St. Albert Centre, the largest enclosed shopping centre in St. Albert, Alberta, has changed hands in a $60 million deal that closed at the end of March. The transaction was officially announced on April 1 by the seller, Toronto-based Primaris Real Estate Investment Trust (REIT). The buyer is Leyad, a privately held Montreal-based real estate firm with growing ambitions across Canada.
Leyad is already known in the Edmonton retail real estate market as the owner of Londonderry Mall, located in northeast Edmonton. The acquisition of St. Albert Centre strengthens Leyad’s foothold in Western Canada and aligns with its strategy of acquiring regionally dominant shopping centres in suburban markets.
A Key Regional Asset with Anchor Departures Ahead
Located at 375 St. Albert Trail, just northwest of Edmonton, St. Albert Centre spans approximately 373,000 square feet. It houses 74 stores and services and includes parking for 1,680 vehicles. Originally built in 1980, the mall saw renovations in 2018, modernizing its interior and tenant mix to better serve the growing suburban population.
Anchoring the mall for years has been a 93,300-square-foot Hudson’s Bay store, one of the primary retail draws in the area. However, Hudson’s Bay is expected to close its store by the end of June as part of its national wind-down under court-supervised receivership. The closure will leave a major anchor vacancy at the property, opening possibilities for reconfiguration or redevelopment of that space.
Other major tenants at the centre include London Drugs, SportChek, Mark’s, Winners, and Ardene—a tenant mix geared towards mid-market suburban consumers. The mall is surrounded by additional national retailers on adjacent lots, including Canadian Tire, Staples, and multiple grocery stores, though these surrounding buildings are not part of the St. Albert Centre property.
Strategic Shift by Primaris REIT
The sale of St. Albert Centre is part of a larger strategy by Primaris REIT, which is repositioning its portfolio to focus on what it refers to as “market-leading, growth-oriented shopping centres.” Primaris acquired St. Albert Centre in 2012 from Ivanhoé Cambridge, another Montreal-based institutional property owner. Over the past year, Primaris has divested multiple assets that no longer align with its long-term vision.
Earlier in 2024, Primaris also completed the $107 million sale of Sherwood Park Mall, another suburban Edmonton-area centre. These moves indicate the REIT’s ongoing effort to concentrate its capital on properties with stronger demographic and economic upside, often in larger urban or regional hub locations.
Redevelopment Potential Under New Ownership
With the Hudson’s Bay space soon to be vacated, there is speculation about how Leyad may choose to reposition the mall. The closure presents both a challenge and an opportunity for the new owner. Hudson’s Bay had long served as a key anchor for foot traffic, and its departure will change the dynamics of the property.
Given Leyad’s redevelopment work at Londonderry Mall, where it has overseen updates and brought in new tenants, the company could take a similar approach in St. Albert. Redevelopment of anchor spaces into multiple smaller units or alternative uses—such as fitness, health services, or entertainment—is a common strategy in today’s evolving retail real estate landscape.
Leyad has not yet made public its long-term plans for the site. However, its investment suggests confidence in the St. Albert market, a city that continues to see population growth and retail demand.
St. Albert Centre Remains a Retail Hub
Despite the loss of Hudson’s Bay, St. Albert Centre remains one of the most prominent retail destinations in the city. Its central location, strong tenant mix, and proximity to complementary big-box retail make it a key shopping destination for both local residents and those from surrounding communities.
The mall’s 2018 renovations helped elevate its appeal, and the addition of tenants like Winners and Mark’s have kept it relevant to a broad shopper base. As suburban retail centres continue to evolve to meet changing consumer behaviours and tenant needs, properties like St. Albert Centre may serve as test cases for what the next generation of malls in secondary markets will look like.
