- What Carlingwood Shopping Centre in Ottawa sold for $73.5m
- Why Streamliner Properties and Anthem Properties acquired the mall from OPB Realty
- What next The purchasers are eyeing residential redevelopment potential
The Carlingwood Shopping Centre in Ottawa has changed hands for $73.5m.
Streamliner Properties, a subsidiary of Minett Capital, and Anthem Properties picked up the 633,000 sq ft mall, at 2121 Carling Avenue. The deal closed on May 30.
The seller was OPB Realty, a subsidiary of the Ontario Pension Board, which acquired the property in 2000. In 2004, the firm spent $22m renovating Carlingwood and four other shopping centres in its portfolio. Carlingwood was listed for sale last year.
Streamliner and Anthem obtained a $44.1m loan from GMI Servicing, a subsidiary of TD Asset Management, to fund the purchase.
The mall, just off Richmond Road, is anchored by a number of large tenants including Canadian Tire, Dollarama and Loblaws.
In a release, the buyers highlighted the redevelopment potential of the site, noting that, given its immediate access to major roadways and a future LRT station, “it offers a prime location for much-needed incremental residential density.”
“Our aim is to create prime urban communities where people live, work and play,” said Alan Greenberg, CEO of Streamliner Properties and Minett Capital. “Superior design, close proximity to services and a commitment to green living will enhance the experience for multiple generations.”
Carlingwood is one of a handful of Ontario malls to trade this year. In January, Vaughan Mills and Pickering Town Centre sold for $470.2m and $203m, respectively. In March, Georgetown Market Place traded for $64.5m.