The shopping centre across the street from Vancouver City Hall has sold for $225 million.
The nearly 250,000-square-foot City Square Mall was purchased by Richmond-based Sun Commercial Real Estate Group (SUNCOM), according to a new retail market report by real estate firm CBRE.
The blockbuster deal 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 & Contry Club in Coquitlam, Mylora Sidaway Golf Club in Richmond. They did not respond to a request for comment on their acquisition.
The property is located at the northwest corner of Cambie Street and West 12th Avenue at 555 West 12th Ave.