BREAKING: Medicine Hat Mall sold as part of major sale
COLLIN GALLANT
cgallant@medicinehatnews.com
Twitter: CollinGallant
A major shift in the Canadian retail landscape has led to a change of ownership at the Medicine Hat Mall.
Primaris Retail Income Trust, a major national property company, has purchased the mall and a number of nearby strip malls, as part of a $377 million deal with Sleeping Bay Building Corp. that includes properties throughout Western Canada.
Sleeping Bay is the parent company of T & T Properties, which manages the mall, Carry Plaza, Medicine Hat Park Plaza and other strip malls — a local portfolio that totals nearly 700,000 square feet of retail space.
Across Western Canada, Sleeping Bay owned four enclosed shopping malls, ten open plazas, four office buildings, along with vacant land holdings and a serviced industrial park near Edmonton.
Those properties are included in the deal announced Friday with Primaris, which is currently involved in brokering a second, much larger deal to takeover H&R REIT and its $10 billion portfolio of properties throughout Canada.
Primaris, owns 33 properties across Canada accounting for 13.7 million square feet, including Sunridge Mall in Calgary and Park Place Shopping Centre, a large indoor/outdoor mall in downtown Lethbridge.
CEOs and analysts of real estate income trusts see consumers heading back indoors in favour of stand alone developments.
The reason, they say, is U.S. based Target’s large-scale move into Canada and their purchase of lease space formerly held by Zellers in established indoor malls.
In Medicine Hat, Target is in the process of adding about 20,000 square feet to the 80,000-square-foot unit it acquired in from Zellers.
The completion date is slated for March or April.
In December, Sears Canada sold its 40 per cent ownership stake in the mall back to T&T for a price of $43 million.
Other local properties involved in Friday’s sale include about 120,000 square feet of lease space along Dunmore Road.
This includes Carry and Dunmore Plazas on the east side, and Medicine Hat Park Plaza, including the former Rona/Revelstoke lumber outlet, on the west side.
Within the mall parking lot, the company leases the buildings that house Scotia Bank and Future Shop, another 45,000 square feet of current or planned retail space.
cgallant@medicinehatnews.com
Twitter: CollinGallant
News File Photo -- The Medicine Hat Mall, seen here in November 2012, has been purchased by Primaris Retail INcome Trust as part of a $377 million deal that includes shopping centres throughout western Canada.
A major shift in the Canadian retail landscape has led to a change of ownership at the Medicine Hat Mall.
Primaris Retail Income Trust, a major national property company, has purchased the mall and a number of nearby strip malls, as part of a $377 million deal with Sleeping Bay Building Corp. that includes properties throughout Western Canada.
Sleeping Bay is the parent company of T & T Properties, which manages the mall, Carry Plaza, Medicine Hat Park Plaza and other strip malls — a local portfolio that totals nearly 700,000 square feet of retail space.
Across Western Canada, Sleeping Bay owned four enclosed shopping malls, ten open plazas, four office buildings, along with vacant land holdings and a serviced industrial park near Edmonton.
Those properties are included in the deal announced Friday with Primaris, which is currently involved in brokering a second, much larger deal to takeover H&R REIT and its $10 billion portfolio of properties throughout Canada.
Primaris, owns 33 properties across Canada accounting for 13.7 million square feet, including Sunridge Mall in Calgary and Park Place Shopping Centre, a large indoor/outdoor mall in downtown Lethbridge.
CEOs and analysts of real estate income trusts see consumers heading back indoors in favour of stand alone developments.
The reason, they say, is U.S. based Target’s large-scale move into Canada and their purchase of lease space formerly held by Zellers in established indoor malls.
In Medicine Hat, Target is in the process of adding about 20,000 square feet to the 80,000-square-foot unit it acquired in from Zellers.
The completion date is slated for March or April.
In December, Sears Canada sold its 40 per cent ownership stake in the mall back to T&T for a price of $43 million.
Other local properties involved in Friday’s sale include about 120,000 square feet of lease space along Dunmore Road.
This includes Carry and Dunmore Plazas on the east side, and Medicine Hat Park Plaza, including the former Rona/Revelstoke lumber outlet, on the west side.
Within the mall parking lot, the company leases the buildings that house Scotia Bank and Future Shop, another 45,000 square feet of current or planned retail space.
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