On the heels of last week’s announcement that Hudson’s Bay Co. (Toronto) would be selling its Fifth Avenue, New York, flagship store to co-working outfit WeWork (New York), the department store group is said to be in talks to sell its Vancouver, British Columbia, flagship as well, according to Women’s Wear Daily.
The flagship site at 674 Granville St. is part of a joint venture between HBC and RioCan Real Estate Investment Trust (Toronto). To explore possible sale options, the retailer has hired CBRE (Los Angeles) and Brookfield Financial Real Estate Group (Toronto).
The site is part of a long-term lease and recently underwent renovations. The venture expects to close on a $200 million mortgage on the property, with proceeds distributed on a pro-rata basis to the joint venture partners, says WWD.
HBC’s governor, executive chair and interim ceo told the outlet, “We are committed to operating our Hudson’s Bay store at this location, and any possible sale would include the continued operation of Hudson’s Bay at this property."