Dixie Outlet Mall 'not an acquisition for demolition,' new owner says

Dixie Outlet Mall, a south Mississauga landmark since 1956, is not slated for demolition, its new owner says.

There is no status quo in retail. But there is great potential in Dixie Mall, said Guy Charron, executive vice-president of operations at Cominar Real Estate Investment Trust that bought the mall.

The mall will evolve. Our strong preference is to maintain the location as a retail location. This is not an acquisition for demolition. This is to maintain and to increase.

In a massive deal finalized last fall, Cominar, one of the largest diversified real estate investment trusts in Canada and the largest commercial property owner and manager in Quebec, acquired Dixie Mall and 13 other shopping centres, office buildings and industrial properties from another Quebec real estate heavyweight, Ivanho Cambridge, for $1.24 billion.

The other acquisitions are in Quebec and Toronto.

Cominar now owns more than 560 office, retail, and industrial buildings, totalling 45.4 million square feet, including the 416,000-square-foot Dixie mall location on South Service Road.

Ward 1 Councillor Jim Tovey said he believes the Citys Official Plan, established to guide the citys growth and development to the year 2031, allowed for further intensification on the site.

Its a viable mall and it seems to be very successful, he said. I would think any redevelopment would have to be mixed use and include a mall.

Cominar will have to explore adding new tenants, Charron said, but the company has not approached any of the malls more than 100 tenants to indicate their leases wont be renewed. The goal for the immediate future, he said, is to maintain the malls current set-up, although he added some leases are up for renewal this year and in 2016.

This was welcome news to Maribel Magnaye, who manages Canadian bedding chain Quilts Etc. inside the mall.

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Dixie Outlet Mall 'not an acquisition for demolition,' new owner says