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February 3, 2025
Investors are all-in on retail strip centres, from coast to coast
Some are acquired for stable revenue, some as redevelopment prospects, but necessity-based shopping centres are rising in value
The Avalon Centre in east Ottawa recently sold for $31 million, which was above its asking price due to strong demand. (Courtesy Trinity Group)
Strip malls around the country, especially those anchored by grocery stores and pharmacies, are proving to be a hot asset with investor demand increasing and prices rising, commercial brokers tell RENX.
"Grocery-anchored strip malls with necessity-oriented tenant mixes, I think will continue to be highly sought after," said Vanessa Cohen, associate vice-president with CBRE in Montreal.
Institutional and private investors were already showing interest in quality strip mall assets last year, Cohen said. Now that’s intensifying as buyers see the assets as persistently stable even amid economic uncertainty.
Aik Aliferis, senior managing director, investment, with Marcus & Millichap's Institutional Property Advisors division in Toronto, agrees that strip malls with tenants selling necessities stood the test of the pandemic. Landlords and investors both believe they will always be sought-after properties,he said, while potentially also providing some upside on rents and future redevelopment plays.
We're seeing a normalization of the market, added Nick Pantieras in Ottawa, also a senior managing director, investments with Marcus & Millichap and IPA. "Now things are looking pretty good."
Big demand for Ottawa's Avalon centre
The M&M team recently sold the grocery-anchored Avalon Centre open-air shopping centre in Orleans, in the east end of Ottawa for $31 million. That property, with 85,000 square feet of shopping space, faced an unprecedented amount of interest.
"We saw over 60 non-disclosure agreements signed on the transaction. So a lot of eyeballs on the deal," Pantieras said. (Interested parties sign an NDA to review confidential information before they decide to submit an offer.)
The deal exceeded the expected price and suggests that pricing and demand for strip malls has returned to pre-pandemic levels, even though borrowing costs remain relatively elevated.
In many cases the buyers see attractive cash flow in these centres and even the possibility to increase rents, but some are also developers who see opportunity in redevelopments down the road, Aliferis said. "The older centres are definitely ones that are showing great attraction, because usually they're on larger pieces of land."
He said they provide good visibility and plenty of flexibility for developers that want to build mixed-use projects on a spacious site. "There's a lot of activity in that direction, and we expect that type of thing to continue."
Asking rents for the owners are also climbing. "We're seeing... rent bumps of 10-20 per cent; sometimes higher than that, because there's just no supply," Aliferis said.
‘Everyone wants these products’
Demand for strip malls will continue to pace well in 2025, Cohen said.
"Everyone wants these (malls), but there is limited product availability. So that, coupled with the growing demand from specifically institutional allocations in the Quebec market and further (interest) rate cuts this year, I think that's going to naturally drive competition and encourage some cap rate compression within this asset class."
For example, in November, CBRE’s National Investment Team in Montreal sold the Carrefour-Monseigneur-Langlois strip mall in Valleyfield-de-Salaberry.
Riverside Heights Shopping Centre in Surrey, B.C. (Courtesy Avison Young)
"This shopping centre was anchored by a grocery store and pharmacy, with additional prominent tenants including a gym, bank, pet store, eye clinic, orthopedic provider and discount retailer," Cohen said. "This diverse tenant roster effectively meets a wide range of consumer needs, creating a destination that allows shoppers to conveniently fulfill all their shopping needs in one location."
Deal volume outlook is strong in B.C.
In B.C.'s Lower Mainland, Bob Levine, a principal with Avison Young, has a new listing for Riverside Heights Shopping Centre in Surrey, within Metro Vancouver. The strip mall is located on 6.9 acres with 18 tenants in 101,833 square feet of shopping space. Riverside Heights is 100 per cent leased. Levine called it a potential hybrid investment.
"That property is really a combination of existing retail, but it has a development aspect to it that doesn't involve (replacing) the whole shopping centre," he said. "You can actually do part of it as a residential development — basically low rise — and then upgrade the balance of the retail and carry on with it as a shopping centre."
Early interest has been high, Levine said.
Levine said he was recently in Toronto holding meetings with property buyers and of his 20 meetings, roughly 15 were focused on retail.
He said in 2024 there were 73 retail deals in B.C. of over $5 million, with a total dollar value of $1.2 billion. That’s way up from 2023, during which the totals were 41 deals valued at $800 million.
He expects the 2025 totals to carry on from the strength of 2024. Asking prices are higher than they were 12 to 18 months ago, he said.
Levine agreed that grocery stores and drug stores are the most attractive tenants. But barber shops, nail salons, and other services you can't receive over the internet are also performing well.


January 26, 2025
Peavey Mart to Shut Down All Canadian Stores
Peavey Mart has long been a staple for rural and small-town communities, catering to farmers, ranchers, and homeowners. Over the years, the company expanded from its Western Canada base into Ontario and other regions, particularly following its acquisition of TSC Stores in 2016. That move helped establish Peavey Mart as a household name in Ontario, diversifying its reach and bolstering its product offerings. It was also a huge expense.
In 2020, the company further broadened its scope by acquiring the Canadian master license for Ace Hardware from Lowe’s-owned RONA Inc., adding 107 Ace Hardware locations to its portfolio. This strategic acquisition was part of Peavey Industries’ efforts to compete in the hardware and home improvement sector against larger rivals like Home Depot and Canadian Tire.
However, Peavey’s relationship with Ace Hardware International came to an end in 2024, following the announcement that the partnership would cease on December 31, 2024. This decision marked a turning point for the company, forcing it to refocus on its Peavey Mart and MainStreet Hardware brands.
Financial Struggles and Early Signs of Trouble
Last week, Peavey Industries announced plans to shutter 22 underperforming Peavey Mart locations in Ontario and Nova Scotia by the end of April. At the time, the closures were presented as part of an organizational restructuring aimed at stabilizing the business and positioning it for future growth.
Doug Anderson, President and CEO of Peavey Industries, addressed the challenges in a previous statement:
“The Canadian retail environment has undergone significant disruptions in recent years, and Peavey has not been immune to these challenges. These closures are a challenging yet necessary step to stabilize and position our business for future growth.”
Despite these efforts, it now appears the company’s financial difficulties have proven insurmountable, leading to the closure of all 90+ stores across Canada.
Liquidation signs at Peavey Mart’s Red Deer store on Saturday, January 25. Photo: Joel Graham via Facebook
Financing and Restructuring Efforts Fall Short
In its bid to remain viable, Peavey Industries had secured a CAD $155 million financing package from Gordon Brothers. The package included a $105 million revolving credit facility, a $30 million term loan, and a $20 million consignment program. This financial injection was intended to facilitate restructuring efforts, support ongoing operations, and provide a lifeline to the struggling retailer.
Additionally, Peavey Industries collaborated with Gordon Brothers to ensure a smooth transition for affected employees and communities. However, these measures were ultimately insufficient to save the business.
Impact on Communities and Employees
The closure of Peavey Mart will leave a significant void in the Canadian retail landscape, particularly in rural and small-town markets where the chain has long been a trusted resource for agricultural and home improvement needs. The closures are also a major blow to the company’s workforce across the country.
While Peavey Industries initially expressed a commitment to supporting its employees during the transition, the abrupt announcement of a full shutdown leaves many workers and communities grappling with uncertainty.
A message from the Peace River Manager
In a heartfelt statement shared on Facebook, the manager of the Peace River, Alberta, Peavey Mart location expressed regret about the closures. The post sheds light on the situation and offers a glimpse into the company’s struggles over recent years. The manager wrote:
“Peace River Community,
It is with regret that I inform you of the upcoming closure of Peace River Peavey Mart, along with all other Peavey Mart locations across Canada. While many details are being kept confidential, I will keep you updated as we receive more information from the corporate team. At this time, I do not have a time frame; my best guess is 3 to 6 months.
Until an official statement is released by the company, I can only offer my personal perspective on the situation. Since 2016, Peavey Mart has expanded rapidly, acquiring over 70 stores in Eastern Canada, opening new stores, and acquiring several other businesses. However, growth was met with challenges, including a decline in business levels and rising interest rates. Unfortunately, many of the acquired stores did not prove profitable, and the company’s efforts to adjust did not have the desired results.
As a last resort, Peavey partnered with Gordon Brothers, an American investment firm, which I believe now holds a majority stake in the company and are making all decisions going forward. It appears the current plan may be to liquidate and close all locations, with potential rebranding, though which stores will remain open is still uncertain.
Please note that this is my personal opinion, and I am sharing it to help clarify the situation for our valued customers. I kindly ask that you direct any concerns toward our corporate offices, as these decisions are beyond the control of the staff here in the store.
We have worked diligently to serve you, and we appreciate your understanding during this time. It’s difficult to come to terms with the closure of so many profitable locations in Western Canada, with Peace River being one of the most notable. The Peace River location recently achieved top sales growth company-wide, consistently delivering a healthy profit despite Peavey’s constant inventory challenges.
I would like to express my sincere gratitude to all of our customers. It has been a pleasure serving the Peace River community, and I will miss it when our time here comes to an end. If you have any questions, please feel free to visit the store, and I will do my best to provide answers. At the current moment, the company has told us they are not ready to make a statement yet.”



