Leyad has acquired the Pen Centre mall in St. Catharines, Ont., for $140 million, marking one of the Niagara Region’s largest retail real estate transactions in recent years.

The 1.1-million-square-foot retail complex sits on 2.8 million square feet of land and is anchored by major tenants including Loblaw Companies, Walmart Supercentre, Sephora, and Lululemon—all backed by AAA covenants. The property attracts approximately eight million visitors annually and currently generates retail sales of about $650 per square foot.

“This is a transformational acquisition for Leyad,” said Henry Zavriyev, CEO of Leyad. “The Pen Centre is not only a premier retail destination serving over eight million visitors annually, but also a site with extraordinary long-term development potential. We see the opportunity to bring thousands of multi-residential units to this already-thriving hub, adding immense value to the community.”

Leyad plans to enhance the site’s role as the commercial anchor of the region while exploring opportunities for mixed-use redevelopment.

The deal aligns with Leyad’s strategy of pursuing value-add investments in high-growth markets across Canada, according to the company.