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June 1st, 2011St. Albert Centre Target-ed

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by Cory Hare

St. Albert’s flagship mall has a new owner and soon will feature a new store.

St. Albert Centre will be the site of one of Canada’s first Target stores sometime in 2012. The property is also in the process of changing hands from Montreal-based Ivanhoe Cambridge to Toronto-based Primaris Retail REIT. The sale is expected to be official June 22.

The company viewed St. Albert Centre as a dominant asset in the region with strong market share. Buying it is also a move to gain a presence in the Edmonton area, said president and CEO John Morrison.

“We’ve been waiting for a quality asset to become available,” he said.

His company has 29 properties. Prior to now, its only Alberta presence has been two locations in Calgary.

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