The last Northern Ontario vestiges of the famed Algoma Central Corporation are up for sale.
St. Catharines-based company is shedding its remaining real estate assets, including the Station Mall in Sault Ste. Marie.
The company announced Nov. 18 that it is selling its real estate holdings of commercial, retail, office and other buildings of 1.3 million square feet in space in the Sault, St. Catharines and Waterloo.
Other Sault properties listed on Algoma Central website include the Station Tower office building, the company’s original corporate offices and passenger rail terminal built in 1912, a 102-unit senior apartment building, and the Delta hotel on the city’s waterfront.
Marketing of the properties begins next year.
Originally headquartered in the Sault, Algoma Central began as a railway in 1895 and expanded into a Northern Ontario industrial empire comprising Great Lakes shipping and real estate.
Through reorganization over the years, Algoma Central decided to relocate its corporate offices to the Niagara region.
The company is focusing on rebuilding its Great Lakes fleet and explore marine opportunities internationally. Algoma Central operates a fleet 32 bulk carriers, self-unloaders and tankers on the lakes, with interests in ocean-going bulk vessels sailing internationally.
The company said the properties have generated revenues of $23.9 million and net earnings of $2.1 million. All their properties had a net book value of $79.2 million as at September 30, 2015.
