Two real estate investment management groups have partnered to acquire a Victoria, B.C. shopping centre for $110 million.
Crestpoint Real Estate Investments Ltd. and Anthem Properties Group Ltd. purchased Tillicum Centre, a retail mall of over 50 stores and services located at 3170 Tillicum Rd., from RioCan Real Estate Investment Trust.
The property is home to a Lowe’s Home Improvement, Save-on-Foods, London Drugs, Winners and a Cineplex cinema.
"This is an excellent acquisition for us," said Kevin Leon, president of Crestpoint. "Greater Victoria has emerged as one of the most desirable markets in Canada due to its growing population, diversified regional economy and strong fundamentals in the commercial real estate market.”
The shopping centre’s strong anchor tenants make Tillicum Centre an in-demand retail location for the capital regional District, he added.
Tillicum Centre was built in 1982 and was recently renovated in 2016.
Vancouver-based Anthem Properties and Toronto-based Crestpoint each came together in 2016 to co-own a portfolio of 11 shopping centres in B.C. and Alberta with a gross value of more than $362 million.
From | Macdonald Commercial Real Estate Services, Vancouver. Macdonald agents Stuart Wright and Nick Goulet sold the following:
DEAL | 25-unit apartment building sold for approximately $285,000 per suite. Fir Street, White Rock. Price: $7.12 million.
Macdonald agents Gary Webb and Chris Midmore sold:
DEAL | Two parcels of land totaling 24 acres, designated for multi-family development. 152 Street, Surrey. Price: $36.3 million.
From | Frontline Real Estate Services, Langley. Frontline agents Mike Harrison and Justin Mitchell sold the following:
DEAL | One-acre, single-family lot, designated for townhouse or rowhome. 74B Avenue, Langley. Price: $2.2 million.
Frontline agent George Richmond brokered:
DEAL | 2,655-square-foot office property, sold for approximately $488 per square foot. 199 Street, Langley. Price: $1.32 million.
From | Royal LePage Wheeler Cheam. Royal LePage agent brokered:
DEAL | Five-acre raw development site, sold for $4 million above assessed value. Cedar Street, Mission. Price: $5.15 million.
From | Cushman & Wakefield, Vancouver. Cushman agent Alex Chronakis sold:
DEAL | Four-unit, 26,794-square-foot retail strip mall. 40th Street, Langley. Price: $4 million.
From | HomeLife Glenayre Realty, Abbotsford. Joe Varing of Varing Marketing Group reports:
DEAL | 5.8-acre single-family lot with potential for redevelopment into 11 separate lots. 156 Street, Surrey. Price: $7.7 million.
From | Colliers International, Edmonton. Colliers agents Jandip Deol and Amit Grover sold:
DEAL | 15-unit apartment building situated on a 14,202-square-foot lot. 97 Street, Edmonton. Price: $1.6 million.
DEAL | 50-unit apartment building, recently renovated, on a one acre lot, 110 Street, Edmonton. Price: $6.85 million.
DEAL | 22-unit, one-acre apartment complex, with 13,825 square feet of excess development land. Tocher Avenue, Hinton, Alberta. Price: $1.95 million.
From | Century 21 Arbutus Realty. Century 21 agent Janet Scotland sold the following:
DEAL | 1.21-acre commercial development property. 2338 Island Highway, Campbell River. Price: $1.37 million.