Smart Investment has acquired McAllister Place mall in Saint John, N.B. from Primaris REIT for a reported price of $64 million.

McAllister Place ranks among Atlantic Canada’s largest retail centres, spanning 79 acres. Smart Investment is headed by Tim Gu, and the firm also owns the reborn Mountain Equipment Company outdoor-gear store chain.

“We are grateful to become part of the Saint John community and to support the next chapter of this important retail destination,” said Gu in a LinkedIn post.

“Together with Garden City Shopping Centre in Winnipeg, McAllister Place reflects our continued belief in well-located community malls that serve real local needs. Physical retail is not disappearing — it is evolving through experience, community, omnichannel strategy, and stronger landlord-tenant partnerships.”

According to multiple reports, the transaction is the second-largest retail property sale in Canada so far this year and underscores continued investor demand for dominant shopping centres that serve as retail and community hubs within their markets.

The purchase also reflects the company’s strategy of acquiring dominant community malls in secondary Canadian markets, one report stated. Gu told an interviewer that Smart Investments is actively pursuing additional enclosed shopping centre acquisitions across Canada as it builds a national portfolio of community-oriented retail properties.

Smart Investments plans to take a direct and active role in managing the property through its own property management platform, with a focus on leasing, operations and the centre’s long-term evolution; and, the company is evaluating opportunities to strengthen the tenant mix and expand food, service and experiential offerings, the same report stated.

The 79-acre property also presents a significant long-term redevelopment opportunity. Existing approvals allow for approximately 526 residential units on surplus lands associated with the shopping centre, according to the report. Gu told his interviewer that Smart Investment will assess market conditions, local demand and community needs before making redevelopment decisions.

Gu’s acquisition of McAllister Place comes nearly two years after Primaris listed the property.

In May 2025, Gu led an investor group that brought financially troubled MEC back to life, acquiring the chain from Los Angeles-based private-equity firm Kingswood Capital and returning it to Canadian ownership. Kingswood brought MEC, formerly known as Mountain Equipment Co-op, out of creditor protection in 2020.

Gu’s buyer group included MEC CEO Peter Hlynsky and Chief Merchandising Officer Chris Speyer, making the acquisition a partial management buyout.

Smart Investment acquired Garden City Shopping Centre in 2023. The company is active in all forms of real estate investment, including acquisition, development, property management and leasing.

Gu also serves as the president of textile manufacturer E. Star, chairs Unisync and is an investor in well-known Canadian heritage clothing brands, including Tilley and Roots.

Pictured: McAllister Place mall in Saint John, N.B.

Discover: Saint John

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