A shopping centre near Vancouver City Hall has sold for $225 million.
Richmond-based Sun Commercial Real Estate Group (SUNCOM) purchased the nearly 250,000-square-foot City Square Mall, according to a new retail market report by real estate firm CBRE.
The complex sold for more than double its assessed value of $102 million. The site’s impressive price tag is likely due to its redevelopment potential. The 3.3-acre property is located within the Broadway Corridor Plan, just a block from the Canada Line Broadway-City Hall Station and the future Millennium Line Broadway Extension.
The mixed-use commercial mall was designed with a European village feel, utilizing both heritage buildings and modern structures. The property includes 50 retail units and two six-storey office buildings.
The mall currently has a high vacancy rate. The mall lost its anchor tenant, Safeway, last year. The space has remained vacant since.
SUNCOM’s holdings include the Best Western Sands Hotel on Davie Street; Westwood Plateau Golf & Country Club in Coquitlam and Mylora Sidaway Golf Club in Richmond. The company did not respond to a request for comment on their latest acquisition.
City Square Mall is located at 555 West 12th Ave, Vancouver.
From | HomeLife Glenayre Realty, Chilliwack. HomeLife agent Brad Driesen sold:
DEAL | 69-unit, two-building apartment complex. Edward Street, Chilliwack. Price: $10.5 million.
From | MaxWell Polaris, Edmonton. MaxWell agent Rick Jenkins brokered the following:
DEAL | 4,280-square-foot industrial warehouse on 2.58 acres of land. 63 Avenue NW, Edmonton. Price: $2.65 million.
From | Avison Young Commercial Real Estate, Calgary. Avison agents Kent Bacon and Tyler Wellwood sold:
DEAL | 19,725-square-foot warehouse building on a 1.64-acre lot. 50th Street, Calgary. Price: $3.47 million.
From | Royal LePage Wheeler Cheam, Mission. Royal LePage agent Jag Cheema reports:
DEAL | Three-lot assembly totaling 35 acres of residential development land. Parr Avenue, Mission. Price: $14 million.
From | Lee & Associates, Vancouver. Lee & Associates agents Sean Ogilvie and Steve Caldwell sold the following:
DEAL | A 6,600-square-foot freestanding commercial building. Marpole Avenue, Port Coquitlam. Price: $3 million.
Lee & Associates agents Chris McIntyre and Ryan Saunders sold:
DEAL | 2.87-acre property with 25,640-square-foot conference hall, with plans for a single-family subdivision. Wayburne Drive, Burnaby. Price: $10 million.
From | RE/MAX Excellence, Edmonton. RE/MAX agent Adel Hanafi sold:
DEAL | Eight-unit multi-family property near Edmonton River Valley. 86 Avenue, Edmonton. Price: $1.1 million.
From | JLL Canada, Vancouver. JLL agents Casey Bell and Bruno Fiorvento sold:
DEAL | New industrial development in Beedie Development’s Delta Link Business Park. Huston Road, Delta. Price: $42.5 million.
JLL Edmonton agent Samuel Dean sold:
DEAL | 21-unit apartment building sold at approximately $104,761 per suite. 105 Street, Edmonton. Price: $2.2 million.
From | Macdonald Realty, Vancouver. Macdonald agents Ken Chong and Sheryl Wosk brokered:
DEAL | Commercial building with 10 residential units and ground floor retail space. Main Street, Vancouver. Price: $5.9 million.
