Golden Mile mainstay opened in 1986
A proposal to purchase the Kozlov Centre on Bayfield Street in Barrie has been accepted, with a tentative closing date of Jan. 21, 2013. The name of the potential buyer has not been announced.IAN MCINROY BARRIE EXAMINER
A mainstay on Bayfield Street's Golden Mile is in transition.
A proposal to purchase the Kozlov Centre has been accepted by owners Louis Kozlov and Joe Visenberg.
The tentative closing date is Jan. 21, 2013.
The 350,000-square-foot mall, located at Cundles Road and Bayfield Street, opened in August 1986.
Today, there is a Metro grocery store and a Zellers outlet as well as other retail outlets.
"There are lots of hoops to go through before things are finalized," said Kozlov Centre spokesman Roger Godin. "Tenants are in the process of being told what's happening to the mall. The people who have bought it will be explaining the details."
He would not comment on who the potential buyer is.
"It has nothing to do with the sale of Zellers or Target," Godin said.
There are about 70 tenants in the mall and not just retail outlets. There are professional offices and other businesses as well.
"What's going to happen to the mall will be good for retail in the city and the tenants in the mall," he added. "The tenants we have now in our vision will be an asset to the mall and help with the rebranding."
Godin said Kozlov and Visenberg have always wanted the facility to be a place where people gathered.
"A lot of good things have materialized under their watch. It's always been a community-minded facility. That was the goal of Lou Kozlov," he said. "And there have always been a lot of community events at centre court."
Zellers, a longtime tenant at the Kozlov Centre, is set to close in March 2013.
Target Canada announced in 2011 that the company was buying up Zellers leaseholds for stores across the country which would be converted into more than 120 Target shopping centres. The leasehold for the store in the Kozlov Centre was not bought or chosen for retail renovation.
The Hudson's Bay Company (HBC) holds the lease for the space until August 2014.
Meanwhile, RioCan Real Estate Investment Trust announced in July that the Canadian-based company bought the 150-store Georgian Mall from the Cadillac Fairview for $318 million.