On Friday, Vancouver-based Anthem Properties and Toronto-based Streamliner Properties announced that they had closed on their acquisition of the Carlingwood Shopping Centre in Ottawa, which represents a first for both companies.
For Anthem Properties, which was founded in Vancouver and has since expanded to Alberta and California, the acquisition is the company's first investment in Ontario.
For Streamliner Properties, which is a wholly-owned subsidiary of Minett Capital, the purchase represents the company's first entry into Ottawa, although the company's CEO is intimately familiar with the region and mall.
"While Ottawa may be a new region for Streamliner, this location represents a truly nostalgic return to Ottawa for me, having grown up around the corner from this mall," said CEO of Minett Capital and Streamliner Properties Alan Greenberg. "To say I am excited to provide my years of leadership in both real estate and green technology to a development of this scope and substance is an understatement. Our aim is to create prime urban communities where people live, work, and play. Superior design, close proximity to services and a commitment to green living will enhance the experience for multiple generations."
"Anthem is pleased to be partnering with Streamliner and Minett Capital on the ownership, operations, and value add components of Carlingwood Shopping Centre," added Anthem Properties Founder and CEO Eric Carlson. "This investment is the first of what we hope will be many more in major Ontario markets, as we expand our management platform from Western Canada."
The two companies did not provide concrete details, but the Carlingwood Shopping Centre appears set to become the latest in a growing list of mall redevelopments across Canada.
In the press release announcing the transaction, Anthem and Streamliner said that the neighbourhood around Carlingwood Shopping Centre — located at 2121 Carling Avenue — is one that is growing rapidly and has good access to public transporation and major roadways, which makes it a "prime location for much-needed incremental residential density."
It's unclear if the mall itself would be redeveloped, or just its surface parking lot, or portions of both, but the new owners said the undertaking will be phased in order to maintain some consistency for the neighbourhood of commercial uses.
The Carlingwood Shopping Centre is currently surrounded by established residential communities with numerous residential and mixed-use developments in the works, and the 632,700-sq. ft mall's tenants currently include Canadian Tire, Loblaws, Dollarama, and several banks, among many others.
According to the new owners, the retail sector in Ottawa has seen strong growth, with year-over-year sales improving by 9.7% and retail space seeing positive absorption.