January 16, 2025
10 Years Since Target’s Exit from Canada: Lessons Learned
January 15, 2025, marks ten years since Target Corporation announced its decision to exit the Canadian market, a retreat that continues to resonate in the retail industry as a cautionary tale. The decision, made after less than two years of operations in Canada, resulted in the closure of 133 stores, the loss of 17,600 jobs, and a pre-tax financial loss of $5.4 billion for the Minneapolis-based retail
January 15, 2025, marks ten years since Target Corporation announced its decision to exit the Canadian market, a retreat that continues to resonate in the retail industry as a cautionary tale. The decision, made after less than two years of operations in Canada, resulted in the closure of 133 stores, the loss of 17,600 jobs, and a pre-tax financial loss of $5.4 billion for the Minneapolis-based retail giant.
The story of Target’s entry and exit from Canada offers critical insights into the complexities of international retail expansion and the importance of delivering on customer expectations.
The Ambitious Entry
Target’s foray into Canada was initially met with excitement. In 2011, under then-CEO Gregg Steinhafel, the company announced its acquisition of the leaseholds for up to 220 Zellers locations from the Hudson’s Bay Company for $1.8 billion. This move was seen as a strategic coup, allowing Target to quickly establish a national presence in a market where it believed there was significant untapped potential.
The goal was ambitious: to open 124 stores across Canada by the end of 2013, representing one of the most aggressive retail expansions in the country’s history. With plans to generate profitability within a year, Target aimed to replicate its U.S. success by offering stylish, affordable goods in an elevated shopping environment.
Missteps from the Outset
While the strategy appeared sound on paper, execution proved disastrous. Several missteps—from supply chain challenges to poor customer perception—led to Target’s downfall in Canada.
A. Supply Chain Failures
Target’s supply chain issues were among the most significant contributors to its struggles. The company underestimated the complexities of managing inventory across a new market. Distribution centres were not operationally ready when stores began opening, resulting in widespread stockouts. Customers walking into Target stores frequently encountered empty shelves, which eroded trust and tarnished the brand’s reputation.
Additionally, overstocking of less desirable products created inefficiencies, forcing stores to deeply discount items while failing to meet demand for high-turnover goods. This mismanagement was a stark contrast to the well-oiled supply chain operations that had made Target successful in the United States.
B. Pricing Discrepancies
Target’s Canadian stores failed to offer the same value proposition that its U.S. locations were known for. Pricing discrepancies between the two markets left Canadian shoppers feeling shortchanged. Many expected the same low prices they experienced at Target in the United States, but higher operating costs in Canada translated into higher retail prices.
C. Customer Experience Shortfalls
Compounding the issue was a narrower product selection compared to U.S. stores. Canadians were accustomed to a broader assortment south of the border and found Target’s Canadian shelves underwhelming. This mismatch in product offerings, coupled with persistent inventory issues, created an environment where customers left disappointed.
Financial Losses and Leadership Challenges
By early 2015, Target Canada had accumulated a staggering $2.1 billion in operating losses. Analysts estimated that the division would not achieve profitability until at least 2021—a timeline that was deemed untenable. The financial strain forced Target’s leadership to make the difficult decision to cease operations in Canada entirely.
CEO Gregg Steinhafel, who had spearheaded the Canadian expansion, faced criticism for his handling of the venture. His abrupt departure from the company in May 2014 underscored the turmoil within Target’s leadership. Following his exit, interim CEO Brian Cornell took the reins and ultimately made the decision to exit Canada.
The Announcement and Fallout
On January 15, 2015, Target announced it would liquidate its Canadian operations. The company filed for creditor protection under the Companies’ Creditors Arrangement Act (CCAA), a move that allowed for an orderly wind-down of its stores. Employees were offered a 16-week compensation package, while suppliers faced the prospect of unpaid invoices.
The announcement shocked the Canadian retail landscape. At the time, Target’s exit represented one of the largest corporate retreats in Canadian history. The decision also sparked debates about whether the Canadian market was inherently challenging for foreign retailers or if Target’s execution was uniquely flawed.
The Impact on Canadian Retail
Target’s departure had a profound impact on the Canadian retail sector. The 133 vacated locations left large gaps in retail real estate, disrupting shopping centres and creating opportunities for competitors.
A. Real Estate Ripple Effects
Retailers such as Walmart Canada, Canadian Tire, and Lowe’s quickly moved to acquire prime locations left behind by Target. These companies capitalized on the availability of large-format stores, using them to expand their presence and gain market share.
Other locations took longer to fill, with some remaining vacant for years. Shopping centres that relied heavily on Target as an anchor tenant faced declining foot traffic, forcing landlords to reevaluate their tenant mix and leasing strategies.
Lessons Learned
Target’s Canadian experiment serves as a textbook case in the challenges of international retail expansion. Several key lessons have emerged from the venture:
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Understanding the Market: Target underestimated the nuances of the Canadian market, from customer expectations to logistical realities. Successful international expansions require a deep understanding of local consumer behaviour and operational challenges.
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Pacing Expansion: The aggressive rollout of 124 stores in one year strained resources and created operational inefficiencies. A slower, phased approach might have allowed Target to address issues before scaling up.
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Delivering on Brand Promise: Target’s inability to replicate its U.S. value proposition in Canada—including pricing, product selection, and customer experience—proved fatal.
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Effective Leadership: Strong, adaptable leadership is critical when entering new markets. Target’s leadership changes during its Canadian operations created instability and hindered decision-making.
The Decade Since
In the ten years since its exit, Target has focused on strengthening its U.S. operations and exploring international opportunities with greater caution. The retailer has invested heavily in e-commerce, same-day delivery services, and private label brands, positioning itself as a leader in the evolving retail landscape.
Meanwhile, the Canadian retail sector has continued to evolve. The rise of e-commerce, changing consumer preferences, and the growth of discount retailers like Dollarama have reshaped the market. While Target’s absence has left some Canadian shoppers nostalgic, most have moved on, embracing other retailers that have stepped in to fill the void.
November 22, 2024
Montoni plans up to 2M sq. ft. at New Brunswick industrial park
Montoni Group has announced an ambitious long-term plan to develop up to two million square feet of new industrial capacity at the Dieppe Industrial Park in New Brunswick, just outside the city of Moncton.
Montoni, which is based in Montreal, is touting the city’s location at a key transportation hub in the province. The site has access to highways 2, 11 and 15, and rail links to three nearby deepwater ports, as well as a strategic location next to the Roméo LeBlanc International Airport, which has seen significant growth in both passenger and domestic/international cargo traffic in recent years.
The announcement was made Thursday in Dieppe in conjunction with Expansion Dieppe, a local economic development agency, which was founded in 1973 as Dieppe Industrial Park Ltd.
"We are very proud to be concluding our very first development agreement in the Maritimes,” said Dario Montoni, the president of Montoni Group, in the announcement. “When we expand into new cities, we always prioritize working with local construction companies and subcontractors. I believe this is the key to success."
Montoni estimates the value of the development at $125 million, though this would be spread over various phases of construction.
There was no immediate commitment announced for companies to take space at the site, but Montoni told local media his firm has received expressions of interest.
Major addition to Moncton area industrial capacity
The scope of potential development at the Dieppe property would result in a major expansion of the growing region’s industrial capacity. According to Colliers’ Q2 industrial report for the Moncton area, it has an inventory of just under 3.8 million square feet.
Vacancy has been steadily declining to 7.4 per cent across the region, although the Dieppe area had a vacancy of just 1.4 per cent - about 10,000 square feet.
"Dieppe Industrial Park plays a strategic role as an economic driver, attracting top-tier companies because of its ideal location and direct access to major North American markets,” said Louis Godbout, the executive director of Expansion Dieppe in the announcement. “This partnership with Montoni testifies to the strong professional relationship we have long enjoyed with the people behind this organization.
“This agreement is in keeping with our vision of a sustainable expansion that generates local opportunities and strengthens our region's economic vitality."
The logistics hub, supported by a rail network, facilitates the distribution of goods across Canada and the northeastern United States, with local officials saying it serves over 70 million consumers with delivery times of under 24 hours.
The industrial park is already home to a number of major companies including J.D. Irving, FedEx, Purolator, UPS, BMM Testlabs, Groupe Touchette and Midland Transport. Servicing and a roads network are already in place.
The neighbouring airport has served over 521,000 passengers so far in 2024, up 10 per cent year-over-year and more than double its pre-COVID traffic. It handled 30 cargo flights by the end of November, and expects to exceed the 33 cargo flights it handled in 2023.
Montoni also notes Dieppe offers a bilingual workforce, with more than three-quarters of its residents speaking both official languages, English and French. “The population is young, dynamic and skilled,” the announcement states, with an average age 40.8, compared with 46.1 for the province of New Brunswick.
About Montoni
Montoni is a developer, builder and real estate manager which has completed more than 700 projects representing over 30 million square feet of industrial, commercial, institutional and residential construction and 30 corporate campuses. The firm has another 25 million square feet under development, mainly in Québec.
It has completed more than 5.2 million square feet of LEED-certified buildings and, among construction projects underway, is targeting LEED certification for nearly seven million square feet.
Construction is also nearing completion on some 4.5 million square feet of Zero-Carbon Building (ZCB) spaces.

