Skeena Mall has been sold

THE SKEENA Mall has been sold with the final paperwork scheduled to be finished by the end of the year.

  • Nov. 23, 2011 10:00 a.m.

THE SKEENA Mall has been sold with the final paperwork scheduled to be finished by the end of the year.

Once full of tenants and shoppers, the mall never recovered from the regional recession, which took hold when the bankruptcy of Skeena Cellulose brought on a collapse of the forest industry in the late 1990s.

Carroll MacLean, a representative for mall owner Lanch Holdings, said its owners began looking for a buyer after deciding to get out of the commercial real estate business.

Lanch itself purchased the mall out of receivership in 1986, just as the local economy was beginning to pull out of an earlier forestry-based recession in the early 1980s.

“There were some good years there in the late 1980s and into the 1990s,” said MacLean. “But these last years have not been pretty as you well know.”

“There was a big reluctance on the part of national tenants to look at the area. They didn’t hold out any hope for the market at this time and did not want to look into the future over the next three to five years,” he added.

MacLean would not identify the new owners until the sale had completely closed but said they had existing commercial mall properties.

“I feel they will be able to attract some of those tenants. They have existing relationships,” he said of the company and tenants at its other properties.

Lanch Holdings has just one other commercial property left in its portfolio, a small holding in Alberta.

“The owners have decided to take on a completely new direction,” he said.

The sale is the second recent significant real estate sale to take place in the downtown core. Last month, the former Terrace and District Credit Union building on Lazelle Ave. was sold to a local person, Loralie Thomson.

He praised the work of mall employees over the years to not only look for tenants but to offer up its vacant spaces for various community events and purposes.

The former Northern Drugs space, for instance, became headquarters for the Hockeyville campaign in 2009.

MacLean did say there was a cause for optimism given the start of major projects in the region and expectations of more developments being announced.

“Had we stayed there, I feel we’d be back to the good times,” he said.

Lanch Holdings is in turn owned by the Shon Group, which has a major development in Vancouver called Cathedral Place.

Ron Shon, a principal of the Shon Group, was also a factor briefly in northwestern mining circles when a company he controlled operated the Johnny Mountain gold mine. It closed in 1990.

 

 

 

 

Just Posted

Feds approve $4M for Tahltan protected and conserved areas

Well defined stewardship will help nation reduce uncertainties for resource partners

NARA sends off rescues to cat cafe in Vancouver

Several cats and kittens from the region are now up for adoption at Catoro Cafe

BC Parks student rangers complete several northwest B.C. conservation projects

This was the first time the summer program operated out of Terrace

Coast Mountain College announces interim president

Ken Burt, current president and CEO, will say goodbye to CMNT come September

Terrace River Kings schedule released

Two new teams join CIHL in upcoming season

VIDEO: Title of 25th Bond movie is ‘No Time to Die’

The film is set to be released in April 2020

New study suggests autism overdiagnosed: Canadian expert

Laurent Mottron: ‘Autistic people we test now are less and less different than typical people’

B.C. father tells judge he did not kill his young daughters

Andrew Berry pleaded not guilty to the December 2017 deaths

Trans Mountain gives contractors 30 days to get workers, supplies ready for pipeline

Crown corporation believes the expansion project could be in service by mid-2022

Rosemount cooked diced chicken linked to listeria case in B.C.

The symptoms of listeria include vomiting, nausea, fever, muscle aches

B.C. seniors allowed more choice to stay in assisted living

Province doesn’t need to wait for a complaint to investigate care, Adrian Dix says

Retired B.C. fisherman wins record $60M Lotto Max jackpot

Joseph Katalinic won the biggest Lotto Max prize ever awarded

New ‘Matrix’ film set with Keanu Reeves and Lana Wachowski

Fourth installment to feature Reeves as Neo and Carrie-Anne Moss as Trinity

Most Read