Primaris REIT has agreed to acquire a 100 percent interest in Upper Canada Mall in Newmarket, Ontario, for $411 million.
The mall totals 990,114 square feet, located on 76 acres of land in the Greater Toronto Area. Tenants include Apple, Aritzia, Browns, Lululemon, Sport Chek, Uniqlo and Winners.
“Upper Canada Mall is a dominant GTA shopping center with strong demographics, an exceptional tenant mix and significant embedded growth potential,” said Patrick Sullivan, president and COO of Primaris. “We see meaningful opportunities to grow NOI through leasing, active asset management and operational efficiencies. Our platform and operating expertise position us well to unlock that potential over the coming years.”
“Interest in enclosed shopping centers is growing, and Upper Canada Mall was the subject of a broadly marketed process,” said Julian Schonfeldt, CIO. “Our reputation as a well-capitalized, reliable buyer with a proven operating platform conti
