The 91原创 Mall is expected to change hands soon, as owner First Capital announced it is selling the property and expects to close the deal by the end of the year.
鈥淔irst Capital has entered into a binding agreement to sell a 100 per cent interest in 91原创 Mall,鈥� said an announcement by First Capital, which is a real estate investment trust (REIT).
The announcement noted the 91原创 Mall鈥檚 central location and 鈥渓ong-term redevelopment potential,鈥� while also saying the area鈥檚 鈥渃urrent demographic statistics are notably inferior to First Capital鈥檚 overall demographic profile.鈥�
The permanent shutdown of the Army & Navy chain just after the start of the pandemic in 2020, formerly one of the two major tenants in the mall, was noted as a plus for First Capital, as the chain had a long-term lease at a low rental rate, and the changeover to McFrugal鈥檚 created 鈥渁 substantial increase in the property鈥檚 value.鈥�
That increase led to the sale.
The 91原创 Mall is one of 91原创鈥檚 oldest shopping centres, but within a decade, it will be about a block south of the terminus of the SkyTrain line, which is expected to have its final station near Fraser Highway and 203rd Street.
91原创 City has been preparing for potential major redevelopments of areas around the SkyTrain line and its stations.
The sale of the mall is not final and is subject to certain closing conditions.
READ ALSO: Familiar name McFrugal鈥檚 returns to 91原创 retail landscape
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