- What Westmount Shopping Centre is on the block for $40m
- Why KingSett Capital and Corpfin Capital acquired the mall for $31.5m in 2018
- What next TD Cornerstone Commercial Realty and CBRE London have the assignment
A grocery-anchored shopping centre in southwestern Ontario is on the block for approximately $40m, Green Street News can reveal.
TD Cornerstone Commercial Realty and CBRE London have the assignment for Westmount Shopping Centre, in London, on behalf of KingSett Capital and Corpfin Capital.
The co-owners paid $31.5m when they purchased the property from Bentall Kennedy in 2018. It’s free and clear of financing and managed by McCor.
“To date, we’re encouraged by the strong interest shown by a diverse pool of prospective buyers. We look forward to additional interest and executing an effective marketing campaign on behalf our client,” Elliot Medoff, director of real estate brokerage at TD Securities, told Green Street News.
Westmount Shopping Centre, at 785 Wonderland Road South, spans 511,000 sq ft. It was completed in 1971 and renovated in 1989. There are 3,200 parking stalls.
Accounting for committed occupancy, it’s 92.5% leased. That figure excludes 74,000 sq ft of structured vacancy in the former Sears space.
Anchor tenants include Cineplex, Davis Martindale, Dollarama, Superking Supermarket and Urban Planet. The weighted average lease term is 5.8 years. In-place gross rent is $22.25/sq ft.
Westmount Shopping Centre is on 28 acres near the intersection of Wonderland Road South and Viscount Road. Highways 401 and 402 are within 7km, and four London Transit Commission bus lines serve the site. Approximately 166,000 residents with an average income of $111,000 live within 5km.
A purchaser has the potential to redevelop the mall, as in-place zoning permits residential developments. Further, a settlement has been finalized with the City of London to permit 1,400 residential units at the site.
According to Green Street’s Sales Comps Database, the last major transaction of a London retail asset was in 2023, when Westdell Development acquired White Oaks Mall from BGO for $141m. That purchase price previously was unreported.
Corpfin Capital is a vertically integrated commercial real estate investment and development firm. Gord Wiebe is principal and chief executive of the Toronto-based company.
KingSett Capital is a private equity real estate investment firm headquartered in Toronto. Jon Love is executive chair and founder.
