Primaris Puts 32-Acre Calgary Mall On The Market
Just listed for sale by TD Cornerstone and RBC Capital Markets
Northland Village Mall, located at 5111 Northland Drive in northwest Calgary, is up for sale. With longtime anchor tenants of the mall include Walmart, Winners, and Best Buy, with other notable tenants including Dollarama, GoodLife Fitness, and Lenscrafters.
Toronto-based Primaris REIT (TSX: PMZ.UN) has officially put the Northland Village open-air shopping centre in Calgary on the market, fresh off of a years-long undertaking to reimagine the mall.
The mall originally opened in 1971 as an enclosed one-level indoor shopping centre and was expanded and renovated several times in the early-aughts. In 2021, Primaris REIT unveiled a plan to redevelop the enclosed mall into an open-air shopping centre.
“In the summer of 2022, the interior portion of Northland was demolished, Walmart completed a renovation to their store, and Primaris commenced construction of a fully pre-leased outparcel building,” said Primaris.
The listing is described Northland Village as a “dominant” shopping centre and the offering as “an exceptionally rare opportunity to acquire a high-quality, recently redeveloped, open-air shopping centre with secure, long-term cash flow and future development potential.”
Full Read: