High Profile Retail Investment Opportunity | For Sale

2310-2372 Kingsway, Vancouver, BC Canada

$27,500,000

Price

$864,104

NOI

26,678 sqft

Building Size

Overview
NOI
$864,104
Building Size
26,678 sqft
Occupancy
92%
Year Built
2013
Zoning
CD - 1 (487)
Parking Spots
152
Description

The Vendor has exclusively retained Form Retail Advisors Inc. (the “Agent”) to facilitate the sale of its 100% freehold interest in the commercial portion of 2310-2372 Kingsway located in Vancouver, British Columbia (the “Subject Property”). The Subject Property is an excellent investment opportunity consisting of two separate air space parcels secured by long-term national tenants on a fully net basis.

The two air space parcels are being offered as a package; however offers on the individual parcels will also be entertained.

Location:
• Located within a new mixed-use development with 335 residential suites above
• Situated at the high-profile, fully-signalized intersection of Kingsway and Nanaimo Street within the Norquay Village Neighbourhood Centre
• Excellent exposure along the Kingsway Corridor seeing 32,875 vehicles per day
• Central location to Downtown Vancouver, Metrotown Mall, nearby schools, retail services and amenities, and two SkyTrain stations
• Rapid residential and mixed-use development along Kingsway has spurred phenomenal growth in the area
• Significant increase in commercial and community activity is anticipated near the 2400 Motel redevelopment site, adjacent to the Subject Property

Highlights
  • Recently constructed 26,678 square feet of retail space comprised of two air space parcels, offering greater flexibility than strata lots
  • Assets secured by national covenants on carefree, long term, fully net leases with rental escalations in 2018, providing immediate upside
  • Anchored by Shoppers Drug Mart and Royal Bank of Canada, who collectively account for 78.7% of the existing base rental revenue
  • 150+ parking stalls to complement the commercial space with potential to generate future revenue
  • Liquor store on-site creates excellent draw to the Subject Property, and is one of only two private liquor stores located along Kingsway
  • Rare investment offering in the Metro Vancouver market characterized by tight supply and strong demand for high-quality commercial real estate assets
Documents
Title
Offering Memorandum
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Location
Gallery