Toronto-based Primaris REIT(TSX: PMZ.UN) has officially put the Northland Village outdoor shopping centre in Calgary on the market, fresh off of a years-long endeavor to reimagine the mall.Northland Village Shopping center lies at 5111 Northland Drive in northwest Calgary, about a five-minute drive away from the Brentwood LRT Station. Longtime anchor tenants of the mall include Walmart, Winners, and Best Buy, with other notable occupants consisting of Dollarama, GoodLife Physical Fitness, and Lenscrafters.The shopping mall originally opened in 1971 as an enclosed one-level indoor shopping centre
and was broadened and refurbished several times in the early-aughts. In 2021, Primaris REIT revealed a strategy to redevelop the enclosed shopping center into an al fresco shopping centre. (The confined mall made an appearance in the very first season of The Last of United States prior to being demolished. )According to Primaris REIT’s financial reports, Northland Village formerly spanned 34.7 acres. Roughly two acres were then sold in 2022 to a third-party property developer that has given that finished construction of a 219-unit rental complex along Northland Drive NW.< img alt= "Pictures of some of the stores within Northhland Village."height="560"src="// www.w3.org/2000/svg'%20viewBox='0%200%20871%20560'%3E%3C/svg%3E"width =”871″/ > Images of some of the shops within Northhland Village./ TD Cornerstone, RBC Capital Markets
“In the summer of 2022, the interior part of Northland was destroyed, Walmart completed a remodelling to their store, and Primaris started construction of a completely pre-leased outparcel structure,” said Primaris REIT in its Q2 2025 monetary report. “Forecasted redevelopment costs for the project are approximated in the variety of $120 to $125 million with an awaited return on the task of roughly 6.5% to 7.0%.
“The redevelopment job will be completed over multiple stages as leases are signed for brand-new pads on the website,” Primaris added. “Project-to-date costs was roughly $119 million as at June 30, 2025 and future redevelopment expenses connect to the building and construction of extra pads as brand-new leases are signed. Around $1.2 countless interest was capitalized to the project for the 6 months ended June 30, 2025.”
Upon conclusion, the redeveloped Northland Village will consist of around 390,000 sq. ft of retail area and office space. According to Primaris, leasing is total for approximately 370,000 sq. ft. The report likewise kept in mind that Northland Village had been categorized under “assets held for sale” and CEO Alex Avery said in the REIT’s Q2 2025 teleconference that they are “preparing for the sale of Northland Town” and are expecting to find “a broad pool of interested purchasers for this property.”
The Listing
Today, Northland Town was noted for sale by TD Cornerstone Commercial Real Estate and RBC Capital Markets Property Group, which explained Northland Town as a “dominant” shopping centre and the offering as “an incredibly unusual chance to get a premium, just recently redeveloped, al fresco shopping center with protected, long-lasting capital and future development potential.”
- Address: 5111 Northland Drive NW + 4600 Crowchild Path NW, Calgary
- Site Location: 31.81 acres
- Gross Leasable Location: 435,420 sq. feet
- Current Occupancy Rate: 97.8%
- Cost: Unpriced
- Noted By: TD Cornerstone (Ashley Martis, Elliott Medoff, Jason Lay, Jackson Watts) and RBC Capital Markets (Dan Giaquinto, Jason Cottle, Nurit Altman, Ryan Marino)
< img alt="A home summary of Northland Village." height="606" src="// www.w3.org/2000/svg'%20viewBox='0%200%20855%20606'%3E%3C/svg%3E"width ="855"/ > A property summary of Northland Village./ TD Cornerstone, RBC Capital Markets The retail element spans 30.32 acres, but the offering likewise includes a separately-titled office building located at 4600 Crowchild Trail NW that is 82% inhabited. The retail and office element have a combined average weighted typical lease regard to 6.7 years and a typical in-place minimum net rent of $24.10 per sq. ft.
“The Property has been a component in Calgary’s retail landscape for decades and has recently undergone a significant redevelopment and repositioning, improving the occupancy blend with a concentrate on necessity-based and service-oriented sellers,” said the listing group in its sales pamphlet.
“Northland offers potential investors safe and secure and sustainable capital with 80% of in-place gross rent generated from nationwide and local renters and rental upside via contractual escalations supported by credit-rated nationwide occupants. With 720 surface area parking stalls and an extensive 31.81 acre website, the Residential or commercial property supplies versatility for future surge, mixed-use redevelopment, or a tactical phased repositioning over time. Northland is ideally matched to fulfill the evolving needs these days’s consumer by combining grocery, convenience, and availability in a format that is both adaptive and durable.”