One of the city’s most prominent properties has been sold.
Partners Real Estate Investment Trust has purchased the Hamilton City Centre, as well as properties in London, North Bay and Kemptville, for $109-million.
The City Centre comprises approximately 423,900 square feet of the gross leasable area acquired by Partners, almost two-thirds of the overall deal.
The property’s value is assessed at about $20 million, and it pays about $540,000 in property taxes. Taxes for 2013 are in arrears by nearly $400,000, according to a city tax official.
The Centre, adjacent to Lloyd D. Jackson Square, opened in 1990 as the Hamilton Eaton Centre. When Eaton’s went bankrupt, the mall was renamed as the Hamilton City Centre.
It currently houses city offices, financial service firms and retail shops.