Nova Scotia-based Crombie REIT is doubling down on its long-term vision, recently closing a $12.7M acquisition of the Safeway in South Surrey’s Ocean Park Shopping Centre. While the 30,000-sq.-ft. property is currently categorized as an income-producing asset rather than a redevelopment site, the move highlights a broader trend: major REITs are aggressively consolidating their portfolios around transit-oriented grocery anchors.
For GTA investors watching these patterns, the implications are clear. Crombie’s Q2 2026 report reveals a massive pipeline of 25 major development projects, with 12 specifically targeting British Columbia’s densifying urban centres. From mixed-use towers at transit hubs to residential expansions, the strategy focuses on unlocking latent land value. While this specific acquisition remains a retail play for now, it mirrors the high-stakes land-banking we are witnessing across the GTA. To see how these national strategies might influence local development trends, read the full report at Storeys.com.
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