A single-tenant TD Bank property located at 3960 Francis Road in Richmond has sold.
Details:
- 4,260 SF
- Leased until 2029 (1 x 5 years renewal option)
- $52.50 per SF NNN
- Sold for $5,250,000
- $1,232/SF
- 4.5% cap rate
A two-storey retail and office plaza at Burrard and West 3rd has sold. The site at 1855 Burrard Street is 12,311 SF and designated within the Broadway Plan for up to 20-storeys, 6.50 FSR.
The existing building is 9,756 SF and was built in 1988. Tenants include Waypoint Insurance and a Sushi restaurant. It includes 24 parking stalls.
Details of the sale:
- Purchase Price: $10,700,000
- Cap Rate: 3.7%
- Price per SF: $1,096 per SF
- Price per buildable SF: $134 (based on 6.50 FSR)
The building was listed and sold by Avison Young: https://d3k1yame0apvip.cloudfront.net/v2/client-10/082c2f525f5d6da/BurrardSt1855_WEB.pdf
This property sold previously in 2015 for $15,000,000 and then re-traded in 2018 for $25,000,000.
OpenRoad Auto Group has submitted an application to the City of Surrey for a new auto mall in the Newton area of Surrey.
The site currently contains a large distribution warehouse and surface parking and loading areas. Significant portions of the site have been cleared but not yet developed. The site is located on 76 Avenue, two blocks West of King George Boulevard.
The plan for the site includes a new auto mall, including:
- Six bare-land strata lots;
- Five dealership buildings and one retail building;
- 1,044 parking stalls
- 0.24 FAR density
Full rezoning report: https://www.surrey.ca/sites/default/files/planning-reports/PLR_7925-0301-00.pdf
A streetfront retail property at 2477-2497 East Hastings Street has sold.
The property is located at the Northwest corner of Hastings and Kamloops in East Vancouver. It is zoned C-2C and located on a 10,591 SF site. The building’s three tenants include TD Bank, It’s Okay Restaurant and Rio Friendly Meats.
Details:
- Price: $5,625,000
- Building Size: 5,348
- $/SF: $1,052
The asking price for the property was $5,980,000. The property was jointly listed with CBRE and Brett Aura of TRG Realty.
A 4-storey property at the Northeast corner of West 16th Avenue and Oak Street has sold.
3108 Oak Street is zoned C2-zoned but is also designated in the Broadway Plan for up to 18-storeys.
Property and sale details:
- Lot size: 15,116 SF
- Building size: 49,000 SF
- 9 commercial units
- 25 residential units
- Sale price: $12,700,000 ($259/sf building, $140/buildable SF @ 6.0 FSR)
The asking price for the property was $15,000,000. The building was listed and sold by Brett Aura of TRG Realty.