There's a new landlord for several B.C. businesses.
But the operation remains the same.
Lumby Kal Tire was one of seven outlets whose property and building was sold by the tire giant in southern B.C. June 30. The other Kal Tire outlets involved in the sale were in Nakusp, Castlegar, Courtenay, Hope, Lillooet and Golden.
"There is no change to how these Kal Tire stores are currently operating, they just have a new landlord," said Kal Tire communications at head office in Vernon. "Kal Tire has many different landlords across the country."
It was reported online in a couple of publications that the seven locations were sold to a private investor for just under a $9.3 million asking price. The investor is from Greater Vancouver, and had the successful bid of 20 qualified in the auction process.
The listing on the properties was held by the firm of Marcus & Millichap on behalf of Vernon-based Arrowleaf Real Estate Holdings Ldt., which is a private investor with Kal Tire.
A spokesperson for Marcus & Millichap said the firm placed the seven "geographically diverse" Kal Tire assets as a single income portfolio. The move would offer flexibility for investors to buy individual assets.
There are more 270 Kal Tire stores across Canada, which also has an extensive supply chain network made up of distribution centres and its own transport division. It also operates 16 manufacturing facilities.
