- What LaSalle Investment Management sold The Market at Quarry Park
- Why Salthill Capital acquired the grocery-anchored shopping centre
- What next The property is fully tenanted with many national brands
LaSalle Investment Management has offloaded a grocery-anchored shopping centre in Calgary for $52.5m, Green Street News can reveal.
Salthill Capital acquired The Market at Quarry Park at a 6.9% capitalization rate. JLL had the assignment.
The 91,000 sq ft property is fully occupied, with national tenants occupying approximately 72% of the gross leasable area. It’s anchored by Calgary Co-op. Other tenants include Dollarama, Mary Brown’s Chicken, Starbucks and TD.
At 163 Quarry Park Boulevard SE, it’s within 2 km of Deerfoot Trail, Barlow Trail and Glenmore Trail.
The shopping centre is in the master-planned Quarry Park community. More than 97,000 people with an average household income of $134,000 live within 5 km. Annual foot traffic in the area totals 651,000.
The acquisition is the second for Salthill this year, after the firm acquired Vaughan Square for $45.5m. In late 2024, the company sold Carrefour Monseigneur-Langlois near Montréal for $33.6m, Sunfish Shopping Centre in Kitchener, Ont., for $36.4m and Saskatchewan’s South Hill Place for $19m.
In November, LaSalle put a Class-A office building in Markham in play for $55m and a mixed-use Mississauga property on the block for $10.3m.
LaSalle is an independent subsidiary of JLL. Mark Gabbay is the global chief executive of the Chicago-based investment management firm.
Salthill Capital is a private real estate company with $2.7bn in assets under management. Headquartered in Toronto, Cathal O’Connor is principal and chief executive.
