New acquisitions for Henry Zavriyev. The business owner recently purchased a commercial property in Moncton.
His Montreal-based real estate development company Leyad recently took over the Wheeler Park Power Centre in Moncton.
Zavriyev says it’s his first in the Maritimes, “We own all different types of assets, primarily apartment buildings, but we’re slowly transitioning to strip centres, malls, grocery-anchored malls, and industrial real estate. Over the next couple of years, we are hoping to focus more on larger scale assets in the Maritimes.”
He believes there is a big boom happening in the Maritimes that is being overlooked investment-wise.
“Moncton is growing very quickly. I think after having visited it’s just a really great place to live. It just has all the essential services of the city and has a good vibe to it. All the fundamentals are there and for whatever reason, there’s not as much investment as there should be, from the outside. I know there are a number of business people in Moncton who are helping it flourish, but there doesn’t seem to be any outside activity happening. So that’s why it’s interesting for us,” Zavriyev says.
He is already in talks with a few tenants to move into the Centre, and he expects there will be changes in the next year. He wouldn’t comment any further on who the tenants might be.
Wheeler Park Power Centre encompasses 360,000 square feet of retail space and spans over 40 acres of prime real estate in Moncton. The centre is notably anchored by a Loblaws Super Centre and also features several other leading national brands, including the likes of the Brick, Old Navy, and Staples.
Beyond Wheeler Park Power Centre, Leyad has also expanded its portfolio with the recent acquisition of multiple commercial assets in its home province of Quebec. Among the highlights is a substantial 261,000-square-foot distribution hub in Cowansville, a vibrant 39,500-square-foot shopping plaza in Chateauguay with Jean Coutu as a prominent tenant, and a 115,000-square-foot distribution facility in Quebec City. Cumulatively, these acquisitions represent 800,000 square feet of commercial property purchased in the past month.
