RioCan, Tanger buy Cookstown outlet mall
Posted November 22, 2011 4:25 pm.
This article is more than 5 years old.
A U.S. development firm plans to transform Cookstown Outlet Mall in Innisfil into a major shopping destination.
Greensboro, NC-based Tanger Outlet Centres Inc. is teaming up with Toronto’s RioCan Real Estate Investment Trust to double the size of the mall and bring in high-profile tenants.
Tanger and RioCan will pay $62 million for the 160,000-square-foot mall, located about 50 km north of Toronto on Highway 400. Current tenants of the mall include Coach, Tommy Hilfiger and and Rockport.
Other plans include implementing a shuttle bus service from Toronto and increasing advertising.
“The acquisition of Cookstown Outlet Mall and its rebranding as the first Tanger Outlet Center north of the border accelerate our plans with RioCan for outlet center development in Canada,” said Tanger president and CEO Steven Tanger.
The head of RioCan, Edward Sonshine, called the mall a “well located property” and hopes to “make it a key destination outlet shopping centre for Toronto and the surrounding area.”
Separately, RioCan and Tanger have also agreed to buy approximately 50 acres of land in Kanata, Ontario, near Ottawa, to be developed as a Tanger Outlet Center.
