McAllister Place, Saint John, New Brunswick_Property for Sale

519 Westmorland Road, Saint John, NB, E2J 3W9, CA

McAllister Place, Saint John, New Brunswick

Asset Description

JLL’s National Retail Investment Group and TD Cornerstone Commercial Realty Inc. (collectively, the “Advisors”) have been retained by the Vendor on an exclusive basis to arrange the sale of McAllister Place (the “Property,” and/or “Centre”), a 399,710 square foot enclosed mall situated on 79.12 acres (approximately 44 acres developed) in Saint John, New Brunswick. With city support for residential intensification, there are plans for a 526-unit residential development on the undeveloped portion of the site. The Property is currently 98.8% leased to a diverse roster of needs-based and service-oriented retailers with national tenants representing 96.6% of leased GLA. McAllister Place is anchored by Marshalls, HomeSense, Mark’s, Sport Chek, Lawtons Drugs, Party City, The Brick, Dollarama, and GoodLife Fitness. The Property offers the investor secure future income with a healthy weighted average lease term of 4.8 years.

McAllister Place is situated in the heart of Saint John’s most dominant retail node and offers premium frontage and visibility along McAllister Drive and Westmorland Road, less than 2 km away from the Trans-Canada Highway making this location easily accessible from across the province. The Property is well-designed with multiple access points along both thoroughfares and offers ample parking. This retail node is home to the country’s top retailers and is in close proximity to a number of established residential neighbourhoods.

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Attributes

Building area net

37,134 m²

Occupancy

96.6%

Year built

1978

Land area gross

320,187 m²

WAULT

4.8 years

Media

Investment Highlights

Strategic Location: McAllister Place is the dominant shopping destination in Saint John and occupies a high-profile position fronting on McAllister Drive and Westmorland Road, two busy arterial thoroughfares providing easy access to the surrounding region. The Property benefits from access to the Trans-Canada Highway, less than 2 km away.

Heart of Dominant Retail Node: The Centre is located in Saint John’s most dominant retail node which draws consumers from across the province. This node is home to the country’s top national retailers and popular retail destinations including East Point Shopping Centre, SmartCentres Saint John, and Parkway Mall. Notable retailers in the immediate area include Costco, Canadian Tire, The Home Depot, Walmart Supercentre, and Kent Building Supplies.

Strong Tenant Mix: McAllister Place consists of a strong roster of national tenancies including Marshalls, HomeSense, Mark’s, Sport Chek, Lawtons Drugs, Party City, The Brick, Dollarama, GoodLife Fitness, Foot Locker, RBC, and many more. The Centre benefits from an attractive and diverse roster of tenancies serving a variety of consumer needs.

Strong Financials: Comprised of 399,710 SF, McAllister Place is 98.8% occupied with national tenants representing 96.6% of leased GLA. The Property offers the investor secure and increasing future cashflow with a healthy weighted average lease term of 4.8 years.

Potential for Residential Intensification: The City of Saint John’s Municipal Plan designates the site as “Regional Retail Centre” which encourages and considers proposals for higher density residential and mixed-use development. There are plans for up to 526 units of high and medium density residential development on an 11 acre portion of the site.