The 676,500-square-foot enclosed shopping centre in Dartmouth, just outside the City of Halifax, was the only retail property owned by Ivanhoé Cambridge east of Quebec. The rest of the firm’s two dozen retail properties, which will be placed under the management of JLL Americas Retail on October 1, are located in cities across the rest of Canada.
Ivanhoé Cambridge has been exploring options for its retail holdings for the past year since announcing a review of its Canadian portfolio.
Financial details of the Mic Mac Mall transaction have not been released. The new owners have brought in Cushman & Wakefield to manage the property.
“Mic Mac Mall is already a phenomenal property and we look forward to elevating the experience even further for our tenants, our guests and our community,” said Ramia in a statement announcing the deal. “This property has been part of the fabric of Atlantic Canada for the last 50 years and we see incredible potential in its future.”
Ramia has been involved in several significant projects in Atlantic Canada, including the downtown Nova Centre in Halifax.
Past and future of the Mic Mac Mall
The Mic Mac Mall property is a prime candidate for redevelopment and/or intensification. Ivanhoé Cambridge had previously planned intensification on a portion of the site, but withdrew the proposal earlier this year. The new owners are considering a mixed-use project to intensify the property, but it is in the very early stages.
“Today is a great day for the future of Mic Mac Mall,” Tamitha Oakley, general manager of the mall, said in the release. “We’re elated that our new ownership group shares our commitment to serving Atlantic Canada and ensuring we remain a vibrant economic hub for people to shop, gather, work and play.”
Built in 1973 at 21 Mic Mac Blvd., the three-level facility has undergone a couple of significant refurbishments over the years. Most recently, Ivanhoé spent about $55 million on a major redevelopment of the 50-acre property that includes upgrades to common areas, store expansions and the arrival of several new retailers.
A major part of that work has been to repurpose a former 120,000-square-foot Target department store in the mall.
It established a series of new retailers in the space including Decathlon, a French sporting goods retailer which has opened several new stores in major Canadian shopping centres.
The work also included new seating in the third-floor food court and a new south entrance.
The mall now comprises over 120 stores and services. Other major tenants include Hudson’s Bay, Winners, Linen Chest, Old Navy, Shoppers Drug Mart, H&M, Urban Planet and Chapters.
Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec.