- What Cadillac Fairview has sold Fairview Park in Kitchener, Ont., for $162m
- Why Westcliff Group closed on the mall after submitting a letter of intent in May
- What next Westcliff continues to have confidence in the retail sector
Westcliff Group has purchased Cadillac Fairview’s Fairview Park Mall in Kitchener, Ont., for $162m, Green Street News can reveal.
Westcliff announced the acquisition on Monday, but financial details were not provided at the time.
RBC Capital Markets brokered the deal, which closed on Nov. 29. Initial talks between Westcliff and Cadillac Fairview began about a year and a half ago but were put on pause. Westcliff then submitted a letter of intent in May of this year.
Fairview Park, at 2960 Kingsway Drive, spans 732,000 sq ft comprising 113 stores and services. Built in 1966, the shopping centre has annual retail sales of $734/sq ft. Major tenants include Aritzia, Sephora, The Bay, Walmart and Winners.
The sale included a retail property across the street, at 225 Fairway Road South, with a Cineplex, Chick-fil-A and Party City.
“Fairview Park exemplifies the qualities we prioritize in our portfolio: strong market presence, exceptional tenant offerings, and deep community roots,” Nicolas D’Aoust, vice president of Westcliff and head of leasing, said in a release.
“This acquisition reflects our confidence in the resilience of physical retail spaces, even in the digital age. By fostering environments that serve as gathering places and centers of commerce, we reaffirm our belief in the enduring value of human interaction and local engagement.”
The deal marks Westcliff’s second recent mall purchase from Cadillac Fairview. As Green Street News also revealed, in late October, Westcliff acquired Champlain Place in Dieppe, N.B., for $172m. The mall, near Moncton, is the largest regional shopping centre in the province, with more than 150 stores.
