The Gateway Mall in Prince Albert has new owners.
Alrifai Real Estate recently completed the transaction to purchase the longstanding Prince Albert institution. Alrifai Real Estate owner Lou Alrifai and company representatives were in Prince Albert the past two days meeting with tenants, mall employees and the City of Prince Albert.
Alrifai said that the Gateway Mall matches some of the what the holding company looks for in a property.
“We are always looking for underperforming assets: real estate with problems, operator is a problem, structure problems, vacancy problems,” he said. “It does suit what we look to buy. We went in an auction and we were able to successfully take it over.
I think it’s a landmark in the city and I can see a gameplan or an approach that (will) bring it back to life because I believe the mall is being neglected heavily.”
Gateway is roughly 324,000 square feet and considered the largest enclosed mall in northern Saskatchewan. Alrifai said they want to work with existing tenants to ensure they are “comfortably profitable” in their spaces while working on bringing in new potential tenants.
“(We want) to help them build what they need and give them some room as a runway to become profitable before they start committing any proper full rate of rent on it,” Alrifai said.
“We’re willing to go above and beyond to bring in the right players into that mall again.”
Alrifai said the malls current vacancy rate, which sits at almost 40 per cent, is a problem. The biggest vacancy is on the East side, where the mall’s major anchor tenant Sears used to operate.
That space alone accounts for 57,000 square feet of unused space, Alrifai said.
“We’re actively working and bringing the right player in here,” he said.
“It’s a nice box to put it to work that’s going to benefit the people that are around us and service the people around here.”
The new owners have spent the past two days meeting with tenants, staff and the City of Prince Albert Planning and Community Development department.
“We are actively trying to see what the city needs. What’s the city vision? How do they want to see that part of the city performing? Now we’re here to deliver,” Alrifai said.
Alrifai added that the Gateway Mall was attractive to him because of its status.
“It is a landmark for the city,” he said. “I see a clear opportunity. I see in it something that can be controlled, can be managed, can be brought back to life, and give the city what they deserve.”
Alrifai Real Estate has holdings in Bellville, Kingston, Niagara Falls and Toronto and is based in Toronto. The Gateway Mall is the company’s first investment in Western Canada and Saskatchewan.
“We’ve seen the opportunity, and we’re looking to expand and buy some more properties that can be converted or improved that suits our model,” he said.
He explained that after meeting with people he sees the opportunity the mall offer as massive.
“I think the problem that I heard there, they can be under control. There is nothing, the bones are good. I love the bone of that building. We’re not talking about any structure issue here at all, nowhere. It needs some more love…. It needs some operator’s hands on and we’re willing to give it a time. We want to improve the appearance so we will make some noticeable appearance that everyone will see. I will do some internals.”
Alrifai said the company is not in the business of flipping properties.
“We want to make sure that we invest more into that city. By entering with the right trade and the right property,” he said.
The Gateway Mall went to Public Auction in June with a starting bid of $990,000, a price far below its previous listing price of $5.8 million. The auction comes less than a year after the mall’s owners challenged a dramatic increase in the property’s assessment and tax bill, arguing the valuation did not reflect market realities.
Alrifai said that they will be working with the existing nonprofits in the Mall like the Prince Albert Science Centre and the Prince Albert Early Years Family Resource Centre because the company considers them a positive.
Alrifai said that they are capitalizing in the community and the ethics of the people that work here. He explained that the three pillars available at the mall are a solid structure, a will to improve and the goodwill and work by the community.
He said that they know that Prince Albert lacks a lot of vendors but the company has the right support through their Toronto corporate offices and can bring in tenants and vendors because of that access.
“We’re extending our arm of cooperation to all the (organizations) around us to come and invest in this place because there’s a lot of potential and we can see it,” he said,
Alrifai said that they are wanting to be a part of Prince Albert and they want others to extend the welcome to Prince Albert.
“We are proud to be part of Prince Albert,” he said.
michael.oleksyn@paherald.sk.ca
The Gateway Mall in Prince Albert has new owners.
