Champlain Place, N.B.'s largest mall, sold to Montreal-based property company
General manager says it will be business as usual for the next while
New Brunswick's largest mall, Champlain Place in Dieppe, has been sold but there will be very few obvious changes, said general manager Brian MacMullen.
"At Champlain Place, it's going to be business as usual. There should be no noticeable change to our customers or retailers. It's really just a change of ownership and that's it."
Montreal-based Westcliff Group bought the 784,372-square-foot mall, saying it "perfectly aligns with Westcliff's strategy," according to the company's vice-president and head of leasing, Nicolas D'Aoust, in a statement on its website.
MacMullin said the mall's current formula is working so there's no need to make any immediate changes — beyond the name, which will become Place Champlain Place to reflect the "bilingual nature of our customer base," said MacMullin.
It's unclear whether the shopping mall was even on the market before the sale. MacMullen referred the question to his new employer, Westcliff Group, which referred the question to the seller, Cadillac Fairview, but the company has not responded to a CBC request.
Champlain
Place is home to retailers that include Walmart, Bass Pro Shops,
Cineplex, Sport Chek, H&M, LL Bean, Lululemon, TD Canada Trust and
Sobeys. (CBC)
Meanwhile, two Saint John malls that have been on the market for months have not sold.
McAllister Place was listed for sale in June, while Brunswick Square has been on the market since early April.
Graham Procter, senior vice-president of asset management with Primaris REIT, which owns McAllister Place, said "the property is still for sale, but nothing has materialized."
An official with Slate Asset Management, which owns Brunswick Square, said there was "nothing to share on this right now."
Bill MacAvoy, managing director of Cushman & Wakefield Atlantic, the contracted leasing agent for Brunswick Square, said having three malls for sale in a small province like New Brunswick is more of a coincidence than a sign of trouble for malls in the future. In fact, he said, it's the opposite.
"Malls absolutely have a future," said MacAvoy.
Brunswick Square, in uptown Saint John, has been on the market since early April. (Google Streetview)
The fact that buyers "are coming forward and stepping up and acquiring them, at numbers that the sellers are willing to dispose of them for, is really a good news story for the health and the future of retail."
MacAvoy said that in the sale of Champlain Place, along with three malls that have sold in the Halifax area in the last two years, "the offers that have been coming in have met, or in many cases exceeded, the vendor's expectations."
'Business as usual'
Jim Cormier, the Atlantic region director of the Retail Council of Canada, doesn't expect many changes for the retailers of Champlain Place.
Cormier said "there's always some trepidation whenever there's a sale of a mall."
He said his members would consider it "business as usual until they find out that it's not.
"So chances are with any sale, you're still going to be able to do your business with the new owners, just as you were with the former owners."
McAllister Place, Saint John's largest mall, was put up for sale by Primaris REIT in June. (Graham Thomspson/CBC)
Cormier said malls have been changing in recent years in an effort to attract new customers and convince online shoppers to head to the mall.
"So one of the ways that we're seeing across Canada and in the U.S. of malls trying to attract people back is by offering more experiences within them. All the days of it just being a transactional place where you can shop indoors and hit multiple retail establishments — it's more than that."
He said some malls have attracted large restaurants, added "comfier seating areas where they want you to linger and they want you to stay," and even added cinemas — something that malls had moved away from, although they were common decades ago.
MacMullen said Champlain Place has been full in terms of retail tenants for many years.
"The last few years have been very positive. We're mainly fully leased. We've seen great growth in our sales productivity, foot traffic is strong. Yeah, so things are going very well here," he said.
ABOUT THE AUTHOR
Changing the name was kinda obvious
Was someone upset with the old name?
David Amos
Reply to ralph jacobs
SANB
ralph jacobs
How many businesses will pull out because rents have doubled or risen greatly?
Reply to ralph jacobs
Have they?
Ronald Miller
They should be putting liquor stores in those malls.
Reply to Ronald Miller
Another clever post my shadow, tell us more.
Reply to Ronald Miller
They do
Do they plan to turn it in to a homeless shelter and drug rehabilitation clinic?
David Amos
Reply to james bolt
Why ask such a question?
Don't be surprised if lease rates rise for tenants.
Reply to Hugh MacDonald
Not unless their lease is coming up for renewal.
Reply to Dennis Woodman
If the new owners want to bad enough, they'll find a way. Especially with the smaller stores.