October 31, 2024
Westcliff acquires Champlain Place, Moncton, NB
Westcliff has acquired the 784,372-square-foot Champlain Place shopping centre in Dieppe, just outside Moncton, as former owner Cadillac Fairview continues divesting major retail properties in a realignment of its investment allocations.
As the largest super-regional shopping centre in New Brunswick, Champlain Place is located on a 60-acre site and hosts over 150 stores and services. It is anchored by major tenants including Walmart, Bass Pro Shops, Cineplex, Sport Chek, H&M, LL Bean, Lululemon, TD Canada Trust and shadow-anchored by a neighbouring Sobeys grocery store.
"Champlain Place perfectly aligns with Westcliff's strategy, marking our commitment to high-caliber assets in key growth markets," Nicolas D'Aoust, vice-president of Westcliff and head of leasing, said in the announcement Thursday morning. "With impressive sales nearing $800 per square foot and an outstanding roster of renowned tenants, this property embodies the quality and dynamism we seek to bring into our portfolio."
Financial details of the transaction were not immediately released.
Champlain Place and the area market
The centre's location in one of Canada's fastest-growing Census Metropolitan Areas allows it to serve a broad catchment area of 1.6 million people within a 2.5-hour drive.
Champlain Place is surrounded by a wide range of complementary services and retail outlets including hotels, restaurants, grocery stores and essential amenities.
"Champlain Place represents more than an addition to our portfolio; it demonstrates Westcliff's dedication to being part of Canada's regional communities,” Alan Marcovitz, Westcliff Group's president and chairman of the board, said in the release. “We're thrilled to welcome our new team members, who will become an integral part of our team, ensuring the continued success and impact of Champlain Place on the local economy."
Westcliff is a Montreal-based, privately owned real estate development and management firm with over 50 years of experience in the sector.
It is involved in the development, construction and management of large-scale real estate projects in Canada and the United States. The company’s expertise spans property acquisition to ground-up development, asset repositioning and revitalization, from property management, leasing and financing.
The company employs a team of over 500 people.

September 24, 2024

REIT prospects are improving, but could still be better
Panel members during a buyside roundtable at RealREIT in Toronto, from left: RBC Capital Markets' Pammi Bir, Lincluden Investment Management's Derek Warren, CI Global Asset Management's Chris Couprie, Starlight Capital's Dennis Mitchell and RBC Global Asset Management's Stu Kedwell. (Steve McLean RENX)
More capital is expected to flow into real estate investment trusts in the coming months, but it’s likely to be a gradual increase and not a flood.
Either way, the situation is now “less bad” than it was over the past few years when unit prices were severely depressed, according to one portfolio manager during an investments roundtable at the Sept. 10 RealREIT conference at the Metro Toronto Convention Centre.
“We're definitely getting an increase in the number of inbounds from multiple channels — investors, advisors, wholesalers and so on,” Chris Couprie, CI Global Asset Management's vice-president, portfolio manager and research lead for equities, said during one of the discussions. “People have got to be asking questions and showing engagement in the space before they start committing dollars to it.”
As interest rates start to come down for guaranteed investment certificates, some money invested in risk-free, fixed-term investments will likely be redeployed into other interest-bearing issues, including REITs.
Investment returns for REITs have significantly outperformed the overall Toronto Stock Exchange since the Bank of Canada started cutting interest rates, which should benefit trusts as more people become aware of the trend and their confidence in REITs returns.
“For REITs, people need them to go up 20 per cent before they’ll buy them,” said Lincluden Investment Management vice-president and portfolio manager Derek Warren. “What we've seen now is this first little leg that's woken people up, the next leg will get them analyzing it, and the third leg gets them investing.”
Publicly traded securities offer more liquidity but the trade-off is more volatility and less efficient returns.
Multifamily
Panel moderator and RBC Capital Markets global head of real estate research Pammi Bir said REITs “have put up decent returns thus far,” but Canada continues to struggle with a housing shortage. He asked about the prospects for the multifamily sector.
Warren said multi-family fundamentals are good, as apartments have low vacancy rates and market rents can be charged when tenants roll over. Lincluden is invested heavily in quality apartments and will continue to support the asset class, he added.
“The only way to bring down the cost of housing in the ownership market or the rental market is to produce more of it,” Starlight Capital chief executive officer and chief investment officer Dennis Mitchell said. “If you want landlords to take care of their properties, give tenants choice.”
Seniors housing
The seniors housing sector went through some dark times during the COVID-19 pandemic but has made a robust recovery. Couprie expects to see continued improvements in occupancy rates and expects them to be in the 95 per cent range within 18 to 24 months.
“What we're really looking for, though, is for margin expansion to continue,” Couprie said. “Margins for the industry are operating below where they were pre-pandemic by several hundred basis points.
“They will go higher as occupancy increases. Typically, with each new resident that comes into a senior or retirement home, about 70 or 80 per cent of that flows through to the bottom line.
“So we're currently assuming that there’s going to be margin expansion, but we're not underwriting that type of improvement, so that could be a positive surprise for us.”
Industrial
Bir said industrial REITs continue to experience healthy organic growth and asked where things may trend over the next few years.
Industrial fundamentals have been normalizing globally and while Couprie noted availability has increased by 270 basis points from the trough in Canada, it’s still well below the six per cent rate south of the border.
Demand was soft in the last quarter and 1.7 per cent of Canada’s industrial supply is under construction. Seventy per cent of that should be delivered this year, so Couprie expects vacancy rates to increase to the five- to six-per cent range.
Retail
While many Canadians are financially stretched, unemployment has been rising, and the large number of immigrants arriving in the country over the past few years is being curtailed, RBC Global Asset Management managing director, senior portfolio manager and co-head of North American equities Stu Kedwell remains positive about retail REITs. He said they have improving balance sheets and are moving from being acquirers to optimizers.
“You have to deal with some recession risk, which might show up on occupancy and might show up in some rent growth,” Kedwell observed, adding that he believes six to 12 months of challenging times due to higher unemployment should recede and lead to better things long-term.
While many retail-focused REITs have large mixed-use development opportunities within their portfolios, investors by and large have been unwilling to pay for that intensification potential.
“Unenclosed shopping centres tend to be the least efficient real estate,” Mitchell said. “Thirty to 40 per cent of it is covered in revenue-generating real estate, and it's a huge plot of land that attracts a ton of property taxes and development levies and so on and so forth.
“So the more you can cover that space with revenue-generating real estate, the better.”
Office
The office sector has been severely challenged since the onset of the pandemic with the more widespread adaptation of remote work, the arrival of new supply and higher interest rates.
“There’s still power in being grouped together and that's going to happen in offices, but they have to be great offices,” Warren said. “Our pension funds and REITs own those kinds of properties and real estate.
“I always said it’s going to take 10 years, and we’re about five years in on that, so we’ve got to get through these next two years, which are going to be critical.”
August 3, 2024
Cape Breton's New Dawn Enterprises puts historic Sydney building up for sale
The three-storey downtown Sydney building that once housed Crowell's department store for decades has been put up for sale — and may already have a potential buyer. New Dawn Enterprises, which was gifted the 319 Charlotte St. property by the Hickey family in 2004, posted on its website earlier this week it has decided to list the 122-year-old building and property for sale.
In the announcement, New Dawn explained that “substantial damage” incurred from post-tropical storm Fiona in 2022 had the non-profit evaluating and reflecting on its ownership of, and the future of, the Crowell’s Building.
“After looking at a number of options and considerable discussion, New Dawn has decided to list the building and property for sale,” the post read. “Like in 2004, the building in 2024 requires new vision and new investment to position the property for its next chapter.”
DAMAGE FROM FIONA
As New Dawn president and CEO Erika Shea explained, the late-September 2022 post-tropical storm — which brought with it hurricane-force winds — “peeled back three-quarters” of the building’s roof “which led to water damage through the building’s four floors and immediate remediation and repairs to the roof. “A week before the hurricane had hit, we finished completely renovating the second floor — which had previously been Long & McQuade — as the Cape Breton Island Centre for Immigration, which was on the first floor, needed room to expand to offer more services.
“Then Fiona hit.”
The Crowells building on Charlotte and Prince streets in Sydney. New Dawn Enterprises, which was gifted the building in 2004, announced earlier this week it is selling the 123-year-old building. The Cape Breton Island Centre for Immigration moved from the Charlotte Street location to New Dawn's Nepean Street offices.
FORCED CLOSURES
The bulk of the water damage seeped from the roof to the back end of the building, Shea said, and unfortunately in the process disrupted two major businesses based in the building: My Fair Ladies Ethical Emporium and its next-door neighbour, Louann’s Café — both of which were located on Prince Street. New Dawn had to advise the businesses’ owners that it could take up to three months to make repairs.
While Louann MacDonald was able to find a new location to reopen her café, owner Joan MacKenzie and business partner Janet Dawson wound up permanently closing My Fair Ladies in late 2023.
Meanwhile, the New Dawn-operated Cape Breton Island Centre for Immigration — which occupied the ground floor for the Crowell’s building from January 2020 onward — has since moved back to New Dawn’s Nepean Street offices. Dr. Autar Krishen Munshi’s office relocated to Nepean Street as well. Te damage from Fiona, said Shea, “was really the pause for us to think about not only the building but also (the location). The building sits on a very large tract of land in the downtown, where there’s incredible energy and redevelopment and potential underway.”
Shea said that after much deliberation over the past year, New Dawn wondered whether the non-profit might be “the right entity to spearhead that new development” in that downtown Sydney location. Its time — as it was time 20 years ago — to (see someone) invest again in the Crowell’s building and the Crowell’s site, and set it up for the next 25 or 50 years of presence in the downtown,” Shea said.
“When we looked at everything we have on the go in terms of development projects, the list is getting longer by the week. We had a number of conversations with architects, consultants, engineers and urban planners about what ultimately is the top-level potential for the site. And they presented us with such grand visions of mixed-use residential-commercial space as an anchor in the downtown.
“Knowing that, and to realize that, would take us many years. We want to see the Crowell’s site redeveloped much sooner than that.”
The Crowell's building in 2004 several months after the Hickey family gifted the three-storey building to New Dawn Enterprises that year. One of its former tenants included Musicstop, at that time Atlantic Canada's largest chain of musical instrument stores, before national retailer Long & McQuade bought the chain in 2007.
BUILDING HISTORY
The existing building was constructed in 1901, replacing the original that was destroyed by the great fire in downtown Sydney that same year. The building served as a hub of downtown retail activity for years and in 1946, Stuart Hickey and his family assumed ownership of what would become Crowell’s department store. It continued to operate as a full-service department store until Hickey's retirement in 1999.
Following New Dawn’s takeover five years later, the building housed an array of tenants since that time, including The Shops at Crowells, Musicstop (later Long and McQuade), the Baby Company, Social Salon and Spa, VMP, My Fair Ladies, Louann’s Café, Dr. Munshi and the Cape Breton Island Centre for Immigration. As New Dawn’s post read: “Our hope is that another owner will be able to pursue redevelopment in the short, rather than medium or long, term. Our greatest wish is to see new life on the corner of Prince and Charlotte (streets) that will contribute to the reimagining of the downtown already well underway.”
Crowell's Limited in 2004. The existing building was constructed in 1901, replacing the original building which was destroyed by the Sydney great fire of 1901. It served as a hub of downtown retail activity for years and in 1946, Stuart Hickey and his family assumed ownership of the department store. It continued to operate as a full-service department store until Hickey's retirement in 1999.
Erika Shea, president and CEO of New Dawn Enterprises: "It is time — as it was time 20 years ago — to invest again in the Crowell’s building and the Crowell’s site, and set it up for the next 25 or 50 years of presence in the downtown." -
'CONDITIONALLY SOLD'
Just days after New Dawn posted the building was up for sale, it turns out a “conditional sale” was made on the building.
ROI Group Commercial Real Estate Advisors Ltd.,, listed the property at $395,000.
And as of Thursday afternoon, ROI Group president Peter Constable said the building and property at 319 Charlotte St. have been “conditionally sold.”
Constable, however, could not provide any further details on the prospective owner or how much was paid for the property. “Until this is finalized, I can’t really speak anymore on this,” he said.


