The shopping centre across the street from Vancouver City Hall has sold for $225 million.
The nearly 250,000-square-foot City Square Mall was purchased by Richmond-based Sun Commercial Real Estate Group (SUNCOM), according to a new retail market report by real estate firm CBRE.
The blockbuster deal sold for more than double its assessed value of $102 million. The site’s impressive price tag is likely due to its redevelopment potential. The 3.3-acre property is located within the Broadway Corridor Plan, just a block from the Canada Line Broadway-City Hall Station and the future Millennium Line Broadway Extension.
The mixed-use commercial mall was designed with a European village feel, utilizing both heritage buildings and modern structures. The property includes 50 retail units and two six-storey office buildings.
The mall currently has a high vacancy rate, and it lost its anchor tenant, Safeway, last year. The large retail space has remained vacant since.
SUNCOM’s holdings include the Best Western Sands Hotel on Davie Street; Westwood Plateau Golf & Contry Club in Coquitlam, Mylora Sidaway Golf Club in Richmond. They did not respond to a request for comment on their acquisition.
The property is located at the northwest corner of Cambie Street and West 12th Avenue at 555 West 12th Ave.