- What Westcliff Group purchased Champlain Place, in New Brunswick, for $172m
- Why Cadillac Fairview offloaded the mall from its portfolio
- What next Champlain Place is in one of the fastest-growing metropolitan areas of Canada
Cadillac Fairview has sold Champlain Place, a shopping mall in Dieppe, N.B., for $172m, Green Street News can reveal.
The buyer, Westcliff Group, announced the acquisition earlier this month, but no financial details were provided. The transaction was handled jointly by RBC Capital Markets and CBRE. The sale price translates to a capitalization rate in the mid- to high-9% area.
Champlain Place is the largest regional shopping centre in the province, spanning over 784,000 sq ft with more than 150 stores. Anchor tenants include Cineplex, Sobeys and Walmart. Other notable retailers at the mall incude Bass Pro Shops, H&M, Lululemon and L.L.Bean.
Occupancy is 96.5%, with a weighted average lease term of 5.3 years.
Initial talks between Westcliff and Cadillac Fairview began in the spring of last year, with the deal officially closing on Oct. 30.
“Champlain Place perfectly aligns with Westcliff’s strategy, marking our commitment to high-caliber assets in key growth markets,” Nicolas D’Aoust, vice president of Westcliff and head of leasing, said in the announcement.
“With impressive sales nearing $800 per square foot and an outstanding roster of renowned tenants, this property embodies the quality and dynamism we seek to bring into our portfolio.”
Westcliff is a Montréal-based real estate developer and manager. The company operates in the U.S. and Canada and has developed several large shopping malls, particularly in Québec and Atlantic Canada.
The Champlain Place sale is not the only recent portfolio change for Cadillac Fairview. Last month, the company sold a 26-storey office building in Calgary for $16.9m and bought out partner TD Asset Management’s 50% stake in CF Carrefour Laval in the Montréal region for $553.2m.