April 3, 2024
Developers team up, propose huge 12-tower project in Halifax
Mixed-use Strawberry Hill community would include 3,656 new homes, commercial space
A proposed mixed-use development could add 12 buildings with 3,656 housing units and commercial space in Halifax’s Strawberry Hill area.
The lands have been identified by the Halifax Regional Municipality as a “Future Growth Node” for their potential to support significant population growth, employment opportunities and the development of new mobility links and public parks.
The 12.31-acre site is comprised of adjoining parcels of land owned by three companies:
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TD Greystone owns 331,899 square feet via Eastside 2008 Equities Inc. and 9404678 Canada Inc.;
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Steele Auto Group owns 153,254 square feet via Dynamic Properties Company Limited;
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construction services and real estate company Rank Inc., which is part of Ramia Group of Companies, owns 50,895 square feet via 3224829 Nova Scotia Limited.
Three smaller sub-parcels have no buildings and are only used as parking lots or green spaces, while the remainder have single- or two-storey commercial or industrial uses suited for future redevelopment.
Fathom Studio submitted development proposal
Fathom Studio, an architecture firm based in Dartmouth, N.S., submitted the development proposal on behalf of the landowners.
“HRM encouraged the landowners to get together to prepare a mutual submission,” Fathom Studio founder, partner and director of planning Rob LeBlanc told RENX. “It saves costs. You don’t have to do three archaeological studies and three mobility studies. Everybody just chips in and pays their portion.”
The assembled lands are within walking distance of eight elementary and secondary schools, Mount Saint Vincent University, Halifax Shopping Centre, Bayers Road Centre, a dozen bus routes and planned infrastructure.
“This location is close to some rapid transit routes and it's being designed as a complete community where you don’t have to own a car and you can walk to get your groceries, and it's close to schools,” said LeBlanc.
High-rise towers will dominate development
Building heights in the proposed development will range from eight storeys up to 38-storey towers sitting on top of podiums ranging from four to six storeys. The majority will be in the 20-something- to 30-something-storey range on top of podiums of four to six storeys.
“There are a number of other areas that are now considering 120 metres, which is 40 storeys, but this is definitely the tallest in the city,” said LeBlanc.
All of these height proposals must still receive municipal approvals, so LeBlanc noted they could end up at lower numbers.
Retail component
The development proposal says each building will host a mix of grade-related dwellings, work-live units and commercial storefronts to create an active, pedestrian-scaled ground floor that serves both the residents of the development and the surrounding community.
While the proposal estimates almost 128,000 square feet of retail space as part of the development, LeBlanc said that number was initially kept low and could increase significantly. That retail space could include smaller urban-format versions of big-box retail stores, he noted.
LeBlanc is hopeful the project’s zoning will also allow for some office uses, but it’s not expected to be a major part of the development.
He anticipates the entire project will probably take 20 years to complete and that long timeline should provide some flexibility in decision-making should real estate space demand or needs change over the years.
There are 2,731 underground and above-ground parking spaces as part of the proposal.
A new road would be created and service and infrastructure upgrades will also be needed, according to LeBlanc.
Approvals still needed before moving forward
“We seem to have really good reception with city staff and with council,” said LeBlanc, who is hopeful approvals will be obtained by the end of this year.
A comprehensive public engagement process involving area residents, property owners and community and business organizations will be required before the development can move forward.
While leases are in place with some of the existing buildings and will need to be honoured, LeBlanc said ground could potentially be broken on the first phase of development next year

