- What Leyad has acquired South Hill Place in Prince Albert, Sask.
- Why The property is 74% occupied
- What next The property is shadow-anchored by Safeway
Salthill Capital has disposed of a grocery-anchored shopping centre in Saskatchewan for $19m, Green Street News can reveal.
Leyad acquired the 188,000 sq ft South Hill Place, at 2995 Second Avenue West in Prince Albert, Sask., in a deal that closed this month. The property is 74% occupied. Major tenants include Winners, GoodLife Fitness, Shoppers Drug Mart and Galaxy Cinema. Safeway is a shadow anchor.
The deal was announced on Tuesday without a price.
The mall, completed in 1972, is on 1.5 acres. The property also includes four freestanding buildings, three of which are occupied by Montana’s BBQ & Bar, Wendy’s and the Lake County Co-op.
The property has 1,445 parking spaces, and quarterly foot traffic totals nearly 528,000 shoppers. Over 46,000 residents with a median age of 49 and a household income of $104,000 live within 10 km of the property.
South Hill Place is surrounded by residential neighbourhoods and offers exposure on Second Avenue West, Prince Albert’s main north-south thoroughfare and the longest highway in Saskatchewan.
Known as the “Gateway to the North,” Prince Albert is the third-largest city in Saskatchewan. It’s 130 km north of Saskatoon and 310 km north of Regina.
Investors increasingly are eyeing grocery-anchored retail properties, and the asset class is predicted to have a strong performance in 2025. A lack of building over the last decade and a half will further aid valuations.
In the last two months, Crombie REIT sold a Sobeys-anchored asset in Amherst, N.S., Jadco Real Estate bought a Laval, Qué., mall anchored by an IGA Extra for $126m, and Loca Properties offloaded a North Bay asset leased to Your Independent Grocer, a chain owned by Loblaw Cos., for $16.3m.
As well, a Super C-anchored strip mall in Montréal is on the block for $21m, and a Co-Op-anchored retail plaza in Calgary is being marketed for $56m.
Salthill specializes in asset management, property management, development and master planning. Cathal O’Connor is principal and chief executive of the Toronto-based firm.
Leyad is a real estate investment and development firm headquartered in Montréal. Henry Zavriyev is president and chief executive. The company’s retail portfolio in Prince Albert also includes the Cornerstone Prince Albert Shopping Centre.
