Leyad previously purchased Cornerstone Shopping Centre in June
Montreal-based real estate and development firm Leyad has added to their Prince Albert holdings by purchasing the South Hill Mall.
In June, Leyad purchased the Cornerstone Shopping Centre in PA for $94 million. On Tuesday, the company announced another addition to their Prince Albert portfolio with the purchase of South Hill Mall for an undisclosed sum.
“With the acquisition of South Hill Mall, Leyad continues to fulfill its commitment to fostering vibrant and convenient shopping experiences for the communities we serve,” Leyad CEO Henry Zavriyev said in a press release. “This strategic investment strengthens our retail presence in Prince Albert and allows us to leverage synergies across our properties, driving greater efficiencies in management and operations.”
The South Hill Mall was formerly owned by Salthill Capital, a real estate investment and management firm that also owns Market Mall in Saskatoon, Southland Mall in Regina, and Wheatland Mall in Swift Current.
The South Hill Place website currently lists 23 occupants on the property. That list includes the Lake Country Co-op liquor store, and Wendy’s and Montana’s BBQ restaurants, all of which are in separate buildings.
In a press release, Zavriyev said the South Hill Mall is a well-established retail hub in the region. He said the purchase would solidify Leyad’s position as a major player in the local retail landscape.
Leyad has a long-term vision to develop a network of high-qualify retail spaces, Zavriyev added. He said they plan to streamline operations to enhance the customer experience, attract new businesses, and support local economic growth.
“Having a more robust footprint in Prince Albert allows us to optimize our resources and better serve the community,” Zavriyev said. “We look forward to working with current and future tenants to create a thriving retail ecosystem that benefits everyone.”
Leyad purchased the Cornerstone retail space in June from Choice Properties Reit. At the time, Zavriyev said Prince Albert was seeing a lot of growth, which helped convince him the area was a good place to invest.
“We love that (Prince Albert) has a diversified economy and is very representative of what a true Canadian city is (with) a very diverse population,” Zavriyev said in an interview with the Daily Herald in June.
“We’re making other investments in Western Canada, and Prince Albert just really fit the criteria with what we are looking for.”
Zavriyev added that he’s confident brick-and-mortar retail properties are still a good investment.
“I definitely don’t think it (physical retail) is dead,” he told the Herald. “I think it’s very much been resilient over the last seven to eight years. Every time doomsayers have been saying retail is going to die, it doesn’t. E-commerce has been around for a while. I think that everyone at this point is aware that you can order things on Amazon, and everyone is aware that you can go and order your mattress online and return it if you don’t like it, but they’re still going into stores.
“Our tenants are renewing across the country. They’re opining new locations, so we definitely feel it’s here to stay.”
–with files from Jason Kerr/Daily Herald
