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The company said that the property was sold for the equivalent of development costs and yielded no significant gain.
This two-story Ottawa site features a unique, customized urban format Canadian Tire store as well as ancillary ground-level retail, according to the company.
Tom Gauld, president and CEO of Canadian Tire, said: "The Carling transaction makes it economically feasible for us to open a store in a highly attractive urban location enabling us to better serve our customers living in this high density area and demonstrates our ability to create financial flexibility through our real estate portfolio."
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