Onni Group has completed its purchase of the former Hudson’s Bay Company department store in downtown Vancouver for a reported price of $112.5 million.

A CBRE spokesman confirmed to Connect that the deal closed June 24. It was scheduled to close by June 30. The spokesman declined to disclose the purchase price.

The publication that initially reported that figure said it obtained a land-transfer document dated June 24 that revealed the purchase price as $112.5 million.. According to the published report, Onni paid half of the price guidance of $225 million set in December 2025.

CBRE and Marcus & Millichap brokered the transaction as part of the RioCan REIT-Bay joint-venture’s receivership process. Vancouver-based Jim Szabo, Duncan MacLean, Vincent Minichiello, and Daniel Wang, who are members of CBRE ‘s national investment team, partnered on the brokering effort with Marcus & Millichap’s Vancouver-based retail specialists Mario Negris and Martin Moriarty.

As Connect reported previously, four separate buyers agreed to purchase four former Bay locations held within the joint-venture. The properties are located in downtown Ottawa, Windsor; Vancouver and Calgary. The sales of the Ottawa and Windsor locations closed in May, with Claridge Homes acquiring the site in the nation’s capital and Primaris, through affiliate Circle Properties purchasing the former Bay store attached to Devonshire Mall, a large regional retail centre. In a recent activity update, Primaris disclosed that it bought the Windsor property through Circle for $4.5 million. Primaris already owned the mall; the acquisition of the former Bay store gave the REIT full ownership of the property.

Astra Real Estate, the parent of People First Developments, is set to complete its acquisition of the former Bay location in downtown Calgary this month, the CBRE spokesman told Connect previously.

The receivership process is being governed by the Ontario Superior Court of Justice (Commerical List.) FTI Consulting is serving as the court-appointed receiver and assigned CBRE to market the four properties. Marcus & Millichap was only involved in the sale of the Vancouver asset.

The agreed prices of the four properties were not disclosed previously. Only the Vancouver and Windsor prices have been disclosed to date. Vancouver-based Onni is owned by Rossano De Cotis.

Pictured: Former Bay store in downtown Vancouver.

Photo: Shutterstock