A 140,000 SF strip retail centre on No. 3 Road has sold for $27,950,000. The property, located at 4551 No. 3 Road had been on the market for sale as an investment deal with the 5.5 acre site having upside for future redevelopment. Based on the 2012 reported income, the deal would appear to represent an approximate cap rate of 4.8%.

A recent survey of assessed values gives a glimpse at how the BC Assessment Authority is looking at commercial properties in Metro Vancouver in 2014.

Below is a random survey of various asset types in nine separate areas. The annual change in assessed values was derived from a random sample of five properties in each category. While this is by no means a scientific survey, it does show some variation that is interesting.

Chip Wilson, former CEO of Lululemon, has reportedly acquired 1770 West 7th Avenue, a 5-storey, 75,000 SF office building located at Burrard and West 7th. The building, built in 1985, was sold for $32,625,000, or $430 per SF.

The Goldilocks Bakery property at the Southwest corner of West Broadway and Fir has sold for $4,350,000. The 6,250 SF site was listed for sale for $4,500,000. The Bakery does not have a lease and will likely vacate.

VANCOUVER — A court-appointed receiver has sold the city-owned commercial properties that ring the Olympic Village’s main plaza for $45 million, and the head marketer expects the remaining residential units of the once-maligned neighbourhood to be fully sold by next September.

The city will receive a “significant distribution” from the sale of the properties — which house every business in the Village except the CRAFT Beer Market and Tap & Barrel bars — according to receiver Ernst & Young.

Tenants like London Drugs, Urban Fare, Legacy liquor store and Terra Breads will remain in place.

The city’s take from the sale to prominent mall owner First Capital Realty — which marketer Bob Rennie estimates is about 85 per cent after taxes and various fees for mortgages, maintenance, Ernst & Young’s work and his company’s marketing — will go toward paying down the rest of the $572-million loan it gave to Millennium Developments, which built the village on southeastern False Creek but then went into voluntary receivership in 2010.

Coun. Raymond Louie heralded the sale as “whittling” down the city’s debt. On Tuesday, neither he nor staff could provide the exact amount still owing, which was estimated to be around $300 million at the end of last year.