Cottonwood Mall under New Ownership

For Immediate Release

Chilliwack, British Columbia, February 7, 2019:

British Columbia’s PCI Developments closed a deal today to buy Chilliwack’s Cottonwood Mall, a full-service enclosed shopping centre that is a destination for local residents and tourists passing through on the adjacent Trans-Canada Highway. The 37-year-old company has owned, managed, revitalized and developed numerous properties across Metro Vancouver.

“PCI Developments is excited about the opportunity to invest in Chilliwack, one of B.C.’s fastest growing cities and economies,” said Jarvis Rouillard, PCI’s Vice President Acquisitions and Leasing. “We are a Vancouver-based company with strong roots in retail, and with our purchase, we look forward to offering Cottonwood Mall local ownership and management, as well as building relationships with current tenants, attracting new tenants, and enriching the retail experience for the community.”

Cottonwood Mall is located in central Chilliwack and has 71 stores that are a mix of well-known national brands and independent stores. The existing anchor tenant is London Drugs, with a former Target store remaining empty.
PCI confirmed Save-On-Foods as an anchor tenant who will occupy 38,000 square feet on the south side of the former Target site.

“Save-On-Foods is a beloved B.C. brand that will provide increased daily foot traffic at Cottonwood Mall and create local jobs,” said Rouillard. “Grocery stores are a strong anchor for any community retail centre, and we believe a very important piece to our plan to renew and reinvigorate the experience at Cottonwood Mall. Save-on Foods and London Drugs compliment each other well and we are pleased that they choose Cottonwood Mall as a key central location to serve Chilliwack residents.”

PCI will break ground on the Save-On-Foods store this summer with completion targeted for later next year. Simultaneously, the company plans to build a 6,000-square-foot pad in the south parking lot to accommodate two additional tenants, plus complete new leases for retail units both within the mall and on the north side of the existing Target structure.

These initiatives are part of a refresh of the mall that may total over $30-million, one of the largest
capital investments in the mall’s 45-year history. Future work will include modernizing the brand
identity and signage, among other upgrades.

“Our capital investment in Cottonwood Mall is to ensure its longevity as a top community destination,”
said Rouillard. “It is heartening to see seniors and families spend time at the mall, sometimes daily.”
“We are looking forward to the exciting changes the new ownership has planned for our mall,” said
Helen Crane, owner of the local COBS Bread Bakery, which has been at Cottonwood Mall for 14 years.
“These changes will only mean a more positive experience for our consumers.”

The mall is 259,560 square feet and sits on approximately 22 acres just off the Trans-Canada Highway.
Other tenants include Dollarama, TD Bank, Starbucks, Vancity, BCAA, Earl’s Restaurant, and Kin’s Farm
Market.
The mall will be managed by Warrington PCI Management.
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