A lowrise retail and office building at West Broadway and Ash Street has sold for $38,888,888 to a Chinese investor. The 34,600 SF building was sold by TPMG Capital, a long-time owner. The property is 31,250 SF in size and is zoned C-3A which allows a density of 3.0 FSR, but only for commercial use in this sub-area, this equates to $415 per buildable SF. The main retail tenant is Rogue, which has a long-term lease.
A former Esso gas station site at the Southeast corner of West 10th Ave and Alma has been sold by Imperial Oil to Landa Global Properties for $18,118,000. The 23,201 SF, C-2 zoned site had been vacant for several years as part of remediation, and was listed for sale by tender process by Cushman Wakefield.
The price represents $311 per buildable SF based on the development potential under the existing C-2 zoning for 2.5 FSR.
