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Vancouver Retail

Sears Closes Sale-Leaseback Deal for Metrotown Location

Sears Canada has finalized a $140M deal for the sale and leaseback of three of its properties to Concord Pacific Group, including store space and adjacent property located at Metropolis at Metrotown in Burnaby. The retailer—with a nationwide network of 167 corporate stores and 197 “Hometown” stores—says it will continue to operate the sold locations under long-term leases and anticipates no impact on employees or customers. The transaction, first announced in March, also includes Sears locations at Cottonwood Mall in Chilliwack and North Hill Shopping Centre in Calgary.

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