St. Catharines’ Pen Centre sold to Montreal-based real estate developer

The Pen Centre has a new owner, and may be getting a facelift in the coming years.

Leyad — a Montreal-based real estate development firm — announced that they acquired the shopping centre in St. Catharines on Friday morning, and have plans to add residential units to the site.

The price tag? A cool $140 million.

“This is a transformation acquisition for Leyad,” Henry Zavriyev, CEO of Leyad said in a statement.

“The Pen Centre is not only a premier retail destination […] but also a site with extraordinary long-term development potential. We see the opportunity to bring thousands of multi-residential units to this already-thriving hub.”

Leyad says they have no plans of closing the mall, but wish to “maintain and elevate the Pen Centre’s role as the commercial anchor of the Niagara region while actively exploring the site’s mixed-use redevelopment potential.”

The firm says they’re bullish when it comes to retail, with plans to attract more “AAA” tenants at the Niagara Shopping Centre that already includes the likes of Walmart, Sephora, and Lululemon among 180 stores.

This purchase is one of the most substantial retail-real estate transactions in the region in recent years, and the mall sees roughly eight million visitors annually.

The developer gave few details about what they intend to do with the space, but says it’s envisioning elements like fashion and entertainment on the property, starting with a new bowling alley.

No word yet on how many residential units might be added to the site, nor when those plans could be finalized.

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