108 & 116 East Broadway, two retail buildings located on the South side of Broadway near Main Street, have sold for a combined $4,900,000, representing a cap rate of approximately 3.0%. The properties are zoned C-3A, and have a site area totaling 9,520 SF, equating to a price per buildable sq ft of $157.00.

The buildings are currently occupied by a thrift store and a mattress store. The purchaser was a local private investor. The property had been listed with Cushman Wakefield.

North Shore Outlook – Checking out: West Vancouver Safeway closing at month’s end.

The end of this month will mark the end of an era in West Vancouver when a staple Marine Drive grocery store checks out its last customer.

Employees at the 1650 Marine Dr. Safeway store were given notice earlier this month that when they close shop on Saturday, June 30, it will be for good.

Read more: http://www.northshoreoutlook.com/news/159485535.html

Airport cements designer outlet deal.

YVR announced today (Friday) it’s planning to develop a luxury designer outlet centre on airport land in partnership with Europe’s leading designer outlet owner.

“This is an exciting project that will increase the region’s destination appeal for visiting travellers and encourage local shoppers to spend within their own community,” said Larry Berg, president and CEO, Vancouver Airport Authority (VAA) on the deal with London-based developer McArthurGlen.

2210 Commercial Drive traded on June 4, 2012 and was purchased by a private investor for $386 per square foot.

Peninsula Crossing, a 6,455 SF strip retail centre located at 24th Avenue and 152nd Street in South Surrey has been sold by David Taylor and Simon Lim of Colliers. The purchase price was $3,450,000, representing $534 per sq ft, and approx. 5.0% cap rate. The purchaser was a local investor. The property was fully leased to national and local tenants, including 7-Eleven.

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