered into an agreement to buy the site of Pusateri’s flagship store and head office on Avenue Road north of Lawrence Ave. West. That store is now closed because of a fire about a year ago but the owners have promised that it will re-open this year better than ever. It appears that First Capital — a REIT specializing in retail activity — has a deal to buy the Pusateri site and a number of other properties on the same corner for approximately $63.2 million. In addition to the Pusateri’s property, the deal involves the neighbouring car wash to the south, and a nearby commercial retail building, small office building and 15-unit apartment. The news came as First Capital announced its Q2 results. Thus it seems to those who know the industry that a retail plaza style project will now proceed at this location with Pusateri’s serving as the anchor.
NORDSTROM RACK AT BLOOR AND YONGE
First Capital also announced the purchase 85,000 square feet of new retail space and 52 commercial parking stalls at the southeast corner of Yonge Street and Bloor Street in Toronto for $189.2 million in cash. It says that Nordstrom will locate a 39,000 square foot location of The Rack, its off price store, in this space.
