A 140,000 SF strip retail centre on No. 3 Road has sold for $27,950,000. The property, located at 4551 No. 3 Road had been on the market for sale as an investment deal with the 5.5 acre site having upside for future redevelopment. Based on the 2012 reported income, the deal would appear to represent an approximate cap rate of 4.8%.

A rezoning application has been submitted for a 7.8 acre site located at 8601 Glenlyon Parkway at Marine Way. The vacant site is proposed for a 2-storey 122,000 SF warehouse and office facility, with a floor area breakdown as follows:

• Office: 30,910 SF
• Manufacturing: 7,933 SF
• Warehousing: 72,667 SF
• Commercial: 7,700 SF
• Restaurant: 2,710 SF

The first tower being proposed in the transformation of Brentwood mall could give Burnaby a big boost in rental housing.

“A total of 591 apartment units are proposed, 300 of which are intended to be purpose-built rental units to be owned and operated by the developer, Shape Properties Corp. and their funding partners,” said a city staff report.

Shape Properties, which owns the mall, has applied for a rezoning of the southwest corner of the 28-acre mall site to allow for a 53-storey tower on top of a three-storey commercial podium for which it earlier applied for a rezoning…

The first tower would be located atop the commercial podium at the corner of Willingdon Avenue and Halifax Street. The project would include two separate lobby areas complete with concierge services and elevators at ground level, with the rental lobby facing Willingdon and the strata lobby fronting onto Halifax.

The first floor of the tower, on top of the podium, would be a combined rental and strata amenity level, including a fitness facility, media and games rooms, lounge, kitchen and dining area and two guest suites.

From there, the first 25 floors will accommodate the rental units and the upper 27 levels will be designated for condominiums.

http://www.burnabynewsleader.com/news/242424331.html