BROCKVILLE – The city’s major mall and retail focal point from Highway 401 has been sold to a real estate investment trust for $14 million.
Plaza Retail REIT announced last week it had reached a deal to buy the Parkedale Avenue 281,000 square foot property for $14 million from Strathallen Property Management Inc.
The deal will be done through a cash and financing arrangement ($4.9 million cash and $9.1 million financing).
Plaza plans to redevelop the property into a 155,000 square foot multi-unit retail strip plaza.
CEO Michael Zakuta says the deal comes on the heels of a similar deal for a Quebec property which was also previously leased to Sears.
The company says it’s already in discussions with potential tenants for the site.