We are pleased to announce the acquisition of The Shops at Highland, a community-focused neighbourhood retail centre in Kitchener, Ontario. The $31 million acquisition was completed on August 17, 2026, on behalf of a Canadian institutional investor.
The acquisition adds a well-established retail property to our portfolio and aligns closely with our mid-market investment strategy. The property provides stable income today, along with opportunities for rental growth and long-term value creation through active, hands-on management.
Prominently located at the intersection of Highland Road West and Westmount Road, The Shops at Highland comprises approximately 111,000 square feet of gross leasable area on a 7.55-acre site.
The centre is approximately 97% leased and anchored by a prominent Canadian pharmacy retailer. Its diverse tenant mix includes national, regional and local businesses offering everyday goods, financial services, dining, healthcare, personal services and other community-focused amenities.
With more than 1,000 feet of frontage, convenient access and exposure to more than 47,000 vehicles each day, the property is well positioned within an established residential area approximately 10 minutes from downtown Kitchener.
At $31 million, The Shops at Highland reflects our focus on high-quality opportunities within Canada’s mid-market real estate segment.
The property offers a strong foundation of stable cash flow, supported by high occupancy, long-standing tenants and a resilient mix of necessity-based and service-oriented retail. Below-market rents also create meaningful opportunities for future income growth as leases renew and rental rates move toward market.
Our plan is to capture this rental upside through robust, proactive leasing, supported by a thoughtful strategy for beautification and customer experience upgrades. Targeted improvements to landscaping, signage, lighting, parking, and wayfinding will enhance the centre for tenants and visitors while strengthening its long-term leasing appeal.
The size and urban location of the site also provide longer-term flexibility for potential repositioning, intensification or additional development.
The Kitchener-Waterloo-Cambridge region benefits from a diverse economy supported by technology, education, manufacturing and healthcare, along with continued population and residential growth.
The Shops at Highland is surrounded by established neighbourhoods, apartment buildings, retirement residences, schools, recreation facilities and other community amenities. Strong road and transit connections make the centre easily accessible and reinforce its role as a convenient destination for residents throughout the surrounding area.
Together, these attributes support durable retail demand and strengthen the property’s long-term investment potential.
The Shops at Highland is more than a retail property. It is an established neighbourhood hub that provides convenient access to everyday goods, services, dining, healthcare and community resources.
We are excited to become part of the Kitchener community and look forward to working with the centre’s tenants, customers, neighbours and local partners. Through thoughtful improvements and hands-on management, our goal is to enhance the experience at The Shops at Highland while supporting its continued role in the community for years to come.
