Interest sold in Cornwall mall to spur redevelopment

In this October 2014, file photo, a tax cab sits outside the Eastcourt Mall in Cornwall, Ont. RioCan REIT has sold a 50 per cent stake in the mall to another real estate investment trust to spur redevelopment of the site on Second Street East. (Newswatch Group/Bill Kingston, File)

CORNWALL – A city mall, serving the east end, will be going through a redevelopment.

RioCan Real Estate Investment Trust announced Thursday is has sold half its managing interest in the Eastcourt Mall and two other locations in Northern Ontario and New Brunswick.

Plaza Retail Real Estate Investment Trust (REIT) is going in as an equal partner for $11.5 million, but Plaza Retail will take the lead on management and redevelopment.

The Eastcourt Mall at 1380 Second Street East is nearly 180,000 square feet and has the most space available for lease among the three properties in the deal.

The major tenants right now include Dollarama, No Frills, The Beer Store and Fabricland.

Plaza Retail has 301 properties in eight provinces.

Redevelopment plans for the Cornwall site has not been revealed.

The company’s list of 80 current tenants at its other properties are many familiar household retail names.