The St. Jacobs Farmers’ Market will be getting new owners in the new year after Schlegel Urban Developments announced Wednesday their plans to buy the popular destination and surrounding properties.
The proposed deal with Mercedes Corp. also includes Market Road Antiques, St. Jacobs Outlet and the adjacent TSC store property.
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The sale still requires corporate and regulatory approvals before it is expected to close in early 2018.
The market was established in 1975 and in a news release, Mercedes Corp. said it considered a variety of strategic alternatives for the properties and came to the conclusion that the Schlegel offer was best suited.
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Schlegel Urban Developments is owned by the Schlegel family of Kitchener and they are involved in a variety of developments in the region, including the Williamsburg subdivision.
The market, with more than 350 vendors year round, draws about one million visitors annually.
Financial details of the deal were not disclosed.