February 7, 2024
Leyad has acquired the 182,031-square-foot North Sydney Mall in North Sydney, N.S., for an undisclosed price from Econo-Malls.
The property is Leyad's second retail acquisition in Altantic Canada in the past six months.
Econo-Malls is involved in commercial real estate acquisition, development and management across Eastern Canada.
It launched a limited partnership program in 1998 and owns interests in more than 40 retail properties encompassing more than three million square feet and valued at approximately $500 million.
“Econo-Malls has owned this for over a decade now and it’s a partnership they've had in place for a long time,” Leyad chief executive officer Henry Zavriyev told RENX.
“They've been great stewards of the property for the last few decades, but it was the end of that ownership group.”
The shopping centre, on a 21.23-acre site at 116 King St. in the community of approximately 6,000 on the east side of Nova Scotia’s Cape Breton Island.
North Sydney Mall faces the Emera Centre Northside arena and recreation facility and is in close proximity to the Marine Atlantic ferry terminal, where approximately 300,000 people travel between Newfoundland and Nova Scotia annually.
North Sydney Mall a regional retail centre
North Sydney Mall is a retail cornerstone in the region, hosting major tenants including Walmart, Sobeys, Dollarama and the Nova Scotia Health Authority.
It’s more than 90 per cent leased and Zavriyev said it comprises nearly 40 per cent of North Sydney’s total retail space.
“Within our pipeline at the moment, we have a number of acquisitions that fit this profile,” Zavriyev said. “We're looking in multiple provinces in Canada.
“This is an asset that was built years ago that we're buying well below replacement cost and that already has triple-A covenants in place. That builds our base off which we can grow.”
Discussions are taking place with a couple of national retail chains to fill vacancies and Zavriyev is hopeful the North Sydney Mall will be fully occupied by the end of 2024.
Leyad is reconfiguring some tenant spaces within the mall and enhancing common areas. Zavriyev expects that work to be completed in the next six to eight months.
“We internally manage our real estate and are a value-add company,” Zavriyev explained. “We like to buy real estate that’s already good, but we can make it better.”
The site has 1,000 parking spaces and room for two or three additional pads to increase the mall’s current number of stores from 27. Zavriyev doesn’t think North Sydney is large enough to support residential intensification on the site.
Attractive investment opportunity
“Tertiary markets are overlooked by institutional buyers and retail in general is not the flavour of the month,” Zavriyev observed. “It’s not as easy to finance but I think for the right property, and where the fundamentals are there, it makes great sense.”
The presence of the Nova Scotia Health Authority makes North Sydney Mall an appealing location for clinics and medical offices, and Zavriyev said his firm is fielding such requests.
Enclosed malls make a lot of sense in small communities, according to Zavriyev, because they act as social hubs as well as places to shop.
Montreal-headquartered Leyad, which was founded by Zavriyev and started with the acquisition of a small apartment building in 2016, specializes in the design, construction and management of residential, commercial and mixed-use properties.
The company’s move into the Atlantic Canada retail market began last October with the $61.5-million acquisition of the 363,000-square-foot Wheeler Park Power Centre that sits on 1.5 million square feet of land in Moncton.
It’s anchored by an Atlantic Superstore and features several other leading national brands, including The Brick, Old Navy and Staples.
Two new national tenants recently signed leases at the mall and Zavriyev said it’s now close to being fully leased.
Aside from North Sydney Mall and Wheeler Park Power Centre, Leyad’s 13 other retail, industrial and office properties as well as approximately 2,000 apartment units — are based in and around Montreal and Quebec City.

February, 2024
Nova Scotia's top real estate deals of 2023
November 30, 2023 marked a historic day for Nova Scotia real estate: the $370 million purchase of Halifax Shopping Centre went through as perhaps the highest-priced provincial property deal ever.
The buyer was Primaris, a Toronto-based real estate investment trust that is one of Canada's largest mall operators. The seller was Ontario Pension Board, which manages $31 billion for provincial employees.
The sales price is the largest in the provincial database of Nova Scotia real estate transactions. The database goes back only to July 2010, however, and HBB is therefore unable to say with absolute certainty that the shopping-centre deal price was a record.
The year's second-biggest transaction was the $90 million acquisition by Toronto-based Align Student Housing REIT of a 141-unit rental complex near Dalhousie University from Werkliv, a Montreal-based developer led by Daniel Goodfellow. The No. 3 deal was Ontario-based Skyline Real Estate Holdings Inc.'s $69.5 million purchase of the Brookside Terrace Apartments from a partnership including Cresco Properties Ltd. and Shaw Living. Next was the Kanellakos family's $58.3 million acquisition of 18 Halifax sites on or near Robie Street between Cobourg Road and South Street. The seller was listed as George Tsimiklis.
Killam Apartment REIT, Atlantic Canada’s largest landlord, figured in two transactions during 2023. One was the $33 million sale of the James, a 108-unit apartment building on South Street in Halifax, to the Trihopoylos family's Olympus Properties Management. Killam's second divestment involved property outside the HRM, with the 87-unit Cabot House apartments on Kings Road in Sydney selling for $14.5 million to Adam Barrett's AMK Barrett Investments.
# 1 Halifax Shopping Centre
$370 million
Date: November 30, 2023
Buyer: Primaris REIT
Seller: OPB Realty Inc. (Ontario Pension Board)
# 2 1402 Seymour Street, Halifax
$90 million
Date: January 17, 2023
Buyer: Align Student Housing REIT
Seller: Werkliv GP Inc., general partner of Seymour LP, (Daniel Goodfellow, president)
# 3 118 Tilbury Avenue, Bedford
$69.5 million
Date: November 9, 2023
Buyer: Skyline Real Estate Holdings Inc. (Jason Castellan, Martin Castellan, Roy Ashdown, directors)
Seller: Tilbury Apartments GP Ltd., as general partner of Tilbury Apartments LP (whose limited partners include Cresco Properties Ltd. and Shaw Living Ltd.)
# 4 Robie Street parcels, Halifax
$58.3 million
Date: February 28, 2023
Buyer: 4479072 Nova Scotia Ltd. (James Kanellakos et al., directors)
Seller: George Tsimiklis
# 5 549 Brookline Drive, Bedford
$40 million
Date: September 6, 2023
Buyer: 49 Brookline Drive Ltd. (Geoffrey Wayne Squibb, president, and principal, Realstar Group)
Seller: Brookline Luxury Suites GP Ltd. (Victor Kielbratowski, president)
# 6 7 Mount Hope Avenue and 11 Mount Hope Avenue, Dartmouth
$38.5 million
Date: March 27, 2023
Buyer: Province of Nova Scotia
Seller: Advantage Food Equipment Ltd. (Darren Godbout, president)
# 7 Hogan Court, Bedford
$34.4 million
Date: February 1, 2023
Buyer: Province of Nova Scotia
Seller: Cresco Holdings Ltd. (Taleb Abidali, president)
# 8 5620 South Street, The James, Halifax
$33 million
Date: April 21, 2023
Buyer: Olympus Properties Management Ltd. (John Trihopoylos, president)
Seller: Killam Investments Inc.
# 9 95 Wyse Road and 99 Wyse Road, Dartmouth
$31 million
Dates: June 16, 2023, and June 19, 2023
Buyer: Edifice Place Metropolitain Inc./Place Metropolitan Building Inc. (Vincent Chiara, president)
Seller: Canadian Property Holdings (Nova Scotia) Inc. (Choice Properties) and 9182071 Canada Inc.
(Canada Mortgage & Housing Pension Fund)
# 10 Albro Lake and Primrose portfolio, Dartmouth
$26.8 million
Date: July 5, 2023
Buyer: AMK Barrett Investments Inc. (Adam Barrett, president)
Seller: Strategic Atlantic Ltd. (Riaz Mamdani, president)
# 11 Three-building portfolio, Halifax
$22.1 million
Date: May 1, 2023
Buyer: Oikos Management Co. (Jimmy Karountzos, president)
Seller: Doric Management Co. (Stratos Karountzos, president)
# 12 101 Ochterloney Street, Dartmouth
$20.4 million
Date: June 1, 2023
Buyer: Capreit Apartments Inc.
Seller: Boris Holdings Inc. (Dean Hartman, president)
# 13 694 Broad Street, Bedford
$18.9 million
Date: November 14, 2023
Buyer: Shannex RLC Ltd. (Joseph Shannon, chairman and chief executive)
Seller: BYN Properties (The Highbury II) Ltd. (Gerardus Nowee, president)
# 14 75 Brookline Drive, Bedford
$16.7 million
Date: April 19, 2023
Buyer: Cresco Holdings Ltd. (Taleb Abidali, president)
Seller: West Bedford Holdings Ltd. (Jason Brunt, president; directors include
Taleb Abidali)
# 15 535 Portland Street, Dartmouth
$16.4 million
Date: September 15, 2023
Buyer: Opal Ridge Developments Ltd. (Jason Brunt, president)
Seller: Penhorn Residential Holdings GP Ltd. (Crombie REIT)
# 16 5991 Spring Garden Road, Halifax
$16 million
Date: November 15, 2023
Buyer: 5991 SGR Ltd. (Alex Halef, president)
Seller: Northwest Healthcare REIT
# 17 Airport Parcels at Aerotech Drive, Goffs
$16 million
Date: September 11, 2023
Buyer: Aerotech Developments LP (Jason Brunt, Clayton Developments)
Seller: Parkdale Developments Ltd., (John Fiske, president)
# 18 CFC Climate Canada Parcels
$15.1 million
Dates: March 28, 2023, and March 31, 2023
Buyer: CFC Climate Forest Canada Inc.
Seller: Mayflower Forestry Ltd.
# 19 3000 Monaghan Drive, Halifax
$14.5 million
Date: April 14, 2023
Buyer: Monaghan Square South GP Ltd. (Moray Tawse and Robert Margeson, directors)
Seller: Mayflower Curling Club
# 20 500 Kings Road, Sydney
$14.5 million
Date: November 2, 2023
Buyer: AMK Barrett Investments Inc. (Adam Barrett, president)
Seller: Killam Properties Inc.

