For the second time in recent months, a Saint John mall has been put up for sale.
McAllister Place is described as the city’s “dominant shopping destination” in a real estate listing.
The 399,710-square-foot mall sits on more than 79 acres of land on the city’s east side, of which about 44 acres are currently developed.
“With city support for residential intensification, there are plans for a 526-unit residential development on the undeveloped portion of the site,” said the listing.
The mall is currently 98.8 per cent leased and is anchored by Marshalls, HomeSense, Mark’s, Sport Chek, Lawtons Drugs, Party City, The Brick, Dollarama, and GoodLife Fitness.
It is part of Saint John’s “most dominant retail node,” according to the listing, which also includes East Point Shopping Centre, SmartCentres Saint John, and Parkway Mall.
McAllister Place was built in 1975, renovated in 2009, and expanded in 2019.
JLL’s National Retail Investment Group and TD Cornerstone Commercial Realty Inc. have been retained by Primaris REIT to arrange the sale.
Primaris purchased the mall from Cadillac Fairview for $127.8 million in November 2012. The company also owns Regent Mall in Fredericton.
No sale price was listed for the property, which is currently assessed at nearly $70 million, according to Service New Brunswick.
Brunswick Square in uptown Saint John was listed for sale earlier this year. It includes the three-storey shopping centre, 250-room Delta hotel, 19-storey office tower, and nine-storey parking garage with around 730 spaces.
That property is currently owned by Slate Office REIT, which purchased it from Fortis in 2015 for nearly $57.3 million.
