SmartREIT Buys Haney Place Mall
Haney Place Mall in Maple Ridge has been bought by SmartREIT from Narland Properties. The mall was hit hard when Target abandoned its 111k SF, two-floor anchor slot there earlier this year; the space has since been taken over by Walmart, which is slated to open this fall. SmartREIT, formerly Calloway REIT, formed in April when Calloway acquired SmartCentres, a builder of big-box malls. The new enterprise is worth $8.3B, with 31M SF in its portfolio. The acquisition of SmartCentres by Calloway adds 3.6M SF via 24 properties located mostly in Ontario and Quebec, including 20 open-format centres with Walmart as anchor.