Primaris REIT has listed Calgary’s Northland Village Mall for sale.

The sale effort follows a multi-year redevelopment that transformed the former enclosed shopping centre into a largely open-air retail centre.

The listing is being handled by TD Cornerstone Commercial Realty and RBC Capital Markets Real Estate Group. The offering is unpriced.

The high-visibility property, located at 5111 Northland Drive N.W. and 4600 Crowchild Trail N.W., spans 31.81 acres with a gross leasable area of 435,420 sf. Current occupancy stands at 97.8%, with anchor tenants including Walmart, Winners, and Best Buy alongside other national retailers.

The redevelopment has involved demolishing the mall’s interior, constructing new outparcel space, and repositioning the site for phased future development. The interior remains closed, while some stores in the open-air portion are open.

“Substantially redeveloped in 2021, Northland presents a rare opportunity to acquire a high-quality, open-air centre with secure, long-term cash flow and development potential,” wrote Elliott Medoff, a TD Cornerstone broker who is part of the listing team. 

“Situated in an established and affluent trade area, the property is exceptionally well- positioned within a high-traffic, high-visibility corridor that benefits from vehicle traffic of over 75,000 per day.”

Upon full completion, Northland Village is expected to total approximately 390,000 square feet of retail and office space.

Pictured: Northland Village Mall redevelopment project in northwest Calgary.

Rendering: Primaris REIT