Friday November 28, 2014


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Estevan Shoppers Mall sold


The Estevan Shoppers Mall has been sold in a $10.1 million deal.

Artis REIT (real estate investment trust) announced the acquisition of the commercial property in a press release in mid-May. According to Artis, the deal closed on May 1. 

"The property is immediately adjacent to the Estevan Sobey's, purchased by Artis in 2008, and completes Artis' ownership of the entire retail centre," Artis said in the press release.

The Estevan Shoppers Mall is a 129,732 square foot property that, according to Artis, is 96.2 per cent occupied, and leased to several national retailers.

The deal also includes the Tim Hortons restaurant that is detached from the mall, and operating on the mall's northeast parking lot, and six acres of excess land for potential future development.

Artis is a Canadian real estate investment trust that invests in office, industrial and retail properties. It has placed on emphasis on acquiring properties in western Canada. About 5.6 per cent of their properties are in Saskatchewan.

They also have properties in B.C., Alberta, Manitoba and the U.S. Artis announced the acquisition of office towers in Minneapolis and Denver at the same time as Estevan's mall.

Commerce Capital out of Winnipeg was the mall's previous owner.




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