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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First Capital Realty has announced the acquisition of The Plaza at New Westminster. The property consists of 194,000 square feet of gross leaseable area and a 422 stall paid parking garage. The project is fully integrated with Skytrain and a bus terminal. Tenants include Safeway, Landmark Theatres, Shoppers Drug Mart, Dollar Tree, CIBC, RBC, Starbucks and A&W.
The acquisition price was approximately $100 million with the potential for furhter performance incentives.
2303 – 2305 West 41st Avenue in Kerrisdale has sold. The two-storey retail and office building sold for $7,400,000. With 10,600 sq ft of rentable area, the price per SF was $698.
Located mid-block on the East side of Main Street one block North Of King Edward Avenue, this 5,000 square foot redevelopment site is currently improved with a 2,400 square foot, two tenant retail building.
The property was sold in late April 2012 by Ted Mildon and Matt Saunders.