January 31, 2024
Mic Mac Mall Adding Retail Tenants as Landlord Plans Massive
On-Site Mixed-Use Redevelopment
It’s been a very busy time for leasing in the past year or so for Mic Mac Mall, which is Atlantic Canada’s largest enclosed shopping centre, located in Dartmouth, across the harbour from Halifax.
And the popular centre, owned and operated by Mic Mac Mall Limited Partnership and managed by Cushman & Wakefield Asset Services, is close to getting final permit approvals for the planned development of the site surrounding the shopping centre that will be called the “M” District.
This new development will include over 1,000 residential units including senior living, two office towers and a major family entertainment area/destination of approx. 60,000 square feet.
“The proposed mixed‐use development . . . would create a vibrant destination and community hub for the entire municipality. The combination of high‐density residential towers with diverse retail and commercial opportunities creates spaces where both residents and visitors can enjoy new services and amenities, while the increased density will in turn revitalize the interest in the current shopping centre,” said a written submission to the city by WM Fares Architects on the proposed development.
“Outside of the buildings, the current non permeable asphalt parking surfaces will be largely transformed into landscaped pedestrian corridors, curating the circulation paths as people make their way through the site. Underground parking facilities and a limited circumferential service road will limit the amount of vehicular traffic on the surface of the site, placing the pedestrian experience at the forefront of the design concept. Located on a Transit Priority Corridor, the addition of the new transit terminal will ameliorate the user experience and promote the use of public transportation to and from the site.
“In terms of active transportation, the site will look to plug into the existing trail networks as a node between the Shubie Canal Greenway Corridor and Lake Banook Trail. This will offer bicycle and walking access points for visitors, and escapes to green spaces for residents along the Trans Canada Trail, aligning the proposal with as much of the Integrated Mobility Plan as possible.”
Mic Mac Mall is just under 690,000 square feet over three levels and is six kilometres to downtown Halifax.
“We are on trend with the Canadian Retail Industry. Our comparable traffic volume has not yet recovered to pre-pandemic, however comparable sales have matched and in fact surpassed 2019 sales in most categories. We are very pleased with our 2023 sales results,” said Lisa Flux, General Manager.
“Shopping trends have changed, as they do. Our dwell time has increased by 20 or so minutes. This is indicative of a knowledgeable shopper, one who has a plan. You see that reflected in the food court and specialty food sales. Sales in these two categories are significantly above 2019 numbers. Again, this trend is one we have noted across our portfolio from province to province. “2022 was a historical recovery year and our Retailers are reporting similar growth again this year. In 2023 specialty retail sales reflected a 13 percent increase over 2022; and our temporary tenants, or specialty leasing, they had a hectic year, bringing change and some unique events to to Mic Mac Mall, in all rising comparable sales by 7 percent in 2023.“
Lori Stuart, Senior Leasing Manager at Cushman & Wakefield Asset Services, said occupancy in the mall is about 91 per cent. “We’ve made great momentum in the last 12 months. We’ve done about 46 leasing transactions, about 160,000 square feet,” she said.
New retailers (in the past 18 months) include: Orange Theory Fitness, Griffin Jewellery Designs, Glamour Secrets, Freak Lunch Box, Presotea, Pizza Delight, Labels, Mobile Care, Milestones Grill + Bar and many more.
“We’re happy to boast that we do have some exclusive tenants to the market as well,” said Stuart.
Exclusive tenants in the market at Mic Mac Mall include Decathlon, Eddie Bauer, Build-A-Bear, Talbots and
Modern Golf.
“The momentum keeps going and in 2024 we’ll see some new tenancies as well. We’ll welcome NVA which is Canada’s leading veterinary care clinic. They’ll take about 24,000 square feet on site,” added Stuart. “And many others leasing about 15,000 square feet we’ve got in the works right now and then the re-set of a former Winners box that’s 53,000 square feet. So we’re re-demising that and going to be announcing some new tenancies in the coming months. There will be multiple units there.” Flux said NVA is quite unique and world-renowned.
“There’s one in PEI but it will be the only other one in Atlantic Canada that does super specialized procedures that this particular clinic is known for. This is a really unique service,” she said.
Mic Mac Mall will also have 25,000 square feet of current tenant relocations and renovations planned for 2024. And a number of local and national retailers that have expressed interest in Mic Mac Mall that it is working with to add to its merchandise mix.
Daniela Vicino, National Specialty Leasing Manager at Cushman & Wakefield, said there is about 70,000 square feet of specialty leasing at Mic Mac Mall.
“Specialty Leasing has 27 activations with nine new for 2023. Some of our most notable additions are Mind Games, first to market; also, a first retail location called Little Luxuries (Soapworks). Some others are Maritime favourites such as Twiggs. They’ve been renewed for a few years in a row now. We’ve implemented Fresh New You, Incandescent, Mesh Barns, Freddy’s Fashion and Karma Spa. And we also have our usual seasonal roster that encompasses the Calendar Club, Hickory Farms. We have the Halloween superstore Glow come in again,” said Vicino.
“This year specifically we were one of the 10 chosen locations for the Merry Berry Buble Pop Up that went across Canada . . . We had a stellar year between leasing and specialty leasing. We have a quite diverse roster of tenants within Mic Mac.”
Also activated in 2023 were CHATR, and Just Cozy.
It is the 50th anniversary of the mall and there will be events to celebrate that achievement.


