Garden City Mall was acquired as a ~290,000 sf well-performing enclosed mall anchored by Canadian Tire and Winners, and shadow-anchored by Sears. Throughout the course of our ownership, culminating with the closure of Sears, we identified a number of value-enhancing scenarios that ultimately led to Garden City becoming a 375,000 sf dominant destination anchored by Canadian Tire, US-based specialty grocer Seafood City, Michaels, Winners and Goodlife.
Expanded a 290,000sf enclosed mall to a 375,000sf grocery-anchored mall
Purchased vacant Sears’ shadow-anchor and established a multi-tenant expansion
Estimated NOI increase of ~140%