VAUGHAN, ONTARIO-The Mills Corp. and Ivanhoe Cambridge opened the 1.2 million-sf Vaughan Mills yesterday, a value megamall in this Toronto suburb. Vaughan Mills will include about 200 retailers and is already 93% leased. The center is Mills’ first Canadian development.

The developers say this is the first enclosed regional center to open in Canada in 14 years. Among the center’s anchors are Bass Pro Shops Outdoor World, Burlington Coat Factory and Lucky Strike Lanes. The center also boasts the largest Tommy Hilfiger outlet store in the world.

Mills and Ivanhoe Cambridge started building Vaughan Mills in June 2003. This is Mills’ second international development. The first was Madrid (Spain) Xanadu, a retail-entertainment center which opened last year. The company is also looking to build other centers in Spain, as well as Italy.

Earlier this month Mills bought a 50% interest in nine malls across the country from General Motors Asset Management for just over $1 billion. The company currently owns 38 retail and entertainment centers totaling 46 million sf.

Ivanhoe Cambridge, based in Montreal, recently expanded its Sunridge Mall by 100,000 sf to 740,000 sf, at a cost of C$47 million. The company owns 50 centers in North America totaling 39 million sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.