Cressey has submitted a rezoning application for a site at the Northwest corner of Commercial Drive and East Pender Street in the Grandview Woodlands area of East Vancouver for a new residential development. The project is a partnership with the Kettle Society.

The 25,000 SF site is currently zoned MC-1 Industrial and is occupied by two older lowrise commercial buildings.

The proposal is for a 22-storey rental tower and 6-storey social housing lowrise and includes:

• 239 market rental units;
• 41 social housing units;
• a new drop in centre for Kettle Society (currently at 1725 Venables)
• a total density of 7.90 FSR.

The application is being considered under the Grandview-Woodland Community Plan.

The architect for the project is DYS Architecture.

The Vij’s Restaurant property on Cambie Street has sold. The single tenant retail property had been on the market for several months and sold to a local investor.

Details:

• Single tenant: Vij’s
• Triple net lease
• Lease expiry 2030 w/renewal options
• 6,879 SF rentable
• 4,937 SF site
• $7,450,000
• 5.60% cap rate
• $1,083/SF

The building was listed and sold by Brett Aura of TRG. The original asking price was $7,988,000.

A 3-storey medical office building known as Fleetwood Professsional Centre has sold. The property is located at 16088 84th Avenue in the Fleetwood area of Surrey.

Details:

• 28,074 SF
• Year Built: 1994
• 84 surface parking spaces
• Price: $13,000,000
• $463/SF

The property was sold by Nicholas Westlake of CBRE.

Allied Properties REIT has announced the completion of the remaining 50% interest in M4 of Main Alley Campus in Mount Pleasant from Westbank.

Details:

• Building Size: 208,000 SF (167,000 SF office, 38,000 SF industrial)
• Year Built: 2025
• 50% Interest
• Purchase Price: $89,700,000
• $863/SF

The sale was negotiated in July and completed September 30.