Sobeys renews lease on former south location
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Hey there, time traveller!
This article was published 03/01/2024 (991 days ago), so information in it may no longer be current.
Sobeys has renewed its lease on its former south-end location at 1645 18th St. for another five years, despite having moved operations to Shoppers Mall six and a half years ago, according to a representative from the real estate firm representing the building’s owners.
The unit, which lies between Staples and the south-end Liquor Mart, has been vacant since July 2017, when the Sobeys Extra location on the other side of 18th Street opened its doors in the spot once occupied by Target during its ill-fated Canadian expansion.
In 2019, Shindico president and CEO Sandy Shindleman told the Sun that his company was looking to help Sobeys find a company to sublease the almost 4,000-square-metre facility, but that the chain was unwilling to have a competing grocery business occupy the space.
On Tuesday, Shindico senior vice-president Michael Stronger told the Sun that while Sobeys’ lease expired on Oct. 31, 2023, the company agreed to a five-year extension until Oct. 31, 2028.
With Sobeys maintaining control for another half-decade, Stronger said Shindico is looking for another company to sublease the space but still isn’t interested in having another grocery chain move in.
“What we’re doing … is trying to find a tenant that needs 45,000 square feet, of which there aren’t very many,” Stronger said. “That’s a very, very large size. This space can be subdivided, in principle, but it’s extremely expensive.”
Since Sobeys doesn’t want competition to occupy the space, Stronger said Shindico would love to see the company open one of its other food brands there, like discount supermarket chain FreshCo.
While some groups have expressed interest in the building, Stronger said, none of them has been the right fit in terms of size or meeting Sobeys’ conditions.
“Sobeys is going to have to feel confident that the new tenant is going to be creditworthy and successful because ultimately they’re responsible for them while they’re there as a sub-landlord,” Stronger said.
The entire property at 1645 18th St., which includes the Staples and Liquor Mart, had an assessed value of approximately $12.5 million.
» cslark@brandonsun.com
» X: @ColinSlark