Westcliff Group has acquired a 784,372-square-foot shopping centre in the Moncton, N.B., area from Cadillac Fairview for an undisclosed price.

Champlain Place is the largest super-regional shopping centre in New Brunswick, sitting on a 60-acre site and serving a broader catchment area of 1.6 million people within a 2.5-hour drive. The mall hosts about 150 stores; its tenants include Walmart, Bass Pro Shops, Cineplex, Sport Chek, H&M, LL Bean, Lululemon, TD Canada Trust and Sobeys.

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.

“Champlain Place perfectly aligns with Westcliff’s strategy, marking our commitment to high-calibre assets in key growth markets,” said Nicolas D’Aoust, Westcliff’s vice- president and head of leasing. “With impressive sales nearing $800 per square foot and an outstanding roster of reknown tenants, this property embodies the quality and dynamism we seek to bring into our portfolio.”

The property is surrounded by a diverse array of complementary services, including hotels, restaurants, grocery stores, and essential amenities. Westcliff said all Champlain Place employees will remain an essential part of its operations, reflecting the company’s values of stability, growth, and community engagement in every location.

“Champlain Place represents more than an addition to our portfolio; it demonstrates Westcliff’s dedication to being part of Canada’s regional communities,” said Alan Marcovitz, Westcliff’s president and chairman.

Photo: CNW Group/Westcliff Group