Garden City mall owners ink deal to pay $8M for Sears store
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Hey there, time traveller!
This article was published 05/10/2017 (2956 days ago), so information in it may no longer be current.
The owners of the Garden City Shopping Centre — RioCan REIT and Bayfield Realty Advisors — have entered into an agreement to purchase the Sears store that’s attached to the Leila Avenue mall for $8 million.
Toronto-based RioCan said in a written statement released on Thursday that the acquisition of the 92,000-square-foot building from Sears Canada was approved on Wednesday by the Ontario court overseeing the embattled retailer’s restructuring proceedings.
The statement did not say what Bayfield, which has a 70 per cent stake in the Garden City mall, and RioCan, which has a 30 per cent stake, plan to do with the building. One option would be to try to find another large tenant to rent the space. Another would be to subdivide it into smaller spaces.
Sears announced in June that it would be closing 59 of its 127 retail outlets in Canada within the next three months, including the Garden City store. It said also it would be seeking a buyer for the property, which is attached to the west end of the shopping centre.
RioCan and Bayfield were one of at least two firms who made a bid for the building. A RioCan official said in an interview earlier this week that he wasn’t sure how soon the partners would be deciding what to do with the property.
RioCan also announced earlier this week it intends to sell about 100 of its 299 properties over the next two to three years. The targeted properties are located primarily in secondary markets in Canada, and the reason the company is selling them is because it wants to focus its investments on properties in Canada’s six largest markets — Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal.
RioCan also owns the Kildonan Crossing Shopping Centre at 1615 Regent Ave. The RioCan official said the company hasn’t decided if it will be keeping the two Winnipeg properties, or selling them.
murray.mcneill@freepress.mb.ca