The Valley Fair Mall on the Lougheed Highway in Maple Ridge has been sold.
The Revs Entertainment Group has purchased the building from Vancouver-based Bucci Developments.
The company, headquartered in Burnaby, already owns the Revs Maple Ridge Bowling Centre, lanes in Burnaby and Windsor, Ont., and the Surrey Golf Club. This is the first shopping centre they will own and operate.
Mall manager Nicole Archer said the new owners are looking at generally maintaining the status quo at the mall, which is a 139,000 square foot commercial centre, anchored by a Save-on Foods and London Drugs, and with space for 38 other stores.
She said while COVID-19 has presented challenges, including a month-long shutdown and staffing issues, the businesses have generally weathered the pandemic well. Sales are again approaching pre-pandemic levels, she said. The mall is full, but for four small spaces, each less than 700 square feet in size.
A fast food restaurant, Mary Brown’s Chicken, is about to become the newest tenant.
“It’s a very health mall, and it’s a great investment,” she said.
While the previous owners had an application before city hall to construct a residential tower on the site, Archer said that will not be a priority for the new owners.
Archer will stay on as manager for three more months, and has chosen to move on after helping to train new management.
Terms of the sale were not disclosed.
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