SBLP ORANGEVILLE MALL INC AND STRATHALLEN CAPITAL CORP
ORANGEVILLE MALL REDEVELOPMENT
Toronto, Ontario (November 25, 2019) – Strathallen Capital Corporation would like to announce our plans to redevelop Orangeville Mall in Orangeville Ontario, located in the northwest radius of the Greater Toronto Area. Orangeville Mall was acquired in October 2017 as part of Strathallen’s Fund 4 acquisition of 44 properties.
Strathallen Capital has received approval from the Town of Orangeville to proceed with the redevelopment of Orangeville Mall and has reached agreements with key retailers, which will bring substantial change to the Mall as it exists today with the elimination of the enclosed common area and the introduction of new retailers to the Orangeville market.
The renovated Mall will benefit from $12M in new investment, creating space for new retailers and an improved shopping experience. “It’s remarkable to witness the development and growth of this community and now we believe is the time to contribute to that momentum through the redevelopment of Orangeville Mall. We recognize the community importance of the Mall and we are excited to reinvest in this property to accommodate the growing retail and service needs of the community. We believe that the decisions and partnerships we negotiated with local and national retailers will greatly benefit the expanding Orangeville area and we look forward to being part of the continued growth and prosperity of Orangeville,” said Ben Cressman, Senior Asset Manager for Strathallen Capital.
Redevelopment will commence in the fall of 2019 and continue for 12 months. The portion of the property fronting First Street will be the first phase of the project totaling roughly 43,000 square feet of new retail space, with the first retailer opening in Spring 2020. Phase two, commencing in the second quarter of 2020, will focus on the Hansen Boulevard frontage and will offer roughly 23,000 square feet for community service-based tenants.
“We’re excited to be part of the continued growth along Hansen Blvd., which will eventually form one of Orangeville’s main arteries connecting the East/ West neighborhoods. Recognizing this continued growth, we want to curate our Hansen frontage with businesses who will provide direct convenience to the neighborhood and will contribute to the Town’s progressive development plan for this vital corridor,” added Mr. Cressman.
Orangeville Mall will continue to remain open through the redevelopment process. Phase one has been fully leased while Phase two is partially leased with remaining opportunities in a range of unit sizes. Project completion is slated for the end of 2020.
About Strathallen Capital Corporation
Strathallen Capital Corp (SCC), is a fully integrated Canadian real estate management platform with over $1.2 billion in assets under management. SCC provides asset management, property management and strategic advisory services to institutional and high net worth investors.
With extensive investment management expertise in both retail and industrial assets, we continue to maintain our proven track record of executing value-add and core investment strategies.
For more information on Strathallen Capital, visit www.strathallen.com.
For more information, please contact:
Senior Asset Manager
Strathallen Capital Corp.
Vice President of Leasing
Strathallen Property Management Inc.