McAllister Place mall in Saint John up for sale

McAllister Place in Saint John hits the market A mall in Saint John has recently hit the market, with lots of potential for future buyers.

Saint John’s largest shopping centre is now on the market.

According to a real estate listing from JLL’s National Retail Investment Group and TD Cornerstone Commercial Realty Inc., the pair (collectively known as the “Advisors”) have been chosen to arrange the sale of McAllister Place. The site is currently owned by Primaris REIT, a Canadian company that focuses on the nation’s enclosed shopping centre industry according to their website.

The 399,710 square foot mall sits on 79.12 acres of land less than two kilometres away from Highway 1. Around 44 acres of that land is developed.

Given the Saint John regions population growth, plans for a 526-unit residential development is also being touted to be built on an undeveloped portion of the site as part of the sales pitch.

Unlike Brunswick Square which was put up for sale in April, McAllister place continues to thrive boasting an occupancy rate of 98.8 per cent to a “diverse roster of needs-based and service-oriented retailers.” Major storefronts in the centre include Sportchek, Marshalls, The Brick, Homesense, and GoodLife Fitness. The average lease remaining on the centres current retailers is 4.8 years.

Other investment highlights on the listing include its strategic location on the city’s east side in the heart of Saint John’s “most dominant retail node which draws consumers form across the province.” A Costco, Canadian Tire, Home Depot, Walmart Supercentre, and East Point Shopping Centre are all a stones throw away from McAllister Place.

Saint John Mayor Donna Reardon was surprised to hear the news, but sees it as an opportunity to reimagine the space, similar to that of the Halifax Shopping Centre which has managed to attract stores like Simons.

“We are a region of over 130,000 people,” says Reardon speaking of the grater Saint John area which includes Grand Bay-Westfield, Rothesay, and Quispamsis. “We are an anchor of industry here in Saint John, and I think we really would have the population to take that mall to a whole other level.”

The mall first opened its doors to customers in 1975. There is no official word on what the sale price is for the property.

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