A Montreal-based real estate development company has taken over a prominent local retail landmark.
Leyad announced Monday that it has acquired the Wheeler Park Power Centre in Moncton’s north end.
Henry Zavriyev, the owner of Leyad, said in a news release that they are happy to invest in the Maritimes.
“We’re elated about this investment and are on the lookout for further ventures in the region,” said Zavriyev.
Zavriyev said the consistent population growth signals promising market potential for the Maritimes.
The Wheeler Park Power Centre encompasses 360,000 square feet of retail space and spans over 40 acres of prime real estate.
It is anchored by an Atlantic Superstore and also features other leading national brands, including The Brick, Old Navy, and Staples.
“While there are currently no plans for residential projects on the site, we’re not closing any doors and remain receptive to diverse opportunities,” said Zavriyev.
Financial details of the acquisition were not made available, but Leyad said its recent acquisitions represent a cumulative “total consideration” of around $100 million.
The company recently acquired a 261,000-square-foot distribution hub in Cowansville, Que., a 39,500-square-foot shopping plaza in Chateauguay, Que., and a 115,000-square-foot distribution facility in Quebec City.
