Two adjoining retail/office buildings at the corner of West 4th and Fir have sold for a reported $2,900,000. The buildings total 6,180 square feet, and include tenants such as The Right Shoe and Paris Orthotics.

In a $5.8-billion deal that will reshape Canada’s grocery industry, Sobeys Inc. is buying Safeway Inc.’s Canadian division to beef up its western business and take on intensifying competition.

The deal, announced late Wednesday, will solidify Sobeys’ position as the country’s second-largest grocer and put pressure on Loblaw Cos. Ltd., the leading player in the sector, which has struggled to make gains over the past several years.

“The acquisition of Canada Safeway represents an excellent strategic fit, strengthening our presence in Western Canada,” said Paul Sobey, chief executive officer of Sobeys‘ parent company Empire Co. Ltd.

The agreement comes at a time of growing competition in food retailing as discount giant Wal-Mart Canada Corp. rapidly adds more grocery aisles to its stores and U.S. rival Target Corp. opens its first outlets in this country, raising the competitive stakes for everyone.

Read more: http://www.theglobeandmail.com/report-on-business/sobeys-to-buy-safeway-in-58-billion-deal/article12499648/

Vancouver endorses plan for Oakridge redevelopment, including multiple highrises.

The City of Vancouver has endorsed a plan to radically redevelop the aging Oakridge Centre into a high-density retail and residential hub.

The massive project will now proceed to a public hearing, where area residents worried their quiet corner of Vancouver will be lost in a sea of glass towers and chic new shops and cafés will be able to voice their objections.

“I am sure you can imagine the shock when you learn that ‘downtown’ is going to (arrive in our) single-family neighbourhood,” said Tracey Moir, a representative of the neighbourhood group Oakridge Langara Area Residents, in an interview on Tuesday at Vancouver City Hall.

Earlier, Mayor Gregor Robertson and council agreed to endorse a proposal by property owner Ivanhoe Cambridge and developer Westbank Development to transform Oakridge into a new urban centre on par with Metrotown, Surrey City Centre and Coquitlam Centre.

The plan builds on a more modest redevelopment proposal approved by the city in 2007, with the addition of up to 13 highrise towers and double the existing retail space.

Developers, start your engines. District of North Vancouver council unanimously supported a 20-year plan to bring new housing, retail and office space to the Lower Lynn town centre at its May 27 meeting.

Lower Lynn Town Centre Concept Plan

The plan includes a mixture of mid-and low-rise apartments and townhouses.

The district’s vision includes a projected 120,000 square feet of new retail space, mostly on Mountain Highway, and 50,000 square feet of new office space.

The plan has sparked “tremendous excitement” in the development community, according to the district’s general manager of planning, properties and permits Brian Bydwell.

District staff have been taking weekly meetings with prospective developers, according to Bydwell, who said a lot of the major sites are “pretty much tied up.”

A 9-storey office building is proposed for the Southeast corner of West Pender and Seymour Streets in Downtown Vancouver. The building will contain approx. 77,000 SF of commercial space.

The property is currently for lease/sale with Colliers. Detail here.

Property Features for 538 West Pender Street

• Targeting LEED® Gold
• “A” Class building
• Latest technology in building systems
• Architect: Musson Cattell Mackey Partnership (MCM)
• Main floor retail
• Penthouse amenity area for use by tenants
• Efficient floor plates