Montreal’s Leyad takes over retail center, plans new brand options
The real estate company Leyad, based in Montreal, has purchased the Intercity Shopping Centre located in Thunder Bay.
This large shopping venue, spanning 456,430 square feet right in the city, is recognized as the leading shopping hub for northwestern Ontario, according to a news release from June 3.
Leyad aims to maintain this status with redevelopment initiatives aimed at bringing “substantial new investment” that will generate jobs and strengthen the mall’s position as a top retail destination in the area.
The announcement did not include details about the purchase price. The mall was previously listed for sale by its former owner, Healthcare of Ontario Pension Plan.
Leyad has plans to fill some empty spaces with fresh retailers. They are finalizing agreements with several new national and international brands to develop and occupy parts of the old Sears location, which has been vacant since 2015.
A brand-new Sport Chek store is set to open at the site, which Leyad stated will enhance the mall’s retail offerings.
Leyad holds a diverse portfolio including retail centers, multi-residential properties, hospital facilities, and industrial sites. The company focuses on acquiring and repositioning properties they believe have hidden potential. A recent addition to their portfolio is the St. Vital Shopping Centre located in Winnipeg.
“This investment reflects our confidence in the strength of the market, the community, and the long-term future of the centre,” said Henry Zavriyev, president of Leyad, in a statement. “We see tremendous opportunity to modernize the property, attract exciting new retailers, and create a best-in-class shopping experience for the region.”
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