High quality asset in a key location offering tremendous, versatile opportunity.
TORONTO, May 31, 2024 /CNW/ – Streamliner Properties Inc. (“Streamliner”), a wholly owned subsidiary of Minett Capital, and Anthem Properties Group Ltd. (“Anthem”) announced they have closed on the acquisition of Carlingwood Mall, a 632,700 SF retail mall, 15 minutes south-west of downtown Ottawa. An intentional move that leverages their respective expertise to a new city.
Located at the corner of Carling Avenue and Woodroffe Avenue, the mall is surrounded by established residential communities and numerous planned residential and mixed-use developments. Truly a vital community hub that boasts strong anchor tenants including Canadian Tire, Loblaws, Dollarama and 3 Schedule A banks.
At the same time, like much of Canada, quality housing is in high demand for the rapidly growing area. With on-site access to numerous bus routes, immediate access to major roadways and close proximity of the soon to be completed New Orchard Station, a major transit station on the new light rail transit (LRT) line, it offers a prime location for much-needed incremental residential density. An important part of future residential development planning will include a phased approach to maintain some consistency for the neighbourhood and commercial uses.
“While Ottawa may be a new region for Streamliner, this location represents a truly nostalgic return to Ottawa for me, having grown up around the corner from this mall. To say I am excited to provide my years of leadership in both real estate and green technology to a development of this scope and substance, is an understatement,” expressed Alan Greenberg, CEO of Streamliner Properties and Minett Capital. “Our aim is to create prime urban communities where people live, work and play. Superior design, close proximity to services and a commitment to green living will enhance the experience for multiple generations.”
“Anthem is pleased to be partnering with Streamliner and Minett Capital on the ownership, operations, and value add components of Carlingwood Shopping Centre. This investment is the first of what we hope will be many more in major Ontario markets, as we expand our management platform from Western Canada. We anticipate that the reset in real estate ownership brought on by changes in capital allocations, in turn brought on by inflation and higher interest rates, will facilitate this strategic shift,” says Eric Carlson, Core-founder and CEO, Anthem. “Carlingwood, as a landmark shopping destination for the Ottawa region, is a tremendous opportunity to kick off this strategy.”
In the near term, the Ottawa retail sector continues to be strong with year-over-year sales growth of 9.7%, material positive absorption and low vacancy rates. With 2,140 surface parking stalls and two open air parkades, this area is a well-trafficked site that attracts more than 280,000 visitors monthly.
Streamliner Properties is a wholly owned subsidiary and the real estate arm of Minett Capital. Minett Capital is a leading investment firm that combines expertise in real estate development with venture capital opportunities focused on the growing PropTech market.
Founded in 1991, Anthem is a team of more than 750 people driven by creativity, passion and direct communication. Anthem has invested in, developed or managed – alone or in partnership – more than 385 residential, commercial and retail projects across North America.
Our growing residential portfolio includes 31,500 homes that are complete, in design or under construction, from master planned mixed use residential and multifamily, to townhome, rental and single-family communities.
We own, co-own, manage or have previously owned over 10 million square feet of retail, industrial and office space. We have developed more than 60 communities across 9,000 acres of land in Alberta, British Columbia and California.
Anthem is a real estate development, investment and management company that strives, solves and evolves to create better spaces and stronger communities. We are Growing Places.
SOURCE Streamliner Properties Inc.
Featured image: Megapixl © Seoterra
