Nanaimo North Town Centre, formerly known as Rutherford Mall, is now operating under a revamped ownership group.
Vancouver-based Shape Properties Corp., one of British Columbia's leading commercial developers, bought the mall in 2006 for $36 million, along with a private investment group.
Shape vice-president Darren Kwiatkowski said the investment group has decided to move on to other projects and an undisclosed private pension fund recently bought out the group's shares.
He didn't disclose how much the pension fund paid for their investment or what percentage of the mall they now own.
The former partners invested millions of dollars in upgrades and renovations during the last six years and helped attract a variety of new tenants to the north-end facility.
The value of the mall is now listed at $130 million.
"Shape Properties is still one of the mall's owners and we will still be in charge of its management," Kwiatkowski said.
"We fully intend to move forward under the same program that we've had since we bought the mall and continue to make improvements to make it better."
Kwiatkowski said Shape Properties has also recently sold its Cowichan Commons mall in the Cowichan Valley, in two parts, for $120 million.
The North Nanaimo Town Centre had its share of adversity before its sale in 2006, with the loss of its Overwaitea grocery store.
But Shape Properties has been successful since then in bringing major and minor retailers to the mall and keeping its biggest tenant, Sears, in place.
Newcomers have included London Drugs, Fairway Market, Best Buy and Urban Planet.
The U.S.-based Target chain has announced it will move into the centre's Zellers store after the latter closes later this year.
Nanaimo's only Canadian Tire store is also preparing to move from its current location to a larger store that will be constructed on the North Town Centre property.
