Louai Alrifai, founder and CEO of Alrifai Real Estate, says the Toronto-based commercial real estate investment firm sees significant potential in Saskatchewan after acquiring a shopping centre in Prince Albert through a court-ordered auction.
The company, which focuses exclusively on commercial real estate, now owns more than 23 properties with a portfolio valued at more than $100 million, primarily in Ontario, and is expanding its presence in Western Canada.
Alrifai said the company was initially drawn to the Prince Albert Gateway Mall property because it was undervalued, but its confidence in the investment grew after meeting with local residents and assessing the community’s needs.
Rather than focusing solely on the existing tenant mix, the firm is working to attract new retailers and is exploring opportunities to bring services and brands that residents have identified as lacking in the region.
More Saskatchewan acquisitions to come
The Prince Albert acquisition is expected to be the first of several investments in Saskatchewan. Alrifai said the company is actively pursuing additional opportunities in the province, describing it as an underserved market with affordable real estate, strong community support and significant potential for long-term retail redevelopment.
Gateway Mall is 400,000 square feet on 14.8 acres with 1,150 parking stalls. It is the largest enclosed shopping centre in northern Saskatchewan.
The acquisition was the company’s first in Western Canada.
“Everyone is running from enclosed malls. We ran at one,” said Alrifai.
“Retail isn’t dead. Lazy ownership is. This centre is the retail heart of a trade area serving all of northern Saskatchewan, anchored by The Brick, Dollarama, Ardene, Urban Planet, Foot Locker and The Source. It deserves an owner who shows up.
“So we showed up.”
His team went on site to meet every tenant, walk every unit, build the leasing plan to bring this centre back to full strength.
“Retailers and operators looking at the Saskatchewan market: my door is open. Prince Albert, we’re just getting started,” he said.
Taking properties and making them work
Alrifai said the company’s portfolio focuses 100% on real estate investment.
“We take properties, we basically make them work, and then we continue managing those properties,” he said of the Toronto-based company that began about 10 years ago.
“We started from smaller properties, and we’re growing. We have a good amount of investors and cash.
“We’re investing our own cash as well, and we’re trying to get the right opportunities. We see businesses that were mismanaged or falling apart, not performing properly. This is where we see the chance. We just grab them, manage them, and make them work.”
Alrifai said the company initially didn’t know anything about the Prince Albert property before they went to it.
“We found an undervalued property. We just read a little about it, and then we took it from there. We traveled, we loved the community, we loved the people around, and we found a lot of opportunity there,So it was, let’s call it, a little bit of math and a lot of luck,” he said.
“Basically, we met a lot of people from Prince Albert. They’re all lovely and welcoming. We felt at home. Then we started asking them about their needs, and we saw a lot of opportunities.
“For example, there is no Costco within a huge 90-minute drive around Prince Albert. So this is one opportunity we’re exploring, and we’re getting a lot of help from the community because the main thing we did was survey people about their needs.
“This is where we’re targeting now. Our acquisition department and our leasing department are both checking with every corporation. We’re preparing documents right now for lease incentives and to occupy the spaces because demand is there. It is unadvertised and it’s not communicated properly.”
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