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.
EDITOR’S NOTE: RENX will update this breaking news article with additional information. Check back later for more…