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Thunder Bay shopping centre sold

Deal for Thunder Centre set to close at month's end
Thunder Centre

THUNDER BAY -- The owner of Thunder Centre on Fort William Road has announced the sale of the retail park for about $40 million.

Toronto-based Partners Real Estate Investment Trust, which acquired the site in 2012, says it has an unconditional agreement with a buyer that's expected to close on June 30.

The Thunder Centre property houses a combination of big-box stores and strip malls comprising 168,000 square feet of space.

In a news release, Partners REIT said that after repaying outstanding mortgages, its net proceeds from the sale will total over $12 million.

The identity of the new owner has not been released as yet.