A freestanding CIBC on No. 5 Road in the Ironwood area of south Richmond has sold for $7,398,000, or $1,468 per SF.

Property Details:

• Type: Single Tenant Retail
• Tenant: CIBC
• Lease Expiry: 2029 (3 x 5yr options)
• Building Size: 5,041 SF
• Lot Area: 20,021 SF
• Year Built: 2014
• Cap Rate: 3.9%

The property includes 23 parking stalls and a drive thru ATM. It had been listed for $7,850,000.

The property was listed and sold by Allon Shapiro and Angus Tone of CBRE.

A development application has been submitted for the Telus utility property at the Southwest corner of West 41st Ave and Maple Street in Kerrisdale.

The application for 2008 West 41st Ave envisions the construction of a new 6-storey rental residential building on this site, along with a new one-storey utility building on the 27,000 SF, C-2 zoned property.

Details include:

• 118 market rental units;
• 11,500 SF of ground floor retail space;
• a total density of 3.70 FSR;
• a building height of 79 ft.
• Two levels of underground parking with vehicular access off the lane.

Under the site’s existing C-2 zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The architect for the project is Yamamoto Architecture.

The application can be viewed here: https://www.shapeyourcity.ca/2008-w-41-ave

A 2-storey retail and apartment building at 6964 Victoria Drive has sold for $3,050,000. The 5,710 SF building includes a dentist office on the ground floor and two residential units above.

Deal metrics:

• Cap Rate: 4.75%
• Price/SF: $595

The asking price for the property was $3,395,000.

Property brochure: https://macdonaldcommercial.com/docs/listings/6964-victoria-drive/Victoria-6964-Vancouver.pdf

The listing agent for the property was Jake Luft of Macdonald Commercial.

A revised rezoning application has been submitted for a two-lot land assembly (17,427 SF) at 2805–2811 St. Johns Street in Port Moody.

A previous application from 2023 had anticipated a 6-storey commercial building.

While the site falls within the province’s Transit-Oriented Area (TOA) policy—permitting up to 12 storeys and 4.0 FAR—the applicant aims to achieve 3.84 FAR within only 6-storeys, leading to design challenges due to the site’s limited size and frontage. The proposal does not meet current zoning (CRM-2) requirements for lot size, frontage, or canopy coverage and has not yet fulfilled the City’s Inclusionary Zoning policy for affordable housing.

Development Proposal Summary:

• Residential Units: 52 total units
  • 6 proposed as below-market rentals (subject to viability review)
  • 100% adaptable units
• Retail: 15,317 SF
• Parking: 71 vehicle spaces
  • 33 residential, 10 visitor, 28 commercial
  • 98 bicycle spaces (80 long-term, 18 short-term)
• Building Height: 6 storeys + rooftop patio

Despite some alignment with broader planning goals, concerns were raised by the Land Use Committee regarding the project’s non-compliance with CRM-2 zoning parameters, limited lot area, lack of sufficient tree canopy coverage, potential traffic impacts on St. Andrews Street, and the bulky building form. Staff also flagged that the proposal would likely require further amendments or acquisition of adjacent parcels to meet design, environmental, and livability expectations. The developer has also requested flexibility on delivering affordable housing, which is under review and subject to third-party verification.

The architect for the project is Mara + Natha Architecture.

A strip mall located at 8989-8999 Young Road in Chilliwack has sold for $5,675,000, equating to a 5.60% cap rate.

The 18,127 SF building is fully leased and located on a 32,255 SF site. The OCP for the site allow future redevelopment for up to 4-storeys residential mixed-use.

Jack Allpress and Joey Yoo of Marcus & Millichap represented the Sellers in the transaction.