Published report suggests Cottonwood Centre mall in Chilliwack has been sold

CHILLIWACK — A published report suggests three companies with ownership interests in Chilliwack’s largest shopping centre have sold the Cottonwood Centre mall to a holdings company.

Storeys, which claims to be Canada’s most-read real estate news website, reported Wednesday (May 7) that the Vancouver-based trio of PCI Developments, Northland Properties, and Nicola Wealth sold Cottonwood to Finix Holdings in a transaction that reportedly finalized last month in April.

The sale was reportedly brokered by Jim Szabo and Vincent Minichiello of CBRE Vancouver, while the buyer was represented by Cynthia Dong of CASM Global Real Estate Corporation.

Fraser Valley Today has reached out to all three companies for comment, but has not been able to independently verify whether the transaction occurred.

Cottonwood Centre was previously owned by Morguard Corporation in Ontario before it sold the mall and its land for $73 million to PCI Developments and Nicola Wealth in 2019, Storeys reported.

First built in 1974, Cottonwood Centre mall consists of over 60 stores and features anchor tenants like TD, Save-On-Foods, and London Drugs.

BC Assessment currently values the nearly 22-acre Cottonwood Centre mall property at $96.3 million. Of note, Canadian Tire’s property is assessed at $41.4 million. It has an address separate from Cottonwood.