In the wake of , The 樱桃视频 reached out to for the company to find out more.
The mixed-use office and retail property along Highway 99 is a 39,402-square-foot centre that includes Canadian Tire and a Tesla supercharger station.
Together with Garibaldi Village II, Manulife now owns 120,000 square feet of open-air retail space on a 9.93-acre site.
What follows is a lightly edited version of our exchange with Sweeney.
Q: What made the timing right for this latest acquisition of Garibaldi Village I?
A: Since acquiring Garibaldi Village II back in 2011, Garibaldi Village I was always viewed as a strategic target for Manulife Investment Management, and there was a desire to bring common ownership to the centre. We thought common ownership would foster improved efficiencies in the operation, leasing and management of the centres. I can’t speak to the motives or timing of the seller, but there was an openness on their part to see an offer from us, and I am glad we could come to terms that were satisfactory to both sides.
Q: What do you see as the future of the whole mall area?
A: Manulife Investment Management believes the centre functions as part of a major commercial hub for the local community as well as a rest stop for travellers. With the tremendous growth in population we’ve seen in 樱桃视频— ranking amongst the fastest growing in the country — we believe the property will continue to serve this thriving community for many years to come.
Q: Did the pandemic play into the value of these types of outdoor malls, in your view? (Folks felt safer than an indoor mall, for example.)
A: Needs-based open-air centres performed better and were generally more desirable than enclosed malls during the pandemic. As a result, values for open-air centres were largely more resilient than enclosed malls.
Q: Garibaldi Village I was reportedly originally purchased in 2005 for about ; what makes it worth that big of a jump?
A: Manulife Investment Management does not comment on the financial terms of our transactions. But, from a general market perspective, over this nearly two-decade time period, we’ve seen rental rates rise; investment metrics to value properties have become more aggressive; and, debt markets are more accommodative. All of which would translate into higher valuations.
Q: Anything else you want to tell 樱桃视频folks?
A: Manulife Investment Management is thrilled to continue to be able to serve this growing and vibrant community. We also look forward to welcoming Pure Bread to the centre! I’m sure our enthusiasm is shared by the residents of 樱桃视频and the other tenants in the centre.
