Lambton Mall has been sold to a Toronto based property investment, management and leasing company.
BlackburnNews.com has learned that the sale to Europro by Chicago real estate company Cushman and Wakefield was finalized on Wednesday, January 8.
The purchase price was not disclosed.
Europro’s Property Management and Leasing Director Nelly Horovitz said the previous mall management has been rehired, so immediate changes will not be noticed.
“Europro has set up a team to manage and operate Lambton Mall that is locally sourced and we believe that most of the people were previously employed working at the mall,” Horovitz said in an email.
She said they’re working to complete construction for new tenants including the much anticipated Marshalls/HomeSense store in the former Sears space, and an Old Navy store within the mall.
Mall Property Manager Laura Beecroft said Marshalls/HomeSense is in the final stages.
“I’m expecting that in April of 2020 Marshalls/HomeSense will be open, for Old Navy we’re in the middle of doing demolition,” said Beecroft. “So I’m expecting by about July Old Navy will be open and running.”
Horovitz said Europro has done well investing in vibrant and mid-sized communities in southwestern Ontario. “We have office and retail assets in Kitchener-Waterloo, Stratford, and Windsor. Lambton Mall is the primary shopping destination in Sarnia and we believe that as an engaged, creative and active owner, we can continue to invest in making Lambton be the number one shopping destination.”
She said they’ll actively engage with the community and with national and local retailers to fill any gaps because “a fully occupied mall is healthy for all tenants as well as for shoppers.”
-With files from Stephanie Chaves and Dave Dentinger