Expect to see some big changes at Tsawwassen Mills in the weeks and months to come.
Central Walk has acquired the mall, located at 5000 Canoe Pass Way, completing the acquisition from previous owners Ivanhoé Cambridge on May 6.
On Sunday (May 15), Central Walk held an invitation-only gala event to introduce themselves to the community.
In a news release, Central Walk chairman Hong Liu, CEO Andy Wang and Investment & Asset Management Director Valen Tam said the sale was jointly produced by the efforts of many parties including Blake Cassels & Graydon LLP, Ds Avocats, Colliers, JLL, Ivanhoé Cambridge, Central Walk, and the Tsawwassen First Nation.
“Our first order is to thank landlord Tsawwassen First Nation for hosting this retail masterpiece to the benefit of all surrounding communities and foreign visitors,” said Central Walk. “Mills is a very exclusive international trademark. All Mills centres are super-regional retail landmarks, and it is such a privilege to have the newest of just about 20 such centres world-wide in our very community.”
Central Walk also offered thanks to Ivanhoé Cambridge.
“It is a phenomenal construct and was a phenomenal journey. We pledge our commitment to build upon their legacy,” added Central Walk.
Central Walk is a global real estate owner-operator who specializes in the investment, management, and innovation of retail shopping centres.
The company began the migration of its Asianic headquarters to Canada in 2020.
They have already acquired three regional-tier shopping centres as part of its efforts to endeavour into the Canadian North American retail market.
“At Tsawwassen Mills we will focus on building upon its prominence as a provider of value retail goods in all the years to come, augmented by a plethora of services, foods, and entertainment,” said Central Walk. “Our top priority is to help facilitate grounds on which each and every tenant can generate greater prosperity.”
To reach this goal in the short-term, Central Walk says they have new ideas to increase both traffic and durations of stay through their marketing department; their leasing department will focus on developing a prominent entertainment presence at the property, along with further augmenting the diversity and strength of the existing retail core, services, and foods-uses and their operations and management team will redouble their efforts to ensure that at Tsawwassen Mills, the maintenance of safety will always be the number one priority.
“We have seen a gradual rebound in consumer-ship confidence in the past year, which is a promising sign that retail is finally emerging victorious from the pandemic period of unproduction and uncertainty,” said Central Walk. “Retail will always be a core part of commercial real estate, but it demands innovation and progressive change at the end of every cycle. We are very confident in the future of retail and look forward to the years ahead.”