Tecumseh Mall Sold for $37-Million
Tecumseh Mall has been sold for $37-million.
Kingsett Capital is selling the shopping centre just off Lauzon Parkway in east Windsor to Europro.
“This transaction secures our retail presence on the City’s east side and complements our existing real estate portfolio in Windsor,” said Nelly Horovitz, Senior Property Manager, at Europro. “We are focused on bringing our unique management skills to this asset and will continue the repositioning of the Mall initiated by the previous owner”.
In a news release, Europro says it plans to invest in a complete exterior retrofit at the mall in 2019.
The mall already has 54 tenants and Europro says it will add more stores including the 40,000 square-foot addition of Marshall's-Home Sense that is slated to open in the spring of 2019.
“Recognizing that Windsor and Essex County is in a position of strong economic growth, with all sectors rebounding, we believe that investing in a unique mix of service, entertainment and retail will successfully position Tecumseh Mall as one of the market’s strongest retail leaders. We are committed to further investment in Tecumseh Mall and this community”, said Josef Jakubovic, President at Europro.
Tecumseh Mall has been open since 1973. It was redeveloped in 1985 and underwent a $16-million expansion in 2001.
Europro says a $13-million renovation is ongoing at the nearly 400,000 square foot mall.
Europro is a property investment and management company based in Toronto with satellite offices in Kitchener/Waterloo, Barrie and Windsor.