A syndicate of investors represented by an Ontario realty company has purchased the Alberni Mall for $22.8 million from Shape Properties.
Harold Spring, president and CEO of Bayfield Realty Advisors Inc. made the announcement last week.
The mall is 155,442 square feet of open concept shopping in the Alberni-Clayoquot Regional District and includes Canadian Tire, Mark’s, Home Hardware, Boston Pizza, Dollar Tree, The Brick, Paws and Claws and Aaron’s.
Alberni Mall is Bayfield’s first foray into B.C., vice-president of asset management Steve Campbell said. “We run shopping centres across Canada. We like B.C. generally as a place to invest money. The property in Alberni has a strong mix of tenants,” he added.
“We see some interesting growth prospects for Port Alberni.”
There is still room to build on the site too, which was an attractive selling point, Campbell added.
He declined to name the new investors, but said none of them are based in Port Alberni.
Vancouver-based Canreal Management Corporation, has taken over the day-to-day management.