There won’t be ‘For Sale’ signs on Cambrian Mall, Churchill Plaza or Pine Plaza.
At least, not yet.
That from RioCan Real Estate Investment Trust, the company which owns the three Sault Ste. Marie shopping centres.
“It is business as usual for our properties in Sault Ste. Marie,” replied Christian Green, RioCan investor relations & compliance assistant vice president, in an email to SooToday from RioCan’s Toronto head office Tuesday.
“As we are at the early stages of a two to three year process, we are not providing details about the individual properties at this time. We will have more information as the sales process unfolds, and we will update our stakeholders in the communities we serve accordingly,” Green wrote.
The reply comes after it was announced by RioCan Monday it will be selling off properties in ‘secondary markets’ as it focuses more on beefing up its presence in six major markets in Canada.
RioCan’s plans to sell off approximately 100 properties worth more than $2 billion.
The decision from RioCan comes as Algoma Central is in the process of selling off much of its non-shipping property in Sault Ste. Marie.
That company recently announced it has sold Station Tower, but it has put its plans to sell Station Mall on hold after the demise of Sears, one of the Station Mall’s anchor stores.
RioCan’s Cambrian Mall includes major players such as Canadian Tire, Rome’s, Shoppers Drug Mart and Winners.
Churchill Plaza includes A&P/Metro, Dollarama and The Beer Store, while Pine Plaza includes Food Basics.