Streamliner Properties and Anthem Properties Group have teamed up to acquire the Carlingwood Shopping Centre in Ottawa, a 632,700-square-foot enclosed mall which is home to the largest Canadian Tire location in the country.
The shopping centre sits on a 30-acre property with significant potential for future development and intensification.
Located at the corner of Woodroffe Road and Carling Avenue, it is about 15 minutes west of the city’s downtown core in an area targeted by the city for considerable residential growth in the coming years.
Financial details of the acquisition have not been disclosed.
Streamliner Properties is a wholly owned subsidiary of Minett Capital; both are based in the Toronto area.
In addition to the Canadian Tire outlet, the shopping centre is also anchored by Loblaws, Dollarama, a Rexall Pharmacy and three Schedule I banks.
Canada’s largest Canadian Tire store
The Canadian Tire outlet, which was constructed specifically for the retailer, is a sprawling two-storey, 263,500-square-foot facility which includes a full-service auto centre. The store opened about two years ago and has approximately 18 years remaining on its lease.
The mall is surrounded by established residential communities and numerous planned residential and mixed-use developments along the Carling Avenue corridor, which will soon have nearby access to Ottawa’s expanding light rail transit system.
“While Ottawa may be a new region for Streamliner, this location represents a truly nostalgic return to Ottawa for me, having grown up around the corner from this mall,” said Alan Greenberg, CEO of Streamliner and Minett Capital, in the announcement.
“To say I am excited to provide my years of leadership in both real estate and green technology to a development of this scope and substance is an understatement.
“Our aim is to create prime urban communities where people live, work and play. Superior design, close proximity to services and a commitment to green living will enhance the experience for multiple generations.”
For Anthem, the partnership represents a geographic expansion into Ontario.
“Anthem is pleased to be partnering with Streamliner and Minett Capital on the ownership, operations and value-add components of Carlingwood Shopping Centre. This investment is the first of what we hope will be many more in major Ontario markets, as we expand our management platform from Western Canada,” Eric Carlson, the CEO of Anthem, said in the announcement.
“We anticipate that the reset in real estate ownership brought on by changes in capital allocations, in turn brought on by inflation and higher interest rates, will facilitate this strategic shift. Carlingwood, as a landmark shopping destination for the Ottawa region, is a tremendous opportunity to kick off this strategy.”
Transit hub, redevelopment potential
The shopping centre currently hosts an on-site hub for several bus transit routes. It is in close proximity of the soon-to-be-completed New Orchard Station on the city’s light rail transit (LRT) line.
“It offers a prime location for much-needed incremental residential density,” the companies state in the announcement. “An important part of future residential development planning will include a phased approach to maintain some consistency for the neighbourhood and commercial uses.”
In the near term, the Ottawa retail sector continues to be strong with year-over-year sales growth of 9.7 per cent, positive absorption and low vacancy.
Carlingview includes 2,140 surface parking stalls and two open-air parkades. Both Carling and Woodroffe are major arterial hubs in the west end and the site attracts more than 280,000 visitors monthly.
Carlingwood had been marketed by TD Securities and the Cushman & Wakefield Ottawa office for its property manager Strathallen.
Streamliner Properties and Anthem Properties Group
Streamliner Properties is a wholly owned subsidiary and the real estate arm of Minett Capital. Minett Capital is an investment firm that combines expertise in real estate development with venture capital opportunities focused on the growing proptech market.
Founded in 1991, Anthem has built a team of more than 750 employees and has invested in, developed or managed more than 385 residential, commercial and retail projects across North America.
Its growing residential portfolio includes 31,500 homes that are complete, in design or under construction, from master-planned mixed-use residential and multifamily, to townhome, rental and single-family communities.
It owns, co-owns, manages or has previously owned over 10 million square feet of retail, industrial and office space. The firm has developed more than 60 communities across 9,000 acres in Alberta, British Columbia and California.