Westcliff has acquired a 731,916-square-foot shopping centre in Kitchener, Ont., from Cadillac Fairview.

The deal marks Westcliff’s second purchase of a major retail asset from Cadillac Fairview in recent months. Westcliff previously acquired the 784,372-square-foot Champlain Place mall in the Moncton, N.B., area from Cadillac Fairview for an undisclosed price.

The Kitchener property is known as Fairview Park. The acquisition marks a significant expansion of Westcliff’s presence in high-growth markets, said the company.

Fairview Park, a long-standing retail hub in the Kitchener-Waterloo-Cambridge area, features more than 113 stores and services. Key tenants include Walmart, Sephora, Winners, SportChek, H&M, Aritzia, and the Bay, along with the region’s only Cineplex VIP theatre.

“Fairview Park exemplifies the qualities we prioritize in our portfolio: Strong market presence, exceptional tenant offerings, and deep community roots,” said Nicolas D’Aoust, a Westcliff vice-president who serves as the company’s head of leasing.

“This acquisition reflects our confidence in the resilience of physical retail spaces, even in the digital age. By fostering environments that serve as gathering places and centres of commerce, we reaffirm our belief in the enduring value of human interaction and local engagement.”

Fairview Park has been a retail landmark in the region since 1966, generating annual sales of $734 per square foot, placing it among the top-performing shopping centres in Canada, said Westcliff.

“Kitchener-Waterloo’s robust economy, anchored by tech innovation and education, makes it one of Canada’s most dynamic markets,” said Alan Marcovitz, president and chairman of the board at Westcliff. “By integrating Fairview Park into our portfolio, we’re committing to preserving its legacy as a cornerstone of this thriving region while positioning it to meet the needs of its growing and diverse population.”

The acquisition comes as Kitchener continues to experience rapid growth. In 2023, the region recorded a population increase of 6.1%, the highest among all Canadian metropolitan areas. Known for its tech innovation, educational institutions, and strong community spirit, the Kitchener-Waterloo region offers a vibrant and expanding market, making Fairview Park a strategic addition to Westcliff’s portfolio, said the company.

Westcliff said the purchase aligns with the company’s long-term investment strategy of acquiring properties that deliver enduring value to the communities they serve. The company aims to enhance Fairview Park’s role as a destination for shopping, dining, and entertainment while ensuring it remains a vital part of the community for years to come.

Montreal-based Westcliff announced the purchase in a news release. Toronto-based Cadillac Fairview has yet to comment on its divestment.

Westcliff is a privately owned real estate development and management firm with more than five decades of experience in the sector. The company holds assets in Canada and the U.S.

Cadillac Fairview ranks among Canadian largest commercial real estate investors, owners and developers.

Photo: CNW Group/Westcliff