July 2016: Mission’s major mall sold for $68 million

‘The Junction’ anchored by Save-On-Foods, cinemas

By
Western Investor
June 29, 2016





Junction shopping centre
Mission’s 282,533-square-foot Junction shopping centre bought by U.S. investment fund. - RioCan Real Estate Investment Trust

Chicago-based LaSalle Investment Management has bought Mission’s major shopping centre for $68.05 million from RioCan Real Estate Investment Trust and Kimco Realty Corp.

The Junction is a 282,533-square-foot, class-A shopping centre near the intersection of Highways 11 and 7 in the Fraser Valley and is 96 per cent occupied. It’s anchored by a Save-On-Foods grocery store and also includes London Drugs, SilverCity Mission Cinemas, and Staples among other retailers.

“The Junction presented a unique opportunity for us to acquire a prominent, physically attractive and well-anchored retail asset within a fast-growing community,” said LaSalle senior vice-president Edmund Lee. “It is evident that the centre has untapped potential.”

LaSalle acquired the shopping centre on behalf of LaSalle’s flagship Canadian Income Growth Fund IV.

 

From Colliers International, Unique Properties, Victoria.  Colliers vice-president Allan Johnson reports the following:

Deal: Fully-booked 320-slip Port Sidney Marina, Sidney. Sold to Andrew Purdey of Mill Bay Marine Group. Price (from sources): $15.1 million.

 

From: Re/Max First Realty, Parksville.  Re/Max listing agent Ken Droog, with selling agent Michael Chen of Royal Pacific Realty, Vancouver, reports the following:

Deal: 26-acre Qualicum Bay campground and resort, Qualicum Beach, Island Highway, Vancouver Island. Price: $3.5 million.

 

From:  NAI Commercial, Vancouver.  NAI agents Terry Harding, Jackson Tang and Brandon Harding report the following:

Deal: 36-unit concrete rental apartment building, Alder Street, Vancouver. Price: $12.4 million.

Deal:53-unit rental apartment building, West 3rd Avenue, Vancouver. Price: $19.8 million.

Deal:3.51-acres of fully leased industrial land with LNG fuel facility, Progress Way, Chilliwack. Price: $3.2 million.

Deal: Nine-suite multi-family rental building, Quebec Street, Vancouver. Price: $2.1 million.

NAI agent Steve Chen sold the following:

Deal: 116-room Ramada Plaza Abbotsford Hotel & Conference Centre, Abbotsford. Price: $11.5 million.

NAI agent Don Ellis sold the following:

Deal: 23,877-square-foot development site, Kingsway, Burnaby. Price: $4.65 million.

NAI agent Conor Finucane sold the following:

Deal: 784-square-foot retail strata site with complete restaurant facilities, Robson Street, Vancouver. Price: $1.5 million.

1329 Robson Street, Vancouver

NAI agents Gary Haukeland and JD Murray sold the following:

Deal: 40-acre industrial waterfront site, with 11,692-square-foot shop building and 10,783-square-foot office, Campbell River. Price: $2.5 million 

 

From: Frontline Real Estate Services, Surrey. Frontline agent Kerriann Reimer reports the following:

Deal: 4.9-acre multi-family development site, South West Gordon, Langley. Price: $2.97 million.

 

From: Sotheby’s International Realty, West Vancouver.  Sotheby’s agent Daniel Thompson sold the following:

Deal: 17,466-square-foot mixed-use development site, Hastings Street, Burnaby. Price: $6.4 million.

 

From: CBRE National Apartment Group, Edmonton.  CBRE senior vice-president Bradley Gingerich reports the following sale by the group:

Deal: 162-suite rental apartment complex (mostly two-bedroom, two- bath units) 78th Street, Edmonton. Price: $29.6 million.

 

Recently completed a major commercial real estate deal? Send details here for a free listing in Done Deals. Email fobrien@biv.com


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