New owners are being sought for a prime piece of uptown Saint John real estate.
Brunswick Square has been listed for sale, as first reported by CTV News Atlantic on Friday.
CBRE Limited and TD Securities Inc. recently published a flyer for the property.
It describes Brunswick Square as a “strategically located mixed-use asset that is ideally positioned for significant revenue upside through leasing, repositioning, or redevelopment.”
The sale would include the three-storey shopping centre, 250-room Delta hotel, 19-storey office tower, and nine-storey parking garage with around 730 spaces.
Built in the late 1970s and early 1980s, Brunswick Square accounts for most of the city block between Union Street, King Street, Chipman Hill, and Germain Street.
The shopping centre has struggled to attract and retain tenants in recent years. The Cora restaurant was the most recent long-term business to leave in March.
According to the flyer, there is a vacancy rate of around 48 per cent in the shopping centre and 45 per cent in the office tower.
Brunswick Square is currently owned by Slate Office REIT, which purchased the property from Fortis in 2015 for nearly $57.3 million.
The Toronto-based company recently announced plans to sell a number of “non-core” Canadian assets, consisting of about 40 per cent of its total gross leasable area.
No sale price was listed for Brunswick Square, which is currently assessed at more than $38 million, according to Service New Brunswick.
A spokesperson for Slate told our newsroom on Monday that they have nothing to share at this time.
