Serruya family and Liberty Development acquire Promenade Shopping Centre

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By Ted Liu

Promenade General Partner Inc., a business formed by the Serruya family and Liberty Development Corporation, has acquired Promenade Shopping Centre from The Cadillac Fairview Corporation. Financial terms were not disclosed.

With more than 150 stores and services, including Coach, Aritzia, H&M, Lululemon Athletica, SportChek, Old Navy, Urban Planet and Pandora, Promenade currently serves a trade area population of close to one million residents. Promenade Shopping Centre underwent a major $45-million upgrade in 2009 that included the redevelopment of the food court and common areas. Situated on a site of over 50 acres, the property is conveniently located close to the 407 ETR highway, and the nearby Vaughan Metropolitan Subway Station, which is due for completion in 2017.

“Promenade is where my brothers and I started our business careers as teenagers with the original Yogen Früz concept over 30 years ago,” comments Michael Serruya. “We are thrilled to now be in a position to invest in this property to ensure it reaches its full potential as a central hub for the Thornhill community. This is an important investment for us, but it also represents a deepening of our commitment to the community we call home.”

Liberty Development Corporation is a leading mixed use developer and property manager of commercial, office and residential buildings in the GTA.

“Thornhill is a vibrant, close-knit, community that we know well. Having built numerous successful communities in Vaughan and Thornhill over the last twenty years, we recognize the importance of Promenade Shopping Centre to the neighbourhood. We look forward to working with our partners to enhance the Promenade experience as the area’s primary gathering place and shopping destination,” says Fred Darvish, President, Liberty Development Corporation.

Centrecorp Management Services Limited, a leading property management and real estate services company, has been retained to manage Promenade Shopping Centre.

photo credit: Promenade Shopping Centre