Thunder Bay’s Intercity Shopping Centre is under new ownership.

Leyad, a real estate investment and development firm based in Montreal, announced Wednesday morning that they have acquired the 456,000-square foot retail centre.

“Intercity Shopping Centre is the heart of retail in Thunder Bay and across Northwestern Ontario,” said Henry Zavriyev, President of Leyad. “We see tremendous opportunity to modernize the property, attract exciting new retailers, and create a best-in-class shopping experience for the region.”

Leyad says it is finalizing agreements with several new national and international retailers to redevelop the former Sears space, which has been vacant since Sears Canada left in 2015.

A new Sport-Chek location will be completed as well, according to the firm.

“Leyad is focused on acquiring and operating high-quality retail, commercial, and residential assets across Canada, with an emphasis on necessity-based real estate,” the company wrote in a press release. “The redevelopment plans are expected to bring substantial new investment into Thunder Bay, create jobs, and further reinforce the centre’s position as the leading retail destination in Northwestern Ontario.