The sale of Northern Ontario’s second largest regional shopping centre is also a divestiture milestone in the vendor’s seven-year campaign to unload its commercial real estate portfolio. The 49-year-old, 550,000-square-foot Station Mall represents Algoma Central Corporation’s last real estate holding in Sault Ste. Marie.
Since 2015, the marine shipping company has sold 15 properties in Sault Ste. Marie, Waterloo and St. Catharines, Ontario. Algoma Central’s core business is a fleet of dry and liquid bulk carriers operating on the Great Lakes and St. Lawrence waterway.
Station Mall’s new owner is reportedly Markham, Ontario based SM International Holdings. The $30 million purchase garners a downtown waterfront site on the St. Mary’s River and an enclosed mall with 97 stores. Currently, two of the four anchor spaces are vacant.
