After roughly five months on the market, Salmon Arm's Piccadilly Mall is under new ownership.
The 14.425 acre property on 10th Avenue, SW, home to anchor tenants including Canadian Tire, Mark香蕉视频直播檚, Save-On-Foods, Shoppers Drug Mart and Sport Chek, was listed for around $30 million in January, 2025, and sold last month.
As of July 1, 2024, Assessment BC had the mall 香蕉视频直播� buildings and property 香蕉视频直播� valued at $28,489,000.
The buyer, a private investor, was represented by Group Ltd.
The seller, Manulife Investment Management, took ownership of the 48-year-old mall when it acquired its former owner, Standard Life, in 2015. The latter company purchased the mall in 2013 from Salmon Arm's , who bought the mall with former partner Colin Mayes in 1991.
Marketing of the mall was handled by real estate firms Marcus & Millichap and Cushman & Wakefield. Asked about the turnaround, Marcus & Millichap senior managing director Jon Buckley said there's a lot of interest in retail property right now.
"Income-producing products are transacting well right now, of all the asset classes retail is preferred," said Buckley. "That's been a trend that I'd say has been in place for 12-18 months."
In a post shared via social media, Buckley said the sale generated strong interest from a broad range of investors, and resulted in multiple competitive bids.
