Real estate investment and development firm Leyad announced Wednesday the acquisition of Intercity Shopping Centre, a 456,430-square-foot retail asset in Thunder Bay, Ontario, serving as the dominant shopping destination for Northwestern Ontario.
As part of the acquisition, Leyad will immediately move forward with the completion of a brand-new Sport Chek location at the property – one of the top-performing Canadian Tire-owned retail brands in the country. The flagship store will significantly enhance the centre’s retail offering and further strengthen Intercity Shopping Centre’s role as the region’s dominant shopping destination, said the company.
The property was bought from the Healthcare of Ontario Pension Plan (HOOPP) for an undisclosed amount.
Leyad said it is also actively finalizing agreements with several new national and international retailers to redevelop and backfill portions of the former Sears space, which has remained vacant since Sears Canada ceased operations in 2015.
“Intercity Shopping Centre is the heart of retail in Thunder Bay and across Northwestern Ontario,” said Henry Zavriyev, President of Leyad. “This investment reflects our confidence in the strength of the market, the community, and the long-term future of the centre. We see tremendous opportunity to modernize the property, attract exciting new retailers, and create a best-in-class shopping experience for the region.”
Located at the intersection of Thunder Bay’s major commercial corridors, Intercity Shopping Centre serves as the city’s primary retail hub and draws shoppers from across Northwestern Ontario. The centre is home to many of Canada’s leading national retailers and remains one of the most important commercial assets in the region, said Leyad.
The redevelopment plans are expected to bring substantial new investment into Thunder Bay, create jobs, and further reinforce the centre’s position as the leading retail destination in Northwestern Ontario, it said.
In March, Leyad announced the acquisition of a 387,000-square-foot portfolio of single-tenant grocery properties leased to Loblaw Companies Limited.
The portfolio spans British Columbia, Manitoba, New Brunswick, Nova Scotia, Saskatchewan, and the Yukon Territory, marking Leyad’s entry into British Columbia and Yukon. Following the transaction, Leyad’s footprint now extends across eight provinces – Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec, and Saskatchewan – in addition to the Yukon, it said in a news release.
The Montreal-based real estate investment and development firm also expanded its growing portfolio of Canadian shopping centres in March with the acquisition of Lloyd Mall, a dominant regional retail property serving communities across eastern Alberta and western Saskatchewan.
Recent transactions represent steps in Leyad’s rapid expansion across Western Canada. Over the past two years, the company has emerged as one of the country’s most active buyers of regional shopping centres, targeting assets anchored by grocery, pharmacy, and discount retailers that generate consistent foot traffic.
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