New ownership for Hamilton’s Lime Ridge Mall in $416M sale

Hamilton’s Lime Ridge Mall has a new owner.

Primaris Real Estate Investment Trust (REIT) has agreed to acquire a 100 per cent interest in the two-level indoor shopping complex from an entity managed by Cadillac Fairview for $416 million.

“The mall produces over $251 million in annual sales, $841 in sales per square foot, and is located in a large and growing market, with access to mass transit,” said Patrick Sullivan, President and Chief Operating Officer of Toronto-based Primaris REIT.

“There is significant opportunity for growth at this centre including leasing up vacant and temporarily tenanted space, and optimizing former department store space,” Sullivan added.

Large tenants at the mall located on Upper Wentworth Street include Sport Chek, H&M and Urban Planet as well as popular chains such as Aritzia, Sephora and Lululemon.

Upon closing of the acquisition, Lime Ridge Mall will become Primaris’ 4th largest shopping centre measured by all store sales volume.

Primaris is Canada’s only real estate investment trust focused on owning and managing enclosed shopping centres. As of this spring its portfolio totalled 12.4 million square feet and was valued at approximately $3.8 billion.

Closing is expected today subject to the “satisfaction of customary closing conditions” in the cash and equity sale.

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