Former Costco and Target buildings, some of the largest commercial real estate in St. John’s, sold to KMK
ST. JOHN’S, NL — Ikea? Bass pro shop? giant tiger? The world’s biggest Tim Hortons? All of these names — except the last one, obviously — are being thrown around as potential businesses moving into the former Costco location in east-end St. John’s.
The 142,000-square-foot building, along with the approximately 120,000-square-foot former Target/Zellers next door was recently sold to St. John’s based KMK Capital Inc. and an unnamed partner.
SaltWire spoke with KMK CEO Justin Ladha, who said at this time the identity of the partner is confidential, as are plans for the buildings.
“We do have something in mind, considering the location and size,” he said, referring to the former Costco. “It’s right on the highway so it’s got access from anywhere in the city and even outside the city. We like the location, and we like the property.”
Ladha confirmed they do have the same partner for both buildings and said they hope to share more of the plans in the coming months.
“It’s right on the highway so it’s got access from anywhere in the city and even outside the city. We like the location, and we like the property.”
— Justin Ladha
The building that formerly housed Target has been largely empty since the US-based department store retailer pulled out in 2015, with some smaller businesses renting out parts of the space over the years.
Both properties were some of the largest vacant retail properties in the city.
“The longer those properties sit there the construction costs keep going up and up,” Ladha said, referencing how long they had been vacant. “We see great value in them given the configuration, its location and access to the highway.”
SaltWire contacted some of the larger retailers, including Ikea, Giant Tiger and Amazon, to see if they had any plans to move into the St. John’s metro region but did not receive replies as of print deadline