- What Cadillac Fairview is looking to offload Promenades St-Bruno
- Why The 1m sq ft mall is the only enclosed super-regional mall on Montréal’s South Shore
- What next TD Cornerstone Commercial Realty and RBC Capital Markets Real Estate have the assignment
Cadillac Fairview is mulling the sale of the sprawling Promenades St-Bruno, and a trade could be the second-largest such sale in the province, Green Street News can reveal.
Guidance for the Québec mall is approximately $450m. TD Cornerstone Commercial Realty and RBC Capital Markets Real Estate have the assignment.
At 1 Boulevard des Promenades Boulevard in Saint-Bruno-de-Montarville, the mall is the largest in the Montérégie region and the only enclosed super-regional mall on Montréal’s South Shore.
Only one single-property mall has sold for more than the guiding valuation, according to Green Street’s Sales Comps Database. Carrefour Laval sold in August 2024 – to Cadillac Fairview – for $553.2m. Just one other mall nationally has traded for more than $400m. That was LaSalle Investment Management’s $470.2m acquisition of Vaughan Mills in Vaughan, Ont., in 2023.
The 1m sq ft asset has nearly 200 stores. Anchor tenants include Simons, Winners and Avril Supermarché Santé. An anchor space previously tenanted by Hudson’s Bay is vacant. Retailers achieve sales of $832/sq ft, and food court sales are $2,845/sq ft.
Promenades St-Bruno was completed in 1978 and expanded in 1991. Cadillac Fairview has invested over $175m in property upgrades since 2015, including a renovation of all public areas, the creation of a new dining concept and the redevelopment of the former Sears store.
Near the Route 30 and Route 116 interchange, the mall is 800m from Saint-Bruno station, 2.4km from Boulevard Cousineau and 15km from downtown Montréal. More than 866,000 residents with an average household income of nearly $126,000 live in the surrounding area.
Cadillac Fairview is wholly owned by the Ontario Teachers’ Pension Plan and has $29bn in assets under management. Helmed by president and chief executive Salvatore Iacono, the company is headquartered in Toronto.
The firm has been on a shedding spree since last summer. In addition to the trade of Carrefour Laval, Cadillac also sold Fairview Park Mall in Kitchener, Ont., for $162m and got $172m in for Champlain Place in Dieppe, N.B. Both closed last fall. Earlier this week, the company also disposed of Lime Ridge Mall in Hamilton, Ont., for $416m.
