A landmark retail property along Calgary’s iconic 17th Avenue SW, home to the former long-standing Mona Lisa Art Supplies, has sold for $5.55 million, one of the highest-priced land deals in the area in recent years.

Commercial real estate firm JLL represented the seller, the Calgary-based Beeger family, in the transaction.

Ryan Murphy, vice-president of JLL Capital Markets in Calgary, said the total property included two connected buildings: the Mona Lisa Art Supplies location, with 9,337 square feet, and JB Court, with 4,583 square feet, situated on 11,800 square feet of land.

“The original ownership dates back to when there were homes on the property,” Murphy explained. “It’s been a long-term hold. Mona Lisa Art Supplies had been operating there since the 1980s.

“We marketed the property at $4,495,000 and sold it for $5,550,000. On a per-square-foot-of-land basis, that's pretty exceptional. That came out at about $470 per land foot and $157 per buildable foot on three FAR (floor area ratio). That’s very high pricing for the area.”

Murphy listed the property with colleague Casey Stuart, executive vice-president of JLL Capital Markets in Calgary.

Buyer not focused on redevelopment

Murphy explained the decision to sell was driven by retirement and shifting dynamics in the retail landscape.

 “They ran their art supply business from that location, and with changes in the retail landscape, art supplies aren’t as economically viable as they once were.”

The property generated strong market interest. The buyer? Not a typical developer.

“The ultimate buyer was an owner-user, not a developer. They wanted to buy it for their use. It was a competitive process. It became a bidding war to acquire it,” said Murphy, who was not able to identify the new owners due to confidentiality requirements. “They stepped up and bid hard at it, and they're going to buy it to occupy a portion of Mona Lisa.”

Murphy could only divulge the buyers are “three private investors.”

“They plan to occupy the second level of the Mona Lisa building for their office and likely lease the main floor to a tenant.”

The adjacent JB Court building will remain unchanged with a handful of businesses operating at street level. They include Corner-Luxe Consignment, Peppino Gourmet Foods and Josef Saliba Hair Salon.  

Mona Lisa building's prime location

From a market perspective, the property’s prime location and iconic status drove much of the interest.

“It’s in the heart of the 17th Avenue Entertainment District, right across from Tomkins Park. You’ve got a park setting within a high urban area,” Murphy noted. “The foot traffic is phenomenal. It’s a highly urban, vibrant environment. It’s a great spot for retail.”

He noted the Mona Lisa building holds significant emotional value for Calgarians.

“It’s just so well known to so many Calgarians. It strikes a sentimental chord in a lot of people’s hearts when they hear the name Mona Lisa,” he said. “There’s a lot of history with that property, people going there and shopping over the years. There’s just a bit of a sentimental element to it.”

The listing launched in May, and the sale wrapped up within a few months.

“We usually tell clients to expect a six-month-or-more process,” Murphy said, “but in this case, we had excellent real estate, a strong buyer and a great seller. Everyone collaborated and got a deal done.”

Murphy said 17th Avenue’s continued evolution, especially with increased residential density and new retail development, is enhancing the area’s appeal.

“You’re adding more and more residential density into the node, and you’re adding new and exciting retail,” he said. “It ticks every box from an exciting urban environment. This is a case where more development is better and everyone benefits. The tide rises.”

Calgary's retail sector remains strong

In terms of Calgary’s broader retail real estate market, Murphy said the city is performing relatively well.

“The Calgary story is strong,” he said. “There are some challenges, concerns around tariffs and a bit of weakness in multifamily leasing recently, but overall, the market here is doing quite well as compared to other parts of the country.”

John Moss, senior vice-president of CBRE in Calgary, is representing the new owners in finding a tenant.

“The plan is to beautify and modernize the Mona Lisa space. The idea is to build on the existing momentum of 17th Avenue, especially with the success of things like our lululemon deal (half a block away), the success of Analog (a coffee shop next door), (retailer) Kit & Ace and other local and international tenants. The landlord bought the building to build on that,” Moss said. 

“We’re coming in to work with the architect to reposition the asset. Mona Lisa had success there, and the idea is just to modernize and bring a new chapter to the property.”

Moss said the Mona Lisa building itself is unique with about 6,000 square feet. There’s a small landing area at street level then some stairs to a second level space.

He said there are three categories that are being targeted - food and beverage, retail or boutique fitness.

Moss said the landlord would be open to making the upper floor available as well if the right group comes forward in the near future and wants the entire building.