- Property size 234,689 ft2
County Fair Mall, Summerside, PEI - retail for sale
JLL’s National Retail Investment Group is pleased to offer for sale a 100% freehold interest in County Fair Mall (the “Property”), a Sobeys and Lawtons Drugs anchored shopping centre situated on over 28 acres on Granville Street North, the main retail thoroughfare in Summerside, Prince Edward Island. Comprised of 234,689 SF, County Fair Mall is currently 95.1% leased to a diverse mix of needs-based and service-oriented tenancies anchored by Sobeys, Lawtons Drugs, and Giant Tiger. The Property offers very stable cash flow with a weighted average lease term of 4.0 Years. Summerside is the second largest city in Prince Edward Island with a population of approximately 18,000 residents in 2020. The city is the primary commercial centre of Prince County, with access to a trade area of over 50,000 people. County Fair Mall is situated in Summerside’s most dominant retail node surrounded by top retailers including Walmart, Atlantic Superstore, and Canadian Tire. This commercial node is surrounded by residential neighbourhoods with over 14,500 residents living within a 3 km radius. The Property offers premium visibility along Granville Street and is well-designed with multiple access points and ample parking.
• Grocery and Pharmacy anchored shopping centre comprised of 234,689 SF, County Fair Mall is currently 95.1% leased to a diverse mix of needs-based and service-oriented tenancies.
• The Property offers premium visibility along Granville Street, Summerside’s primary north/south arterial thoroughfare which provides direct connection to Route 2 and 11.
• County Fair Mall is situated in Summerside’s most dominant retail node surrounded by the country’s top retailers including Walmart, Atlantic Superstore, and Canadian Tire.
• The top 5 tenants by revenue – Sobeys, Summerside Medical, Lawton Drugs, Cineplex, Sport Chek – account for 58.4% of GLA and 69.9% of annual base rent. Overall, national tenants account for 71.5% of leased GLA.
• The Property has been institutionally managed and carefully leased to draw consumers from across the region for a variety of their retail needs.
• County Fair Mall has an exceptional opportunity to increase cash flow over time by repositioning and intensifying the Property given its prominent location in Summerside and access to transportation networks. In-place zoning allows for a number of commercial uses while the local government is also supportive of adding high-density residential.