Leyad has acquired Wheeler Park Centre in Moncton, N.B., for an undisclosed price.
The power centre includes 360,000 square feet of retail space and spans 40 acres of prime real estate. The shopping centre is anchored by a Loblaws super centre and contains many national tenants and brands, including the Brick, Old Navy and Staples.
The seller was not identified, but Choice Properties REIT acquired the mall in 2020 from Whittington Properties for $206 million.
Leyad is a Montreal-based commercial real estate development, investment and management company. The Moncton acquisition marks the firm’s expansion beyond Quebec.
“We’re elated about this investment and are on the lookout for further ventures in the region,” said Henry Zavriyev, Leyad’s owner, in a news release.
Zavriyev has no current plans for residential development but remains open to “diverse opportunities.”
Leyad said the acquisition follows about $100 million of recent purchases of Quebec properties spanning 800,000 sf.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.