Retail, SOLD

Burnaby Retail Building on Kingsway Sells for $3.25 Million

Sale Price: $3,250,000
Price per Square Foot: $611/SF
Building Size: 5,320 SF
Lot Size: 6,882 SF

A freestanding retail building at 6360 Kingsway in Burnaby’s Highgate area has sold for $3,250,000, after more than two years on the market.

The property was originally listed in June 2024 at $4,200,000 by Rimpy Hothi of Sutton Group-West Coast Realty, and was reduced several times before landing at a final asking price of $3,450,000. It ultimately sold roughly 6% below that last ask and about 23% below its original list price — a reminder that even well-located Kingsway retail buildings have faced real price discovery in this cycle.

The freestanding, commercial-mix building totals 5,320 SF (1,810 SF office, 3,510 SF retail) on a 6,884 SF lot with 69 feet of frontage, seven on-site parking spaces, and lane access to secured parking. Built in 1949, the property is currently leased to FedEx and Passion 1818 Sushi Kaya.

The vendor had originally purchased the property in May 2007 for $1,135,000 ($130/SF) — meaning the site’s price per square foot has climbed roughly 4.7x over the nearly two-decade hold, even after the recent price reductions.

The sale underscores continued investor appetite for well-located, multi-tenant retail buildings along Burnaby’s Kingsway/Highgate corridor, even for older, smaller-format assets — though the extended marketing period and price cuts point to more selective buyer behaviour at the higher end of asking prices.