Alrifai Real Estate recently completed the transaction to purchase the longstanding Prince Albert institution. Alrifai Real Estate owner Lou Alrifai and company representatives were in Prince Albert the past two days meeting with tenants, mall employees and the City of Prince Albert.
Alrifai said that the Gateway Mall matches some of the what the holding company looks for in a property.
“We are always looking for underperforming assets: real estate with problems, operator is a problem, structure problems, vacancy problems,” he said. “It does suit what we look to buy. We went in an auction and we were able to successfully take it over.
I think it’s a landmark in the city and I can see a gameplan or an approach that (will) bring it back to life because I believe the mall is being neglected heavily.”
Gateway is roughly 324,000 square feet and considered the largest enclosed mall in northern Saskatchewan. Alrifai said they want to work with existing tenants to ensure they are “comfortably profitable” in their spaces while working on bringing in new potential tenants.
“(We want) to help them build what they need and give them some room as a runway to become profitable before they start committing any proper full rate of rent on it,” Alrifai said.
“We’re willing to go above and beyond to bring in the right players into that mall again.”
Alrifai said the malls current vacancy rate, which sits at almost 40 per cent, is a problem. The biggest vacancy is on the East side, where the mall’s major anchor tenant Sears used to operate.
That space alone accounts for 57,000 square feet of unused space, Alrifai said.
“We’re actively working and bringing the right player in here,” he said.
“It’s a nice box to put it to work that’s going to benefit the people that are around us and service the people around here.”
The new owners have spent the past two days meeting with tenants, staff and the City of Prince Albert Planning and Community Development department.
“We are actively trying to see what the city needs. What’s the city vision? How do they want to see that part of the city performing? Now we’re here to deliver,” Alrifai said.
Alrifai added that the Gateway Mall was attractive to him because of its status.
“It is a landmark for the city,” he said. “I see a clear opportunity. I see in it something that can be controlled, can be managed, can be brought back to life, and give the city what they deserve.”
Alrifai Real Estate has holdings in Bellville, Kingston, Niagara Falls and Toronto and is based in Toronto. The Gateway Mall is the company’s first investment in Western Canada and Saskatchewan.
“We’ve seen the opportunity, and we’re looking to expand and buy some more properties that can be converted or improved that suits our model,” he said.
He explained that after meeting with people he sees the opportunity the mall offer as massive.
“I think the problem that I heard there, they can be under control. There is nothing, the bones are good. I love the bone of that building. We’re not talking about any structure issue here at all, nowhere. It needs some more love…. It needs some operator’s hands on and we’re willing to give it a time. We want to improve the appearance so we will make some noticeable appearance that everyone will see. I will do some internals.”
Alrifai said the company is not in the business of flipping properties.
“We want to make sure that we invest more into that city. By entering with the right trade and the right property,” he said.
The Gateway Mall went to Public Auction in June with a starting bid of $990,000, a price far below its previous listing price of $5.8 million. The auction comes less than a year after the mall’s owners challenged a dramatic increase in the property’s assessment and tax bill, arguing the valuation did not reflect market realities.
Alrifai said that they will be working with the existing nonprofits in the Mall like the Prince Albert Science Centre and the Prince Albert Early Years Family Resource Centre because the company considers them a positive.
Alrifai said that they are capitalizing in the community and the ethics of the people that work here. He explained that the three pillars available at the mall are a solid structure, a will to improve and the goodwill and work by the community.
He said that they know that Prince Albert lacks a lot of vendors but the company has the right support through their Toronto corporate offices and can bring in tenants and vendors because of that access.
“We’re extending our arm of cooperation to all the (organizations) around us to come and invest in this place because there’s a lot of potential and we can see it,” he said,
Alrifai said that they are wanting to be a part of Prince Albert and they want others to extend the welcome to Prince Albert.
“We are proud to be part of Prince Albert,” he said.
michael.oleksyn@paherald.sk.ca