Reply to Dennis Woodman
I agree However I was done in years ago by a new owner and the former owner was my brother in law's law firm partner
Tim Apple
David Amos
Reply to Tim Apple
When was the picture of the mall taken? I don't think Sears still has brick and mortar stores. Are they back in business?
https://www.cbc.ca/news/canada/new-brunswick/sears-retailer-closes-new-brunswick-1.4478485
David Amos
Reply to Julia LeBeau
Does it matter?
Be in this place place.
David Amos
Reply to Jimmy Cochrane
I'm not coming
It appears those obsessed with Higgs are still having a hard time getting past it. How about this, no matter what goes wrong over the next 4 years let's just all keep blaming Higgs.
David Amos
Reply to Ronald Miller
Why not?
Reply to Ronald Miller
Great idea.
Content Deactivated
Reply to Ronald Miller
The ONLY poster to bring politics into the discussion is YOU Ronald - but then you take offence if someone disagrees with your partisan politics
Reply to Eddy Geek
I wonder how long it will take for Holt to raise the property taxes?
Reply to Ronald Miller
My shadow is busy today.
Reply to Ronald Miller
Reply to Eddy Geek
Content Deactivated
Reply to Ronald Miller
The Riverview Mall has recently been sold. I was hoping they would flatten it and create housing but the buyer is flogging retail space in that old dinosaur.
SW Home
Reply to pete prosser
yea, cause that's what needs to go there. More unaffordable housing designed to make developers rich.
Reply to pete prosser
Last thing that part of Riverview needs is more apartment buildings. Focusing on retail is a good idea. Well, in Riverview, retail may not popular with some folks there but they do pay taxes and taxes help pay for all the structures that will be dedicated to Bruce Fitch in the future..lol...
Reply to pete prosser
I am fond of old dinosaurs
These real estate companies are jumping ship since the Holt/Trudeau government came to New Brunswick.
Reply to Ronald Miller
How do you figure? April and June are before the election and this sale likely was in the works while Higgs was still Premier. Are you still that hurt from losing?
Reply to Ronald Miller
poor Ronnie
Reply to Ronald Miller
For years Higgs invited these real estate companies to the province, they bought rental and raised the prices of rent. Evicting a growing number of NBers who can't afford their prices. You think it was good seeing homelessness growing.
Reply to Ronald Miller
Hey look, my shadow has returned, hello shadow. Another proud moment for your parents.
Reply to Rosco holt
How exactly did he invite them, mail, email, text, do tell. NB still has among the cheapest rents in the country, and homelessness is a country wide issue, wake up.
Reply to Daniel Franklin
Hey, do we still blame the provincial gov't for carbon taxes or does that change now with a Liberal gov't, just want to get it straight going forward.
Who knows what evil lurks in the hearts of men if not your shadow?
Reply to Ronald Miller
Don't blame, vote!
Reply to Daniel Franklin
So I will take that as a yes.
Reply to Ronald Miller
You take it however your reading comprehension will allow.
Reply to Daniel Franklin
Bingo
Ronald Miller
Reply to Daniel Franklin
Reply to Ronald Miller
"I know you are but what am I" is a really good comeback and very mature.
Reply to Ronald Miller
Rent may be cheap for those making salaries of Ontario or western provinces but NB has the (near ) lowest wages in the country that is the issue. Homeless is a country wide problem but what did Higgs do about it? Nothing...
When a man died freezing, his campaign manager a guy named Outhouse brush the man's death a statistic.
Reply to Rosco holt
This is a good real estate deal, there’s lots of excess parking spaces that can be converted to high rise housing.
David Amos
Reply to Randy Dumont
Surely you jest
Haven't been there since the "powers that spend" decided the food signs needed more French
Circa 15 years ago
David Amos
Reply to Toby Tolly
Me too
Reply to Toby Tolly
Same here.
Place Champlain Place?
Only in NB.
Reply to Errol Willis
Place Champlain would have been suffisant.
Reply to Louis Leblanc
Either would have been sufficient actually.
Place Champlain or Champlain Place - I don't think anyone would care.
Place Champlain Place just seems ...... redundant.
Reply to Errol Willis
C'est Vrai
Reply to Errol Willis
Seems a bit silly to even worry about.
not when you hate anything french
Reply to Dan Lee
The mall concept is dead. Online shopping has replaced going to the mall.
David Amos
Reply to Louis Leblanc
True but methinks socializing has its Place N'esy Pas?
Bring back the cart........i see seniors struggling to carry.......
Reply to Dan Lee
I resemble that remark
And now for todays top story....
Reply to Allan Marven
Bingo
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