A 2-storey retail and apartment building at 5853-5857 Victoria Drive, at East 43rd Avenue in East Vancouver has sold.

Details:

• Building Size: 3,082 SF
• Lot Size: 3,643 SF
• 2 retail units (local restaurant & pharmacy) + 2 one-bedroom apartment units
• Purchase Price: $2,639,000
• $/SF Building: $856/SF
• Cap Rate: Approx. 4%

The property had been listed with RE/MAX City Realty with a list price of $2,790,000.

Forum Asset Management has submitted a preliminary for a large-scale, multi-phase student housing project on the Eastern border of Burnaby, at the bottom of the hill below SFU.

The 3.7 acre site is an assembly of 16 single family lots on the East side of Rathburn Drive at Broadway. It is designated in the Burnaby 2050 Official Community Plan Draft as Mid Rise Apartment 1, which supports mid-rise residential apartment buildings of up to 12 storeys.

The preliminary proposal for the site calls for four terraced buildings, up to 16-storeys, and includes:

• 950 student housing units
• 450 market rental units
• Two phases

The architect for the project is Gensler.

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.