Chilliwack (with files from Howard Chai/Storeys) – Across the street, and over the years, Chilliwack Mall has been de-malled and revamped for a new look.
Cottonwood Centre has gone through a few changes as they too, look towards the future. Over the years, Sears disappeared in favour of a new Canadian Tire. Zellers turned into Target which was remodeled into Save On Foods.
The Vancouver-based trio of PCI Developments, Northland Properties, and Nicola Wealth have sold the Cottonwood Centre shopping mall in the heart of Chilliwack.
The Cottonwood Centre sits at 45585 Luckakuck Way, along Vedder Road between the Trans-Canada Highway and Luckakuck Way. Notable tenants include Save On Foods, Old Navy, Dollarama, London Drugs, and TD Bank, among many others. In addition to the main building, the property also includes several standalone buildings around the perimeter, including an Earl’s Kitchen + Bar, Burger King, and Quesada Burritos & Tacos.
The shopping centre was originally constructed in 1974 and sits on a sprawling parcel that spans 22 acres and includes an abundance of surface parking. The Cottonwood Centre is located directly to the north of SmartCentres Chilliwack, a large retail centre owned by Ontario-based SmartCentres REIT (TSX: SRU.UN), and it’s a short 10-minute drive away from Chilliwack Airport.
The mall itself houses over 255,000 sq. ft of space, not including the large Canadian Tire to the west. Although the Canadian Tire is connected to the mall, it is a separate legal parcel — 45495 Luckakuck Way — that was acquired by Concord Pacific in 2015 from Sears Canada.
The Cottonwood Centre was originally owned by Ontario-based Morguard Corporation (TSX: MRC), which sold it in 2019 for $73 million to PCI Developments and Nicola Wealth. It’s unclear whether Northland Properties was involved at that time or if they acquired a stake later on.
An industry source familiar with the transaction tells STOREYS that PCI Developments, Northland Properties, and Nicola Wealth sold the Cottonwood Centre to Finix Holdings in a transaction that closed in April. The purchase price was not disclosed, but BC Assessment values 45585 Luckakuck Way at $96,336,000.
The sale was brokered by Jim Szabo and Vincent Minichiello of CBRE Vancouver’s National Investment Team, while the buyer was represented by Cynthia Dong of CASM Global Real Estate Corporation.
The entire STOREYS business article is here.
