- What Crombie REIT sold two shopping centres in Atlantic Canada
- Why Gray Group and Tier Too Properties partnered to purchase the properties
- What next Improvements are planned for the sites
Crombie REIT sold two shopping centres in Atlantic Canada earlier this month.
The properties, in Amherst, N.S., and Riverview, N.B., were purchased jointly by Charlottetown-based Gray Group and Bedford, N.S.-based Tier Too Properties. The deal, handled internally by Crombie, closed on Oct. 8.
The partners purchased Riverview Place, at 720 Cloverdale Road, for $3.6m. It comprises 152,000 sq ft and has Giant Tiger as an anchor tenant.
Gray Group and Tier Too purchased Amherst Centre, at 142 Albion Street, for an undisclosed amount. It is a 228,000-sq ft community mall anchored by a Sobeys grocery store. Other major tenants include Giant Tiger and Mark’s.
The Gray Group and Tier Too are planning improvements to the properties, and leasing opportunities are available at both malls. Talks have already begun with potential tenants, with sights set on bringing in a mix of local and national brands, dining options and entertainment providers.
“Our vision is to create properties where community members can shop, connect, and enjoy a diverse range of offerings,” said Doug Doucet, president and founder of Tier Too. “We believe these malls can serve as community hubs that cater to our evolving needs.”
This is not the first partnership for Gray Group and Tier Too. The two previously partnered on the development of the Granite Centre in Moncton, N.B., a 300,000-sq ft retail plaza that opened last year.