December 22, 2023

Leyad buys 360K-sq.-ft. Moncton retail power centre for $61.5M
Henry Zavriyev has come a long way since launching Leyad by buying and renovating small Montreal apartment buildings six years ago.
The company has since purchased dozens of apartments of various sizes, added value through renovations and sold many of them to recycle capital for new purchases.
In the beginning when we were growing, we were selling pretty much everything,” Zavriyev, Leyad’s principal, told RENX in an interview after closing on its most recent purchase, the Wheeler Park Power Centre in Moncton.
“It was a lot of buying, selling and reinvesting, but recently we’ve stabilized our portfolio, which is kind of a new thing for us.” The largest apartment property in Leyad’s portfolio is a three-tower complex comprising 450 units.
Retail and industrial investments
Leyad has turned its attention to acquiring retail and industrial properties for long-term investments over the past two years and that’s where much of its current and future acquisition activity will be focused.
“I think there are fewer buyers for high-quality commercial assets,” Zavriyev said. “Public institutions and REITs are not able to buy at the moment and they need to sell for liquidity.
“So for private buyers that have good liquidity and are in the right position, I think it's an amazing time to acquire some really, really high-quality commercial assets that probably would have been unattainable two years ago.”
Leyad purchased two warehouses that it has since sold, but going forward it plans to hold and earn income from most of the commercial properties it acquires. Leyad internally manages all of the buildings it owns.
The company — which is nearing 50 employees in its Montreal headquarters, a secondary Montreal office and a Quebec City office — has been very active of late. It has continued to buy apartments, but has also made four major commercial property acquisitions.
Retail and industrial investments
Leyad has turned its attention to acquiring retail and industrial properties for long-term investments over the past two years and that’s where much of its current and future acquisition activity will be focused.
“I think there are fewer buyers for high-quality commercial assets,” Zavriyev said. “Public institutions and REITs are not able to buy at the moment and they need to sell for liquidity.
“So for private buyers that have good liquidity and are in the right position, I think it's an amazing time to acquire some really, really high-quality commercial assets that probably would have been unattainable two years ago.”
Leyad purchased two warehouses that it has since sold, but going forward it plans to hold and earn income from most of the commercial properties it acquires. Leyad internally manages all of the buildings it owns.
The company — which is nearing 50 employees in its Montreal headquarters, a secondary Montreal office and a Quebec City office — has been very active of late. It has continued to buy apartments, but has also made four major commercial property acquisitions.
Four recent commercial acquisitions
The most recent commercial property added to the portfolio, which now is comprised of approximately 2,000 apartment units and close to two million square feet of commercial space, is Wheeler Park. It was acquired from an institutional owner for $61.5 million.
The 360,000-square-foot mall sits on 40 acres of prime real estate in the city. It’s anchored by an Atlantic Superstore and features several other leading national brands, including The Brick, Old Navy and Staples.
While there are currently no plans to add residential projects to the site, it’s large enough to accommodate future development and Zavriyev is open to the idea down the road.
Leyad’s other recent commercial acquisitions were in its home province:
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a 261,000-square-foot distribution hub in Cowansville;
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a 39,500-square-foot shopping plaza with Jean Coutu as a prominent tenant in Chateauguay;
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and a 115,000-square-foot Louis Garneau distribution facility in Quebec City.
Due diligence on more acquisitions
Leyad is now doing due diligence on other similar commercial properties and Zavriyev hopes to close on those acquisitions by the end of this year or early in 2024.
“We have a reputation for closing and we do a lot of off-market stuff,” said Zavriyev. “We pay a fair price without the hassles of a bid process.”
The majority of Leyad’s holdings are in Montreal, which Zavriyev said has become saturated over the past couple of years and prompted it to look at investing in other cities and provinces.
Wheeler Park Power Centre is Leyad’s first acquisition outside of Quebec. The company has been reaching out to brokers to let them know of its interest in acquiring more larger-scale assets in the Maritimes as well as in Ontario and Western Canada.
Leyad provides equity and conventionally finances its purchases.
“It has been a difficult market to finance retail assets, but thankfully the thesis for this retail asset in Moncton made a lot of sense to the bank and they were happy to finance it because they recognized the value of the asset,” Zavriyev explained.
“It’s a high-yield, high-performing, high-quality asset in what last year was the fastest-growing city in Canada.”
Continuing to buy apartments
While increasing the size of its commercial property portfolio, Leyad will continue to be active in the multifamily sector since that’s where the business was built and it has extensive expertise.
Zavriyev said he was kicked out of university and did odd jobs for years before he got a janitorial position at an apartment building.
That led to an opportunity to manage the building, and then others, and he subsequently started a renovation and property management business that provided funds to buy his first apartment building in late 2017.
Leyad has been involved with more than 100 transactions since then, according to Zavriyev.
December 1, 2023
Best picture you can have, happy clients on both sides of a sale. Congratulations to Rosemary and Royalty Holdings for their acquisition of the 72 unit New Dawn apartment portfolio in Sydney, NS.
Thanks to CEO Erika Shea and John Whalley of New Dawn https://newdawnproperties.ca for all their assistance in providing me with the endless paperwork required to make the sale a realty.





November 26, 2023
It's been a busy year for the Maruti Empire https://marutiempire.com/ & ROI Group with the opening of new stores
in Bridgewater, Sydney, St. John's, NF, St. John, NB, Stratford, PEI and the beautiful new Best Western in
Parry Sound, ON. More stores in the pipeline and always looking for quality locations.
Drop me a note if you think you have the right location for us.
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November 21, 2023
HALIFAX SHOPPING CENTRE SOLD
Primaris REIT (PMZ.UN-T) is continuing to buy premium retail properties across Canada, announcing Monday morning it has an agreement to acquire the Halifax Shopping Centre and the Annex for $370 million.
Together, the properties comprise 974,000 square feet of retail and commercial space.
The Halifax Shopping Centre has annual sales of over $1,000 per square foot, and comprises approximately 562,000 square feet on 20.9 acres of land. It is anchored by large-format stores including Walmart, Sobeys and Dollarama and also has significant densification potential.
“We are very pleased to add Atlantic Canada’s premiere shopping centre complex to the Primaris portfolio,” said Alex Avery, chief executive officer of Primaris, in the announcement. “This acquisition further demonstrates Primaris as an attractive buyer for Canadian pension fund vendors of market leading Canadian shopping centres, with multiple discussions continuing for further acquisitions.
“Primaris is uniquely positioned as a buyer, with institutional scale as the second-largest owner-operator of enclosed shopping centres in Canada with proforma assets of approximately $3.9 billion, a differentiated financial model featuring a very well capitalized balance sheet, and a clear mandate for growth.”
It has been managed by Cushman and Wakefield Asset Services.
The asset is the second major Canadian retail acquisition for Primaris in 2023. The REIT also bought the Conestoga Mall in Waterloo from Ivanhoé Cambridge this spring for $270 million – meaning it has invested $640 million in major enclosed retail facilities so far this year.
Extensive future development potential
The Halifax Shopping Centre property is designated as a future growth node by the city, which allows for a master-planning application for approximately 1,800 residential units plus a mixed-use component. Future phases of allowable development could include approximately 5,500 additional residential units.
The shopping centre has 69 per cent in-place occupancy, and 96.2 per cent committed occupancy including leases commencing over the coming months as part of the $54-million Sears redevelopment including Simons, Winners, Dollarama and PetSmart.
The centre also underwent about $70 million of upgrades, including a food court expansion, in 2017.
The facility is certified BOMA BEST, and other notable tenants include large-format Sport Chek and Zara, stores as well as Apple, Aritzia, Michael Kors, Victoria’s Secret, Browns, Nespresso, Sephora and Lululemon.
“Halifax Shopping Centre and the Annex exemplify the quality and market leading nature of Primaris REIT’s target acquisition profile. The shopping complex is extremely well located in central Halifax, adjacent to Halifax Transit’s Mumford Terminal and at the gateway to the Halifax peninsula, with a market leading position in one of Canada’s fastest growing mid-sized population centres,” said Patrick Sullivan, president and chief operating officer of Primaris, in the announcement.
“With very strong sales performance trending above $1,000 per square foot, this acquisition enhances the REIT’s portfolio value proposition with retailers, and offers a significant income growth opportunity consistent with the growth we see ahead for our existing assets.”
Annex includes major transit terminal
The Annex is an open-air centre comprising 412,000 square feet adjacent to Halifax Shopping Centre and is the site of the Halifax Transit Mumford Bus Terminal, one of the city’s busiest. It has 99.7 per cent in-place occupancy, and 93.9 per cent committed occupancy including the impact of Winners moving to Halifax Shopping Centre.
The adjoining 187,000 square foot Mumford Road Office Complex has 95.4 per cent in-place occupancy and 96.2 per cent committed occupancy.
Primaris will fund the acquisition via $200 million in cash, $45 million of series A units and $125 million of exchangeable preferred units in a newly formed subsidiary LP at a rate of six per cent.

September 12, 2023
Renderings and Public Dashboard Site Unveiled for rapid housing initiative
coming to the North End of Sydney.
The RHI building will house adult individuals and couples from the CBRM who are currently homeless or at risk of homelessness and face barriers to being housed without support.
The construction of the building is being led by general contractor and builder, Dora Construction, and architect, Passive Design Solutions (PDS). Dora and PDS have decades of experience working on development projects like the RHI building, including True North and Sunflower Court in the Halifax Regional Municipality.
The RHI development will be completely net zero and have solar panels installed to provide for the building's heating and power needs, with the potential of selling surplus power back to the grid.
Development of the site is set to begin in September 2023 and will have residents living in the building by 2025.
After significant study about the design of the building and health of the trees on site, it is determined that eight trees will need to be removed. The first phase of construction will consist
of the removal of these trees on New Dawn's property. The trees will be milled and given a new life as the wood will be used as decorative accents in the interior design of the building.
Additional milled wood will be passed on to the community for free thanks to a partnership with the Sydney Makerspace who will distribute the wood to those who would like to use it in their own building and art projects. More details about the program will be provided in the coming months.
The RHI building development, made possible by funding from the Government of Canada's Rapid Housing Initiative and the Federal Homelessness Strategy's Reaching Home Initiative, isn't just about housing; it's about fostering a sense of belonging and community.
Incorporated in the building design is an inviting communal space that encourages residents to participate in social interaction, time with friends and family, and program participation. The design also reveals a reception and wellness area which will be staffed 24/7 by the building's operating partner, the Ally Centre of Cape Breton, to provide support and resources to residents.
"The residents who will live in the RHI Building are contributing members of our community. They will be bringing with them a diverse range of knowledge and talent, which has often been
hid den in poverty, to our neighborhood," says Christine Porter, Executive Director, Ally Centre of Cape Breton. "Most importantly, the individuals who move into the RHI building have been struggling immensely with housing and the many physical and mental consequences that come from precarious housing."
"As the operating partner of the RHI building, residents will have access to 24-hour support from our highly skilled and compassionate team and receive essential services to nurture both their physical and mental health," says Porter.
New Dawn's CEO, Erika Shea, says that this rapid housing development is a testament to the organization's belief in the power of compassion, collaboration, and community.
"For the last twenty years, New Dawn Enterprises has operated almost 30 Supportive Housing for Individuals with Mental Illness (SHIMI) units in the CBRM. This development is a continuation of our ongoing dedication to supporting vulnerable individuals within the CBRM," says Erika Shea, CEO, New Dawn Enterprises.
As the landlord of the RHI building, New Dawn Enterprises emphasizes their commitment to education and transparency throughout the project.
n effort to answer questions and provide updates on the RHI building development, they have created a Public Dashboard which will act as an ongoing information hub for the general public, North End residents, and future residents of the RHI Building

