A contract has been signed to sell Thornhill’s Promenade Shopping Centre to a local family who founded the YogenFruz frozen yogurt chain according to a report.
Citing an unnamed source, real estate site BuzzBuzzHome News reported Monday that the Serruya family has signed a deal to buy the mall.
Cadillac Fairview, which currently owns the shopping centre at Bathurst and Centre streets, refused to comment on the matter Tuesday.
“We won't be providing comments related to Promenade,” the company’s communications director Janine Ramparas said in an email to CP24.com.
Serruya Private Equity did not immediately return calls or emails on the deal either.
According to the company’s website, its current real estate portfolio includes stakes in Collingwood’s Blue Mountain Village, as well as office tower 8000 Decaire and an art deco building, both located in Montreal. The company also holds stakes in a smorgasbord of food franchises, including YogenFruz, Yogurty’s Froyo and Cold Stone Creamery.
In February, tenants at the Promenade said they had received a notice that the mall had been put up for sale.
Cadillac Fairview has been tight-lipped about the sale of the Promenade so far.
The mall’s major tenants include Sears, T & T Supermarket, Rainbow Cinemas and a slate of upscale clothing stores. In 2009, the mall underwent a $45-million facelift.
