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CTV News
7 days ago
- Business
- CTV News
Group looking for buyers for Sault mall ‘excited' about the opportunity
While it's been a tough few years for the Station Mall in Sault Ste. Marie, the real estate group seeking buyers says it's an attractive property for many prospective owners. While it's been a tough few years for the Station Mall in Sault Ste. Marie, the real estate group seeking buyers says it's an attractive property for many prospective owners. Since 2017, the mall lost two of its anchor tenants – Walmart and Sears – and struggled with many other malls as shoppers worldwide increasingly went online, particularly during the COVID-19 pandemic. sears Liquidation sales begin at 54 locations across the country, including at the Station Mall in Sault Ste. Marie. A sale to SM Holdings in June 2022 for $30 million floundered when the group failed to pay $18 million of a take-back mortgage due in June 2024 to Algoma Central Corp., the original mall owners dating back to the 1970s. 'A court order imposed a deadline of Jan. 16, 2025, for the full mortgage amount, including accrued interest, to be paid,' Algoma Central said in an update to shareholders. 'The repayment deadline was not met and the court has ordered commencement of receivership proceedings to recoup the mortgage.' B. Reilly Farber was appointed receiver. In turn, it selected CBRE, a commercial real estate firm, to take the lead in lining up potential buyers for the mall. Station Mall has around 475,000 square feet of space that can be leased on 35 acres of downtown property on the waterfront along the St. Marys River. Station Mall announced $60M redevelopment In an interview with CTV News, CBRE vice-chairman Mike Czestochowski said while building new commercial properties right now is a major challenge because of costs, finding buyers for older retail is a much easier sell. Properties such as the Station Mall are more attractive because the infrastructure is in good condition. 'All that's happened has strengthened older retail,' Czestochowski said. 'The mall itself is in really good shape. It's being managed by CBRE and when we walked through it, I was pleasantly surprised at how good everything looked -- it's in really good shape.' The mall also has zoning in place to allow for redevelopment opportunities, including residential and commercial uses. Lauren White, an executive vice-president with CBRE, said the property has been on the market for a couple of weeks. 'We haven't set an offer date yet – we'll probably do that in the coming weeks,' White said. 'It's early in the process, but we are happy with the level of activity so far.' 'The mall itself is in really good shape. It's being managed by CBRE and when we walked through it, I was pleasantly surprised at how good everything looked -- it's in really good shape.' — CBRE vice-chairman Mike Czestochowski Once an agreement is in place, she said the sale would have to receive court approval. Czestochowski said that usually the likely buyer emerges as the process unfolds. 'In most cases, it's pretty clear,' he said. 'By the time you go through the process, multiple rounds of offers, generally, someone stands out. By the end of it, we know who is best suited and is one to pay the best price for the mall.' Currently, almost 54 per cent of the mall is vacant, but that figure is largely driven by the absence of the two anchor tenants, Sears and Walmart. Czestochowski said when dealing with potential tenants, it's often easier to rent large spaces than smaller ones. 'When I see big chunks of empty space, I'm not as worried – I'm more worried about 1,000 square feet than I am about 50,000 square feet,' he said. 'Fifty thousand doesn't come along very often. So the tenants that would fill that space … really take note when space like this comes up in a mall that's so well located.' Station Mall The owners of Station Mall in Sault Ste. Marie are keeping tight-lipped about their plans for the former Sears store. (Mike McDonald/CTV News) While CBRE wouldn't sign leases on behalf of the mall, they are speaking with potential tenants about the opportunity to lease. 'We're not as concerned about that vacant space,' Czestochowski said. 'We feel that with proper marketing and discussions, we can fill it.' White added that they're having ongoing discussions with potential tenants interested in the Station Mall. And Sean Comiskey, a senior vice-president with CBRE, said with strong ownership in place, he's confident in the mall's prospects. 'Tenants, you know, in the past may not have liked the partnership and therefore may have bypassed the space for another piece of space in the market,' Comiskey said. 'With a good operator in place. We don't see this vacancy lasting too long.' For his part, Czestochowski said they are happy to have the opportunity to help revive the mall. The company has a history in the Sault, and on a personal level, he has family who live in the city. 'I can tell you, when I got the call from the receiver to put forth a proposal, I was excited,' he said. 'I knew that it would generate a lot of interest … So at this point, we're very happy with the activity level and we're happy to have the listing.'
Time of India
18-05-2025
- Business
- Time of India
Victoria Day 2025: What's open and closed on the holiday
Victoria Day is more than just a long weekend—it's a time-honoured Canadian tradition that marks the unofficial start of summer and pays tribute to a monarch who played a symbolic role in the nation's history. The holiday honours Queen Victoria, who reigned during Canada's Confederation and is often referred to as the 'Mother of Confederation.' Victoria Day has been officially celebrated in Canada since 1845, making it one of the country's oldest public holidays. It was originally observed on May 24, Queen Victoria's birthday, but in 1952, the federal government fixed it to the last Monday before May 25 to ensure a consistent long weekend. Over time, it has become known for backyard barbecues, fireworks, parades, and the opening of cottages and garden centers as Canadians welcome the warmer season. This year, Victoria Day falls on Monday, May 19, and with it comes a number of closures and schedule adjustments across retail, public services, and transportation. Here's what you need to know. Retail and pharmacies The majority of retail stores will be closed on Monday, so it's a good idea to do your shopping in advance. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Click Here! Expertinspector Click Here Undo However, some Shoppers Drug Mart and Rexall locations will stay open with adjusted hours. Make sure to check local listings or call ahead, as hours vary by store. Essential services Most gas stations and convenience stores will remain open, providing access to essentials throughout the day. Banks, however, will be closed for the holiday. If you were hoping to buy alcohol, take note: LCBO and Beer Store locations will be closed on Monday, so make sure to plan ahead for your long weekend celebrations. Malls and entertainment Both Cambrian Mall and Station Mall will be closed on Victoria Day. That said, if you're looking for indoor entertainment, the Galaxy Cinema at Station Mall will be open, offering both matinee and evening movie screenings. Public services and transit Canada Post will suspend mail delivery for the day, and all local schools will be closed. Public transit services, including buses and parabus, will not be operating on Monday, May 19. Regular service will resume the following day, Tuesday, May 20. Waste collection There will be no garbage, recycling, or yard waste pickup on Victoria Day. As a result, waste collection for the remainder of the week will shift by one day later than usual.
