The Sterling Group leads purchase of malls

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Mall in Corner Brook is company’s second in that city

A trio of malls sold in this province just before Christmas, by Slate Office REIT, were picked up by a buyer with some understanding of Newfoundland and Labrador retail space.

The Marystown Mall is one of three mall properties in this province purchased by a group of investors, led by The Sterling Group, based in Quebec.

The Marystown Mall, Fraser Mall in Gander and Millbrook Mall in Corner Brook were purchased through investment partnerships led by The Sterling Group Inc., headquartered in Quebec.

That company already owns the Valley Mall in Corner Brook.

All together, the properties are valued at more then $9 million.

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The Sterling Group had indicated plans to expand its existing real estate holdings, including diversifying to hold more outside of Quebec.

The company also holds retail properties in New Brunswick and Ontario.

As reported, while Slate Office REIT has sold the malls, it has also invested in office space in downtown St. John’s.

Organizations: Sterling Group, Slate Office REIT, The Sterling Group N.L. officesSlate Office REIT

Geographic location: Corner Brook, Gander, Quebec.That Quebec.The New Brunswick

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Recent comments

  • justin case
    January 05, 2016 - 09:52

    $9M for all three properties seems like a steal to me. I question that number. One new executive home will run you $1M

    • InCB
      January 07, 2016 - 10:19

      That's like comparing apples to oranges. You don't compare a house to a mall. Commercial properties are valued more on their income.