UPDATE February 18th, 2016: Cam Lewis of RBC Capital Markets has confirmed to BuzzBuzzHome News that RBC is the brokerage handling the property’s sale. He said there is no list price, “we don’t comment on anything we take to market.”
Original story: Cadillac Fairview, one of North America’s biggest commercial property owners, has put the 879,000-square-foot Promenade shopping centre just north of Toronto up for sale.
In a memo to the mall’s clients dated February 16th, Ilene Klein, Promenade’s general manager, issued the announcement.
“As you may be aware, Cadillac Fairview have been considering the possible sale of CF Promenade. At this time we can confirm we have taken CF Promenade to the market effective today,” the memo reads.
“The decision is based on the possible future opportunities for the centre which we believe is [sic] considerable,” the document continues.
In 2009, the mall — nestled on Bathurst Street between Clark Avenue West and Centre Street — was given a $45-million facelift. It currently boasts 704,372 square feet of leasable commercial space, 334,246 square feet of which is designated for retail units, according to Cadillac Fairview’s profile of the holding.
Promenade counts among its largest tenants Sears, T & T Supermarket and Old Navy, and it is also home to Rainbow Cinemas, a 24,246-square-foot movie theatre, and offices as well.
It has attracted a number of high-end retailers, including Coach, Aritzia, and Lululemon Athletica, catering to the well heeled residents of surrounding Thornhill, Richmond Hill, Woodbridge and Maple.
“Its trade area continues to rank as one of the fastest growing population regions in Canada, with an average household income that exceeds the Canadian average by close to 25 per cent,” according to an undated page about the mall on Cadillac Fairview’s official website.
While the property is up for sale, it will be business as usual for tenants and management, according to the memo.
Though Promenade’s future is uncertain, residential builders have been making strides to redevelop nearby properties in the predominantly low-rise area in recent years.
In 2013, Liberty Development Corporation’s 31-storey World on Yonge condos at 7299 Yonge Street, minutes from Clark Avenue West, was completed on the former site of a strip mall.
The developer has since shifted attention to a site on the northeast corner of Bathurst and Centre streets that overlooks Promenade. There, work on the 26-storey Legacy Park Condos is underway, with construction expected to wrap up this year.
Meanwhile, in 2014 Minto completed Minto WaterGarden, a 212-unit mid-rise development on Yonge Street, minutes north of where World on Yonge now stands.
“The Promenade enjoys a bright future as a premier shopping destination in north Toronto,” reads the undated page.
Someone might need to update that soon.
