Canadian Tire to buy 12 former Target leases

Former Target location at Tamarack Centre in Cranbrook is a part of the deal.

The answer to the question of what to do with the empty space at the former Target location in the Tamarack Centre has been answered.

Canadian Tire Corp. says it has signed a deal to buy 12 real estate leases in former Target locations across the country, one of which is in Cranbrook.

The deal is reportedly worth $17.7 million for all 12 leases once the deal is approved.

The former Target building has been empty since Canadian operations officially closed down in earlier this year.

Canadian Tire chief executive Michael Medline says the purchase will allow the company to accelerate its growth, improve its retail network and provide its customers with more convenient locations and larger stores.

However, details were thin as of press time on Wednesday.

“At this time we have no new information to provide,” said Sandra Buckler, Vice President, Canadian Tire Corporation. “When the court issues the approval, we will be in a better position to share details.”

Cranbrook Mayor Lee Pratt welcomes the news.

“Canadian Tire is a very successful Canadian business and will be here for years to come,” says Mayor Lee Pratt.  “I am sure this will speed up their previously announced store expansion and provide more jobs for the citizens of Cranbrook.  An anchor tenant like this for the Tamarack Centre is also great news and I am sure will lead to more positive opportunities for other space rental there.”

A year ago, Cranbrook city council approved the development of a new Canadian Tire store on the north side of the city beside the Home Depot.

The applicant proposed a 6,668 sq. metres commercial retail building, which will include a retail floor area, mezzanine areas for office and warehouse space, an auto service centre and a 929 sq. metre outdoor garden centre.

The status of that project is currently up in the air with Wednesday’s announcement.

Other Target leases have been purchased by Canadian Tire across B.C., Ontario, Quebec, Nova Scotia, New Brunswick and Manitoba.

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Dr. Albert de Villiers, Chief Medical Health Officer for the Interior Health Authority. (Contributed)
‘People need to start listening’: IH top doc combats COVID-19 misconceptions

Dr. Albert de Villiers says light at the end of the tunnel will grow in step with people’s adherence to PHO guidance

(File)
One death and 82 new cases of COVID-19 in Interior Health

1,981 total cases, 609 are active and those individuals are on isolation

Jim Webster displays one of the 50 ski chairs he recently purchased from the Resorts of the Canadian Rockies (RCR). After around 50 years of use at the Kimberley Alpine Resort, Webster is now selling the chairs for $500 each to raise funds for a local parks project. Paul Rodgers photo.
Jim Webster sells vintage Kimberley Alpine Resort ski chairs for park fundraiser

Marysville resident Jim Webster recently came into possession of some Kimberley history;… Continue reading

Stock photo courtesy Cliff MacArthur/provincialcourt.bc.ca.
Double-murder trial in case of Cranbrook couple killed adjourned until January

A trial has been adjourned until January for two men charged with… Continue reading

Cranbrook Community Theatre (CCT) is presenting virtual visits and live letter readings with Santa, from Friday, Dec. 11, to Sunday, Dec. 13. Photo contributed
Cranbrook Community Theatre hosts Santa’s virtual visits and letter readings

Despite the restrictions imposed by the pandemic, Santa Claus is at large… Continue reading

Motorists wait to enter a Fraser Health COVID-19 testing facility, in Surrey, B.C., on Monday, Nov. 9, 2020. THE CANADIAN PRESS/Darryl Dyck
Another 694 diagnosed with COVID-19 in B.C. Thursday

Three more health care outbreaks, 12 deaths

Good Samaritan Mountainview Village located at 1540 KLO Road in Kelowna. (Good Samaritan Society)
First long-term care resident dies from COVID-19 in Interior Health

Man in his 80s dies following virus outbreak at Mountainview Village

A demonstrator wears representations of sea lice outside the Fisheries and Oceans Canada offices in downtown Vancouver Sept. 24, demanding more action on the Cohen Commission recommendations to protect wild Fraser River sockeye. (Quinn Bender photo)
First Nations renew call to revoke salmon farm licences

Leadership council implores use of precautionary principle in Discovery Islands

Ten-month-old Aidan Deschamps poses for a photo with his parents Amanda Sully and Adam Deschamps in this undated handout photo. Ten-month-old Aidan Deschamps was the first baby in Canada to be diagnosed with spinal muscular atrophy through Ontario’s newborn screening program. The test was added to the program six days before he was born. THE CANADIAN PRESS/HO, Children’s Hospital Eastern Ontario *MANDATORY CREDIT*
First newborn tested for spinal muscular atrophy in Canada hits new milestones

‘If Aidan had been born any earlier or anywhere else our story would be quite different’

Amanda Weber-Roy, conservation specialist for BC Parks in the Kootenays. Photo: Bill Metcalfe
VIDEO: Kootenay youth climate group works to protect Nelson’s water supply

Youth Climate Corps members spent five weeks thinning forest in West Arm Park

(Pixabay)
Canadians’ mental health has deteriorated with the second wave, study finds

Increased substance use one of the ways people are coping

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Most Read