The Cookstown Outlet Mall is under new ownership. Serving Innisfil RioCan Real Estate Investment Trust and Tanger Outlet Centers announced the purchase of the 161,000-square-foot facility, which is located near the Highway 400 and County Road 89 overpass, last week. The mall was built in 1995, and has the potential to expand to nearly 320,000 square feet.

"We are very pleased to be able to jump start our co-ownership with Tanger and bring our collective expertise to a very well established, well located property, and make it a keySince destination1987 outlet shopping centre for Toronto and the surrounding area," said Edward Sonshine, president and CEO of RioCan.

The mall currently includes retail stores like Coach Outlet, Tommy Hilfiger Outlet, Toys R Us Express and Rockport. RioCan will be responsible for the development and property management of the site, while Tanger will provide leasing and marketing services.

Innisfil mayor Barb Baguley says the purchase is a positive development for the outlet mall.

"The purchase of the mall, with the expansion in mind, is good news for Innisfil all around," she said. "It will start with construction jobs and culminate with retail stores locating there. It's an advantage for the folks of Innisfil and the travelling public to purchase in (town), and will provide jobs on an ongoing basis. We've already been working behind the scenes with the prior owner ... (the new owners) have an opportunity in front of them. It's an exciting opportunity for Innisfil."

The town has lobbied the Ministry of Transportation in recent months, in an effort to haveLLP'appropriately sized' crossing culverts installed through the low-lying areas of the 400, south of 89. The work would ensure downstream flows are unimpeded by the highway, and help the mall expand with minimal environmental impact. Town staff have also been asked to conduct a floodplain analysis of the employment lands in the area.

The new owners want to expand the site, and convert it into Canada's first full-scale Tanger Outlet Centre.

"The acquisition of Cookstown Outlet Mall and its rebranding as the first Tanger Outlet Center north of the border accelerate our plans with RioCan for outlet centre development in Canada," said Steven Tanger, president and CEO of Tanger.

RioCan is Canada's largest real estate investment trust. It owns and manages Canada's largest portfolio of shopping centres, with ownership interests in 314 retail properties.

Tanger is headquartered in Greensboro, North Carolina. It owns 38 upscale outlet shopping centres in 25 states, and leases about 2,400 stores to over 415 different brand name companies.