1000 Islands Mall sold for $14M

(Newswatch Group/Bill Kingston, File)

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.

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