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Langley transit-oriented redevelopment site sells for $5.75M

Office property offers strong holding income and in a prime location
The Federal Building in Langley, an office property with strong redevelopment potential, sold April 11 for $5.75 million.

DEAL | Known locally as the Federal building, 20402 & 20408 Douglas Crescent, Langley is an income-producing office property with 11,192 square feet of leaseable space close to future public transit and SkyTrain expansions. Zoned C1, the 0.31-acre site is designated for transit-oriented residential development in the city’s Official Community Plan, making it a prime redevelopment opportunity. QRD (Douglas) Holdings Inc. sold the site to a private buyer April 11 for $5.75 million, just short of the list price of $5.9 million.

PRICE | $5,750,000

FROM | Jamie Schreder, Schreder Brothers Real Estate Group