Primaris REIT Gains Full Control of Former Hudson’s Bay Spaces for Redevelopment
Reuters
Dec 10
Primaris REIT Gains Full Control of Former Hudson's Bay Spaces for Redevelopment
Primaris Real Estate Investment Trust has provided an update on its leasing and redevelopment activities following the full disclaimer of all remaining Hudson's Bay Company leases across its national enclosed shopping centre portfolio. The REIT now controls 1.3 million square feet of former HBC space and 0.5 million square feet of former Sears space. Primaris is advancing negotiations with retailers and pursuing a strategy of executing long-term leases and redeveloping properties to accommodate multiple large format tenants and high-value commercial retail units. Highlights include 516,000 square feet of former HBC space now leased to single tenants, Walmart occupying a 139,000 square foot former Sears location at Lime Ridge Mall, and plans to demolish 303,000 square feet of former Sears space at Les Galeries de la Capitale and Oshawa Centre for retail outparcel development and land sales to mixed-use developers. Master-planning is also underway for 6,300 residential units on excess lands at several malls.
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