JLL closes sale of White Oaks Mall in London, Ontario
JLL Capital Markets arranged the sale of the 700,000-square-foot White Oaks Mall in London, Ontario
TORONTO, August 16, 2023 – JLL Capital Markets announced that it has closed the sale of White Oaks Mall, a 700,000-square-foot enclosed mall in London, Ontario.
JLL facilitated an off-market transaction from an institutional vendor to local London-based purchaser, Westdell Development Corporation.
Opened in 1973, White Oaks Mall has become one of the largest retail destinations in London, Ontario. Hosting 180 stores and services, the enclosed mall has survived through the rise of giant e-commerce companies over the years as well and the downturn caused by the COVID-19 pandemic.
“In facilitating this transaction, the National Retail Investment Group at JLL benefited from its longstanding relationships with both the vendor and the purchaser,” said Nick Macoritto, Executive Vice President, Capital Markets, JLL Canada. “We were giving a market update to the vendor to discuss where we felt the market was at in terms of appetite and buyer pool for different classes of retail and that evolved over several months into a discussion around White Oaks. The mall was never officially for sale but having already worked with Iyman Meddoui as a seller or a buyer in numerous other transactions, we felt he might be interested and knew he’d be the perfect buyer for this asset.”
The buyer pool for large enclosed malls is limited, therefore deep relationships with institutional vendors and private buyers in each market across the country is essential for successful transactions like White Oaks. This deep network of retail owners is something that the National Retail Investment Group at JLL has developed over many years.
“Westdell has exciting plans for the commecial centre, including a new facade, new retailers, new commercial retail units on the property, creating a live work play and shop community,” said Iyman Meddoui, President, Westdell Development Corporation. “We have an excellent relationship with Nick Macoritto and Matthew Smith at JLL, having worked together on many other transactions throughout Ontario. JLL approached us with this opportunity and was instrumental in putting the deal together and working through the many stages of the process to get it closed.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.