Local Business Partners Acquire Promenade Shopping Centre

The Serruya Family and Liberty Development Purchase Thornhill Landmark

VAUGHAN, ON, April 20, 2017 /CNW/ - Promenade Shopping Centre, a vital regional shopping destination located in the heart of Thornhill, Ontario, was purchased today by Promenade General Partner Inc., a business formed by the Serruya family and Liberty Development Corporation.

With more than 150 stores and services, including Coach, Aritzia, H&M, Lululemon Athletica, SportChek, Old Navy, Urban Planet and Pandora, Promenade currently serves a trade area population of close to one million residents.

Previously owned by The Cadillac Fairview Corporation, Promenade Shopping Centre underwent a major $45-million upgrade in 2009 that included the redevelopment of the food court and common areas. Situated on a site of over 50 acres, the property is conveniently located close to the 407 ETR highway, and the nearby Vaughan Metropolitan Subway Station, which is due for completion in 2017.

Promenade, an approximately 900,000 gross-square-foot property, opened on Aug. 4,1986. Among its founding tenants was the first Yogen Früz frozen yogurt and smoothie outlet, a new quick-service restaurant concept created by local teenage brothers Michael, Aaron and Simon Serruya. Yogen Früz continues to operate at the centre and has today become a Canadian retail success story with more than 1,400 stores in 46 countries. 

The Serruya family is now partnering with Liberty to work alongside Promenade retailers, patrons and the community to enhance the shopping experience, as well as the cultural and social engagement that makes the centre such an important part of the Thornhill community.

"Promenade is where my brothers and I started our business careers as teenagers with the original Yogen Früz concept over 30 years ago," comments Michael Serruya. "We are thrilled to now be in a position to invest in this property to ensure it reaches its full potential as a central hub for the Thornhill community.  This is an important investment for us, but it also represents a deepening of our commitment to the community we call home."

Liberty Development Corporation is a leading mixed use developer and property manager of commercial, office and residential buildings in the GTA.

"Thornhill is a vibrant, close-knit, community that we know well. Having built numerous successful communities in Vaughan and Thornhill over the last twenty years, we recognize the importance of Promenade Shopping Centre to the neighbourhood.  We look forward to working with our partners to enhance the Promenade experience as the area's primary gathering place and shopping destination," says Fred Darvish, President, Liberty Development Corporation.

Centrecorp Management Services Limited, a leading property management and real estate services company has been retained to manage Promenade Shopping Centre.

SOURCE Promenade General Partner Inc.

For media inquiries: Jon Packer, Idea Workshop, C.416.543-9179, O.416-504-3977 x24, [email protected]; For Promenade Shopping Centre Inquiries: Brett Glanfield, Vice President, Property Management, 905-968-3123; For leasing inquiries: Nancy Rosenmann, 647-289-7475, Promenade Shopping Centre, I Promenade Circle, Thornhill, Ontario, L4J 4P8, 905-764-0020, www.promenade.ca