September 6, 2023
Over 30-years in operation, Urban Barn is a chain of over 50 contemporary furniture and accessories stores
in the larger markets from British Columbia to Quebec. In addition, the company also has about
30 warehouse/pickup locations in those provinces.
Urban Barn specializes in furniture and accessories for the living room, dining room, bedroom and kitchen
along with a growing choice of décor and accessory items.
The stores feature a curated selection of home décor in design styles from urban contemporary to modern
rustic, catering to a clientele ranging from city apartments to suburban homes.
Don Gregor at Aurora Realty Consultants Inc., who, along with Jeri Brodie, Laurel Ann Baker and Peter Constable
at Aurora Realty, are responsible for the chain’s national real estate search, reports that due to potential relocations of existing stores, a search is underway for locations in the Ottawa area and downtown Toronto.
Units in the 5000 to 7000 square foot range in well located retail areas are targeted. Gregor is handling the search in the Ottawa region focusing on the Nepean, Barrhaven, Westboro, Centretown, Hunt Club, Riverside and Orleans areas. In the Toronto area, Ms Brodie and Ms Baker are concentrating on the area from Dovercourt Rd to Augusta Ave. with King St West, Front St West and Liberty Village being secondary areas of interest.
Peter Constable handles the Atlantic Region focusing on the Halifax/Dartmouth, Moncton and St. John markets.


September 20, 2022
Another fantastic day at goeasy's 15th annual golf tournament in support of Boys and Girls Clubs of Canada.
To date they have raised over $ 500,000 for this amazing cause.
Thanks to the The Club at Bond Head for all their hard work hosting the event.




April 6, 2023
Sugarmarmalade Comes To Halifax!
Congratulations to Martin and Sinje on opening the first Sugarmarmalade in Atlantic Canada. http://www.sugarmarmalade.com
Over the last two years they persevered through a pandemic, labour/material shortages, construction delays
and wild price swings for equipment.
In true entrepreneurial style, they fought through it all at got it done. Stop down to 1452 Brenton Street and
try one of their amazing deserts.




January 7, 2023
So Truro wins the "who opens first" award!
The new Pizza Hut store opened this week at
160 Robie Street in Truro to great fanfare.
We currently have construction underway for 7 more
new stores in St. John's, NF, New Minas, NS,
Sydney, NS, New Glasgow, NS, Bridgewater, NS,
Stratford, PEI, and of course our sister brand,
Taco Bell in St. John, NB.
Three more in the pipeline and looking for more
quality locations. Strip center locations preferred,
1,200 - 1,800 sq ft., drive-thru's required for Taco Bell.
Drop me a note if you have something available.

January 12, 2023
Groupe Mach acquiring 2 premiere Halifax office buildings


Groupe Marche - has spent $40 million to purchase the 22-storey 1801 Hollis St., one of the largest office buildings in downtown Halifax and marking the developer’s foray into Atlantic Canada.
Montreal-based Groupe Mach is also on the verge of completing the acquisition of the 207,000 square foot Metropolitan Place at 99 Wyse Rd. in neighbouring Dartmouth. The deal, in the low-$30 million range for the 17-storey building, is expected to close in the coming weeks.
Both buildings are being purchased from Choice Properties.
“These were two large acquisitions,” Groupe Mach president Vincent Chiara told RENX. “Four hundred thousand square feet in that market is pretty substantial. It probably makes us the second-largest landlord downtown in Halifax.”
Chiara said Halifax is “a pretty stable market. We compare it a lot to Quebec City where we’re very dominant.”
The market has about 13.1 million square feet of office inventory according to Q4 2022 stats from CBRE. Vacancy was at 15.2 per cent. Absorption for Q4 was about 81,000 square feet, and for the year 2022 stood at just over 197,000 square feet.
The 1801 Hollis office property
With 223,000 square feet, 1801 Hollis is one of the top four or five office buildings in Halifax, Chiara said. “We’re a value-add landlord and we think that we can add a lot of value to this asset both by its operating costs and the price that we paid that we evaluate to be substantially lower than its replacement cost.”
The purchase price “is south of $200 a foot and that replacement value could be anywhere between $500 to $700 a foot. We have a lot of comfort in the fact we paid a fraction of its replacement value.”
Built in the mid-1980s, 1801 Hollis has a 17 or 18 per cent vacancy rate and major tenants that include HSBC, Public Works Canada, Mercer Canada, MNP and engineering and law firms.
Chiara said Groupe Mach plans to make sure the building is “up to par with the way we operate our buildings” and attractive to existing and potential tenants.
Unlike a lot of institutional investors, “we don’t treat (Halifax) as a secondary market. We like to think that if you’ve got your third line on the ice all the time, you can’t win a hockey game, so we’re hoping to put a first line on the ice and supervise these assets. We’re very hands on and we're going to spend some time in that market and in the community.”
Built in 1985 and renovated in 2020, the building is certified BOMA Best Silver and Energy Star and features change rooms with shower facilities, a full-service cafeteria, bike storage, gym, shared conference rooms and a rooftop terrace.
Metropolitan Place in Dartmouth
Metropolitan Place was built in 1987 and is located beside the MacDonald Bridge and is connected to the Double Tree Hotel by Hilton. Amenities include bike storage, tenant shower facilities, indoor/surface parking, high speed elevators and a full-service restaurant and café.
Groupe Mach will set up a Halifax office and “we intend to be there for the long haul,” Chiara said. “That’s what we do when we acquire assets in a new market.
"We’re there to stay. This is not a purchase and a flip for two, three, five or 10 years.”
Chiara noted his parents landed at Pier 21 in Halifax when they immigrated to Canada in the 1950s, before making their way to Montreal. “I have a little part of me that feels a certain attachment to Halifax because that’s where I guess it all started.”
Mach sees end to work-from-home trend
While some institutional landlords are exiting the sector, Groupe Mach is bullish on the office market.
“We’re of the opinion that work from home is going to have an expiry date and because of that the value of these assets will increase in the coming yers,” Chiara said.
Banks are on board with that strategy “because every transaction we’ve done has been financed by a major bank. They have confidence we can create value with these assets.”
Founded in 2000, Groupe Mach describes itself as the largest private owner in Eastern Canada, with a real estate portfolio of 40 million square feet and more than 230 properties.
Some of its landmark buildings in its Montreal home base include the Sun Life Building, 1000 de la Gauchetière, the CIBC Tower, Place Victoria and the KPMG Tower.


December 8, 2022
Its starting to look a lot like....
Christmas at Ridge on the Chimney
Despite all of the challenges facing the construction industry
over the past two years, Scott & Marco have being bringing
along this project nicely.
Slated for a summer 2023 opening, the cottages are taking
shape and the views, on display already are simply amazing.
Located on the west coast of Cape Breton island, set in a quiet cove between the Margaree river and Inverness, sits Chimney Corner Beach.
Atop the cliffside of the beach is Ridge on the Chimney; the newest destination where you can enjoy the area to the fullest.
With the only private walkway down to the beach, Ridge on the Chimney's exclusive location is sure to provide you with one of
the most unique experiences on the island.
Check back for updates and exciting news.





Oct 19, 2022
Another Fantastic Fundraiser
Fantastic day at the Bond Head Golf Club for the 14th annual goeasy golf classic
in support of Boys and Girls Club of Canada
An incredible 3.8M has been raised to date for this great cause.
Big shout out to the hosts for putting on a first class event. See you next year!


