Investors Group has sold Trenant Park Square, a 138,716 square foot, open format, grocery and drugstore anchored retail centre located in the Ladner area of Delta, B.C. to Keltic Canada, for $64,500,000, or a 4.8% cap rate. The property was built in 1989 and sits on a 9.7 acre site with future development upside.
The property was listed and sold by Jones Lang Lasalle. It is anchored by FreshCo. and London Drugs; other tenants include RBC, Dollarama, Starbucks, Cobs Bread, Subway and Kin’s Farm Market.
Keltic Development has submitted their formal development application for 220 Prior Street, a 20,000 SF site, an I-3 zoned site adjacent the future new St. Pauls Hospital that they acquired in February 2020 for $25,000,000.
The proposal for the site includes a new 10-storey office building that includes:
1,600 SF of retail on the ground floor;
16,000 SF of manufacturing/light industrial uses on the main & 2nd floor;
84,000 SF of medical office space;
a total density of 5.0 FSR;
a building height of 149 ft.;
173 parking spaces on four underground levels.
Under the site’s existing I-3 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.
The plan includes preserving the existing 2-storey heritage warehouse/office building constructed in 1911, and adding three additional floors of office space. The site is zoned DD is 6,992 SF.
A previous proposal for a 26-storey residential tower was not supported by the City due in part to shadowing on Terry Fox Plaza.
Details include:
retail uses on the ground floor;
office uses on the 2nd to 5th floors;
rooftop amenity space;
a total building area of 39,000 SF;
modern mass timber beams and columns and laminated timber floors;
steel elements to provide code compliant lateral resistance;
a building height of 90 ft.;
a density of 5.50 FSR including a 10% heritage density bonus;
loading is located in the lower level having vehicular access from the lane.
Existing Building
Under the site’s existing DD zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.
Electronic Arts is proposing a major expansion to it’s Burnaby campus at 3700 Gilmore Way, across Sanderson Way from their existing campus.
The project consists of two new office buildings for EA on a 12.57 acre site with M5 and M8 zoning. An existing 110,000 SF office building occupied by Schnieder Electric on the site will be retained.
The plan calls for two 3/5-storey (due to slope) buildings, that include:
297,000 SF of office space;
a total density of 0.75 FAR inclusive of the existing building;
A rezoning application is going to public hearing at the City of Burnaby next week for Phase One of Aoyuan‘s “The Grove” project in the Brentwood Town Centre area. Phase One is located at the corner of Willingdon and Dawson and extends along the North portion of the site to the corner of Alpha Avenue.
The 8-acre master plan project is located at the Southeast corner of Willingdon Avenue and Dawson Street. Aoyuan acquired the site, which consists of seven parcels currently improved with older industrial buildings. The master plan was approved in 2019.
First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while
