Tier Too, Gray Buy Two Malls in Atlantic Canada
Tier Too Properties and the Gray Group have purchased two large shopping centres in the Maritimes.
The two development companies announced that they have bought the 227,994-square-foot Amherst Centre in Amherst, N.S., and the 151,896-sf Riverview Place mall in Riverview, N.B., which is a suburb of Moncton. Both properties were purchased from New Glasgow, N.S.-based Crombie REIT.
“Our vision is to create properties where community members can shop, connect,
and enjoy a diverse range of offerings,” said Doug Doucet, founder and president of Tier Too. “We believe these malls can serve as community hubs that cater to our evolving needs.”
Amherst Centre’s major tenants include a Sobeys grocery store and Giant Tiger discount outlet. Riverview Place also contains a Giant Tiger store.
Tier Too and Gray have an extensive history with each other on development and property management assignments. The partners plan to improve existing spaces, recruit new tenants and host community events at both Amherst Centre and Riverview Place.
“Investing in these properties is not just about retail; it’s about fostering a sense of community,” said Trevor MacLeod, president of The Gray Group. “We are committed to revitalizing these spaces and making them destinations where people can gather.”
Tier Too and Gray are already in talks with potential new tenants and envision introducing a mix of local and national brands, dining options, and entertainment venues. The companies plan to implement sustainability initiatives to enhance the environmental footprint of the properties.
PMCo is co-ordinating the leasing of both shopping centres. Craig Duininck, vice-president of operations for PMC, is co-ordinating the leasing activities.
New Bedford, N.S.-based Tier Too, develops commercial real estate, including multi-residential properties, across Atlantic Canada. The company strives to uncover hidden potential in overlooked assets.
Based in Charlottetown, P.E.I., the Gray Group also develops multi-residential and typical commercial real estate projects throughout the Maritimes.
Pictured: Amherst Centre in Amherst, N.S.
Photo: Crombie REIT