The Frontier Mall is a 207,000 sf interior mall located in North Battleford, Saskatchewan, which is an emerging, growing community with a trade area of approximately 60,000. The mall, shadow anchored by Wal-Mart and Canadian Tire and anchored by a number of national tenants, including Loblaws, Shoppers Drug Mart and Staples was acquired in late 2009. The property which presented significant upside was acquired as it included approximately 10 acres of additional development lands between the center and Wal-Mart, and the potential to re-configure a portion of the center by having Loblaw’s convert its existing operation to a traditional modernized grocery store, thereby permitting additional leasing to national tenants with higher rents. Since the acquisition, Dollarama has been added, renewals have resulted in increased rents and Loblaw’s has completed its conversion. Sport-Chek has been added to a portion of the vacancy created by Loblaws when it converted the less desirable Superstore to its “nofrills” brand. Negotiations are underway to fill the balance of the space. As a result of the re-configuring, significant value has been added to the center.
Median rate is a number derived from the median rate of listings posted on 42floors and reports from thought leaders in the area.