EXCLUSIVE: Station Mall has been sold for $30-million

The purchaser is SM International Holdings Ltd., a Markham-based company; the deal closed last Thursday

After years of trying, Algoma Central Corporation has finally sold the Station Mall.

SoToday has learned that a Markham-based company—SM International Holdings Ltd.—purchased the 45-year-old building for $30-million. The deal closed last Thursday, according to documents filed with the provincial land registry office.

It’s not clear what the new owner plans to do with the mall, located at 293 Bay St. SoToday has reached out to the buyer and will update the story when new information emerges.

Algoma Central built the waterfront mall in the early-1970s (when the company was still known as Algoma Central Railway) and had been the landlord ever since. In 2015, the St. Catharines-based company—which owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes-St. Lawrence Waterway—announced plans to sell all of its commercial real estate.

But finding a buyer for the Station Mall proved difficult, especially after Sears pulled out as the main anchor tenant in 2017.

According to the land documents, SM International Holdings paid $12-million in cash for the property and mortgaged the remaining $18-million from Algoma Central, at an annual interest rate of 5.5 per cent.

Gregg Ruhl, Algoma Central’s president and CEO, has yet to reply to a request for comment.

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