Ryco Properties has purchased Marlborough Mall, the Calgary-based commercial real estate and property development firm announced earlier this week.
The company is calling the northeast shopping mall, located just north of Memorial Drive by 36th Street N.E., the flagship property in its commercial property portfolio and one of the “true regional destinations” of the city.
Marlborough Mall first opened in 1971, according to Ryco, and was most recently owned by Primaris REIT.
Over the last five-plus decades, the mall has become a landmark destination in northeast Calgary, attracting shoppers from communities across the quadrant.
The property boasts 385,000 square feet on 19 hectares of land, with a CTrain station across the parking lot, straddling 36th Street N.E.
The mall’s accessibility and proximity to downtown draws “daily traffic that neighbourhood centres simply cannot match,” RYCO stated.
“The centre is fully leased and held for the long term: a stable, income-producing cornerstone asset,” it said. “Its scale, transit access, and decades of standing in the northeast make it one of the most resilient retail positions in the city.”
In a LinkedIn post, Ryco Properties president Ryan Sidorsky said the company believes the mall’s best days are ahead. According to the post, the company aims to strengthen the mall’s tenant mix and transform Marlborough into a vibrant destination.
“This community has incredible momentum, strong families, growing businesses, and a deep sense of pride,” Sidorsky said. “Our goal is to invest in that future and create a destination that people are excited to visit, support, and enjoy.”
“We’re committed to helping it recapture its energy and realize its full potential as a destination for families, businesses, and the broader community.”
According to its website, Ryco Properties owns and manages more than one-million square feet of commercial real estate and over 700 acres of development land across Calgary and southern Alberta.
RYCO’s investment strategy focuses on property improvements, new retail opportunities, enhanced customer experiences, community programming and long-term destination development, it adds.
Additional announcements regarding Marlborough Mall tenants, events and enhancements will be made in the coming months, the company said.
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