Reinvention of Niagara Square property gains momentum with new Costco
November 13, 2020
TORONTO, ON — (November 13, 2020)
It became obvious to Bayfield Realty that the retail concept of the site as it existed wasn’t sustainable.
The long-awaited grand opening of the huge Costco store at Niagara Square on Friday might have grabbed headlines, but the company that owns the former mall property wants to make it clear that it has many more plans for the property off McLeod Road.
Bayfield Realty Advisors of Toronto purchased the property together with RioCan REIT in 2010 when it was a hybrid retail centre consisting of about 180,000 square feet of enclosed mall space and 210,000 square feet of big-box stores such as Future Shop and other standalone businesses such as the Cineplex movie theatre.
Malls in many cities in North America, which once ruled the retail landscape, have struggled in recent years with the surge in online shopping and competition from standalone big-box stores.
“It became apparent to Bayfield in 2016 that the retail concept of the shopping centre as it then existed was not sustainable,” said Bayfield chief investment officer Ron Perlmutter.
So, he said, Bayfield opted to purchase RioCan’s stake in the property and then developed a strategy for the reinvention of the shopping centre.
The retail model it opted for was that of a “well-anchored, service-oriented, easily navigable, modern, open format retail centre (that) would include a number of successful destinational retailers,” which would return the site to being the dominant retail centre in Niagara Falls, said Perlmutter.
That led to the demolition of the enclosed mall portion of the property and the renovation or construction of an additional 70,000 square feet of space and “pad buildings,” as well as planning for improved pedestrian and vehicle traffic circulation, Bayfield said.
But the company knew that for the plan to work, it needed a very big draw. “If the project was to be successful, it required bringing a large, popular retail anchor to the site and the retention of the existing successful (big) box retailers and the two banks (that) were tenants of the enclosed mall,” said Perlmutter.
The company landed its anchor store when it attracted Costco, which was a major draw at its location near the YMCA in St. Catharines. The new 155,343-square-foot warehouse store with a full-scale gas bar opened its doors at 7 a.m. on Friday and saw big crowds throughout the day.
Bayfield also needed to attract additional popular tenants to the site. Perlmutter said new Dollarama and Giant Tiger locations will occupy 10,000-square-foot and 27,500-square-foot stores, opening soon.
The Bank of Montreal and CIBC, which were tenants of the former enclosed mall, have relocated to drive-thru buildings in the parking area on the QEW side of the site.
Perlmutter said Bayfield built a brand new 25,000-square-foot store for Winners, a very popular store in the former mall, and is in the process of completing an 8,000-square-foot addition to the existing 20,000-square-foot Brick store.
Other tenants of the existing shopping centre, which are remaining on the site and which Perlmutter said will enhance the merchandise offerings of the shopping centre, are Michaels, Jysk and World Gym.
The Mandarin restaurant will also remain on the property and new restaurants will be coming, said Perlmutter.
“And of course the premier movie theatre of the Niagara region, the Cineplex Multiplex, will continue to be an important tenant and destination for the shopping centre,” he said.
Perlmutter said further developments and announcements for the shopping destination will be forthcoming.
Mayor Jim Diodati said in a news release that the opening of the Costco store “will act as a catalyst for this retail node in a high-growth area” in the city’s booming south end.
Bayfield Realty Advisors Inc. is pleased to announce that the Niagara Square Shopping Centre will be the site of a new store to be opened by a major North American retailer.
October 19, 2018
TORONTO, ON — (October 19, 2018) — Bayfield Realty Advisors Inc. (Bayfield) is pleased to announce that the Niagara Square Shopping Centre in Niagara Falls, Ontario will be the site of a new store to be opened by a major North American retailer. The store will serve as a strong new anchor for Niagara Square, (currently the subject of a significant and exciting redevelopment) in the rapidly expanding west end of the City of Niagara Falls.
Bayfield initially met with Mayor Jim Diodati and City Staff three years ago to discuss the redevelopment of Niagara Square. Through his leadership and persistence, he was able to help us bring the Retailer to Niagara Falls. His meetings and discussions with their representatives proved instrumental in the company’s decision to select the Niagara Square site as a natural location for their next store.
Harold Spring, President and CEO of Bayfield commented:
“We are excited about our revitalization of Niagara Square and to be a significant part of the rapidly growing west end retail node of the City. The Retailer’s representatives were impressed with the vision and direction for the City that Mayor Diodati shared with them. They were excited to hear about the new Niagara South hospital, Go Train service to Niagara Falls and other developments taking place in the City, all of which helped solidify their decision to locate a new store at Niagara Square.”
While details were being finalized, we appreciate that the City has kept the process involved with bringing this significant retail firm to Niagara Square confidential. Clearly, the City understood the sensitivity and what was required to ensure the success of this type of business negotiation.
The new store will be part of a multi-million dollar investment by the owners of Niagara Square and will be the main anchor store at the Niagara Square Shopping Centre. The store will be over 100,000 square feet in size and include additional amenities to serve customers. The new store is expected to be open in Niagara Square in 2020.
Bayfield Realty Advisors Announces Acquisition of a 100% Interest of Southview Centre
March 13, 2017
TORONTO, ONTARIO – (Marketwired – March 13, 2017) – Harold Spring, President and CEO of Bayfield Realty Advisors Inc. is pleased to announce the acquisition of a 100% interest in the Southview Centre in Medicine Hat, Alberta for a gross purchase price of $28.1 million
The property comprises a single-storey open-format 165,142 s.f. retail centre anchored by London Drugs, Winners, Michael’s, The Brick and Giant Tiger and two pad sites occupied by TD Canada Trust and Tim Hortons. McCOR Management will manage and lease the property and Bayfield will act as asset manager.
