Alliston Mills Plaza, whose tenants include Zehrs, Canadian Tire, and
the soon to close Zellers, is among 18 commercial real estate
properties included in a $1.2 billion sale to a KingSett Capital led
consortium that includes the Ontario Pension Board.
The Young Street property, which sits on 21 acres and includes over
230,000 sq. ft of retail space, is owned by Primaris, a real estate
investment trust that also owns 35 income-producing properties covering
more than 14.7 million sq ft across the country.
"The transaction is subject to regulatory approvals (including under
the Competition Act (Canada)), court approvals, required consents and
other customary closing conditions," according the details released
this morning. "Assuming the requisite approvals are received and other
conditions are met or waived, the transaction is expected to be
completed in early April."
Also included in this sale is Eglinton Square and Yonge Street
Properties in Toronto, Lambton Mall, Sarnia; Tecumseh Mall, Windsor,
and Heritage Place Shopping Centre in Owen Sound.
There are vacancies at Alliston Mills, soon to include the 93,000 sq.
ft Zellers outlet which was not part of the Target Store acquisition.
Kim Wingrove, New Tecumseth's Director of Economic Development, is
playing an active role in trying to find new tenants for the site.
"I spoke with the property management firm for the Alliston Mills
plaza," said Ms. Wingrove by email. "I wanted to establish an open line
of communication between us, to understand what the company was
focusing on in terms of next steps for the soon-to-be vacant space and
to offer any assistance from the Town that might be useful. I was told
that Primeris staff are in discussions with potential tenants and the
company is very optimistic, however, nothing was confirmed at the time
of our conversation."