- What McAllister Place in Saint John, N.B., is on the block and is expected to fetch about $75m
- Why Primaris REIT is adjusting its extensive retail portfolio
- What next JLL and TD Cornerstone Commercial Realty are jointly marketing the property
Primaris REIT is looking to offload the McAllister Place shopping centre in Saint John, N.B., for around $75m, Green Street News can reveal.
A sale at that price would be one of the largest transactions this year in Saint John. The 480,000 sq ft indoor mall has been on the market for two weeks. RENX last week reported on the listing without a price.
A bid date has not yet been set but will come sometime in July. JLL’s National Retail Investment Group and TD Cornerstone Commercial Realty have been engaged to handle the sale.
McAllister Place, built in the 1970s, is home to roughly 100 stores and is 98% occupied. Tenants include Dollarama, GoodLife Fitness, HomeSense, Party City and Toys R Us. The mall underwent a $12m renovation in 2009 and a 100,000 sq ft expansion in 2019.
The property, at 519 Westmorland Road, spans nearly 80 acres, dozens of which are undeveloped, presenting a possible development opportunity for a buyer. No rezoning or development applications have been filed or approved.
Primaris purchased McAllister Place in November 2012 along with Regent Mall in Fredericton for a total of $317.6m. At that time, Primaris obtained a $76m seven-year mortgage secured by McAllister Place with an interest rate of 3.68%.
Primaris is a Toronto-based, retail-focused REIT with holdings across several provinces, including Dufferin Mall in Toronto, Sunridge Mall in Calgary and Highstreet Shopping Centre in Abbotsford, B.C.
In November, Primaris acquired Halifax Shopping Centre and the Annex in Halifax for $370m — in line with its growth strategy centred around “market leading shopping centres.”
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