Bayfield Realty Advisors Inc. announces the acquisition of the remaining 50% interest in The Shops of Pickering Ridge and adjacent development lands
April 5, 2016
TORONTO, ON – (Marketwired – April 05, 2016) – Harold Spring, President and CEO of Bayfield Realty Advisors Inc. is pleased to announce the acquisition of the remaining 50% interest in The Shops of Pickering Ridge and adjacent development lands owned by a public fund administered by Sunstone Realty Advisors for the price of $30.75 million. The properties are located in the City of Pickering in the Province of Ontario and comprise a modernized open format 280,000 SF shopping centre and approximately 9 acres of vacant land adjacent to the shopping centre held for commercial and/or residential development.
The Shopping Centre has been the subject of a massive redevelopment and re-tenanting programme from mid-2013 to date and approximately $7.7 million has been spent in relation to this programme. The property sits at the northeast corner of Brock Road and Hwy 401. Brock Road is the main Pickering on/off ramp with respect to Hwy 401. The property has approximately 2,000 feet of frontage on Hwy 401.
Bayfield Realty Advisors Announces Acquisition of a 100% Interest in an 8 property portfolio
February 1, 2016
TORONTO, ONTARIO – (Marketwired – Feb 1, 2016) – Harold Spring, President and CEO of Bayfield Realty Advisors Inc. is pleased to announce the acquisition of a 100% interest in a 51,386 sf 8 property portfolio, comprised of 10 free-standing retail pads in Ontario and Québec for a total price of $15,230,000. The Portfolio is 100% leased and features a weighted average lease term (“WALT”) of more than 5 years. 99% of the Portfolio is leased by national, publicly-traded covenant tenants (Shoppers Drug Mart, Tim Hortons, Harvey’s, Pizza Hut, Scores, Madisons and Carquest). The Portfolio’s tenancy profile comprises three strong retail sectors – food, automotive and pharmacy. COGIR will manage and lease the propertiesand Bayfield will act as asset manager.
Bayfield Realty Advisors Announces Acquisition of a 70% Interest of Confederation Mall
October 27, 2014
TORONTO, ONTARIO–(Marketwired – Oct 27, 2014) – Harold Spring, President and CEO of Bayfield Realty Advisors Inc., is pleased to announce the acquisition of a 70% interest in the Confederation Mall Shopping Centre in Saskatoon, Saskatchewan for a gross purchase price of $33.6 million.
The acquisition will permit Bayfield to complete the balance of its redevelopment program with respect to the shopping centre which is expected to cost approximately $6 million. Confederation Mall is a 330,000 SF Tier 2 regional mall anchored by 3 brand new stores – a 130,000 SF Canadian Tire and Mark’s, a 50,000 SF Safeway supermarket and a 25,000 SF Winners. Additional renovations will include a new and expanded food court, new washrooms, storefronts, entrances and improvements to the exterior, common areas and facilities.
Bayfield Realty Advisors Announces Acquisition of Carrefour Pelletier
June 13, 2014
Mr. Harold Spring, President and CEO of Bayfield Realty Advisors Inc. (Bayfield), today announced that Bayfield has completed the acquisition of a 79,530 sf single storey food and drug anchored strip centre in Brossard (South Shore, Montreal), Quebec for $14,500,000. The property, located on Taschereau Boulevard, which is the major commercial artery in the area, is anchored by Marché C & T, Shoppers Drug Mart (Pharmaprix) and Banque Nationale. COGIR will manage and lease the shopping centre and Bayfield will act as asset manager.
Bayfield growing with retail in better secondary markets
October 23, 2013
Bayfield REIT has a nice ring to it – except that it never happened. Last year, Toronto’s Bayfield Realty Advisors Inc. looked at turning itself into a REIT and ultimately decided against the move.
“I didn’t feel good about the market, so we didn’t,” Harold Spring, Bayfield’s president and CEO, said in a phone interview. “We thought the market just might not be as good when we came to market and we didn’t want to take the risk.”
As it turns out, it was a good move. The REITs have lost about 30 per cent in their value over the course of the year.
It’s the sort of prescient management that has helped turned the acquisition, asset management and development firm into a player in the retail market in the last eight years.
Bayfield Realty Advisors Announces Acquisition of Alberni Mall
October 17, 2013
TORONTO, ONTARIO–(Marketwired – Oct 1, 2013)- Mr. Harold Spring, President and CEO of Bayfield Realty Advisors Inc. (Bayfield), today announced that it has completed the acquisition of a 155,442 sf single storey open format community shopping centre in Port Alberni, British Columbia for $22,800,000. The property, located within the Alberni-Clayoquot Regional District, is anchored by Canadian Tire/Mark’s Work Wearhouse, Dollar Tree and Boston Pizza, and was newly redeveloped in 2012 to include Home Hardware, the Brick, Aaron’s Furniture and Paws & Claws. The property is strategically located within the dominant retail node of Port Alberni, at the convergence of Highway 4 and Cherry Creek Road. Canreal Management Corporation will manage the shopping centre and Bayfield will act as asset and leasing manager.
Bayfield Realty Advisors Announce Sale of 110 Yonge Street
October 1, 2013
TORONTO, ONTARIO–(Marketwired – Oct 1, 2013)- Mr. Harold Spring, President and CEO of Bayfield Realty Advisors Inc. (Bayfield), today announced that Bayfield has sold its 50% interest in 110 Yonge Street, The Canada Trust Building, a 150,323 square foot office building within Toronto’s downtown financial core, at the southwest corner of Yonge and Adelaide Streets. The 50% interest in the building was purchased in July of 2009 for $21,250,000 and was sold for more than $30,000,000. The property was sold to take advantage of historically low capitalization rates and strong demand for core financial office properties.