If Target keeps to it’s proposed schedule of being out of Canada completely by early May, there is no shortage of companies interested in moving in.
“Canadian Tire, Costco, Walmart, Home Depot and Metro grocery stores have all expressed an interest in some of our Target locations,” said David B. Henry, vice chairman and CEO of Kimco Realty Corp. Regardless of Target’s lack of success in Canada, property values and prices remain at historic high levels here, thanks to strong demand from pension funds and other institutional investors, he says. Kimco reported strong leasing momentum across its portfolio in the fourth quarter, with leasing spreads of 9.4 percent.
Meanwhile, Canadian landlord RioCan has 26 locations currently leased by Target, representing 1.9 percent of its total annualized rental revenue, at an average lease rate of . (hotelfauchere.com) 62 per square foot and an average remaining lease term of approximately 12.7 years. Target U.S. is also guaranteeing these leases for their remaining terms.
http://www.icsc.org/sct/newswire/canadian-landlords-find-new-users-for-target-stores
