QuadReal Property Group is planning on buying and redeveloping Oakridge Centre, one of Canada’s premiere regional malls.

The company announced it will be purchasing the Vancouver-based property from Ivanhoé Cambridge. The 575,000-square-foot shopping mall, with a collection of 150 shops and services, is said to be the country’s second most productive, with sales of $1,537 per square foot.

“The opportunity to acquire a flagship retail property and development project of such quality is rare,” said Remco Daal, president of QuadReal’s Canadian real estate division. “Retailers and their customers gravitate to the best locations and Oakridge, an urban gem at the hub of popular transportation and transit networks, perfectly fits this profile.”

Opened in 1959, Oakridge Centre has become an important part of the city’s community. Building upon that, QuadReal has selected Vancouver-based developer Westbank as its partner on a potential Oakridge redevelopment. Both companies are in the process of reviewing opportunities for a master planned retail, office and residential redevelopment for the 11.5-hectare (28.5-acre) site.

“Along with QuadReal, we have an opportunity to bring to fruition a new standard in urban living about which we have long been passionate – a cultural hub that takes every element of a vibrant multicultural city and shares them with our community and millions of visitors a year,” said Westbank Founder Ian Gillespie. “We believe the future of Oakridge Centre will be even more dynamic than its past.”