4 Retail Deals That Stand Out in a Flaccid Market
Retail owners don’t want to part with their assets, and there’s been a sharp drop in deals. Retail investment in the city last year plunged to a paltry 660k SF trading (worth $400M), versus 1.5M SF ($619M) in 2013, according to Colliers. So these sales are especially noteworthy.
1. Richport Town Centre / Ackroyd Court
Address: 8111-8211 Ackroyd Rd, Richmond
Size: 130k SF
Sale price: $78.4M ($603/SF)
Why it matters: The sale of the complex—with Staples, RBC and Starbucks—speaks to the strong demand for long-term development land with stable holding income. The centre has 350 feet of No. 3 Road frontage and 5.4 acres of land designated for transit-oriented, mixed-use development.
2. The BMW Store
Address: 2040 Burrard St, 1740 West 5th Ave
Size: 44k SF
Sale price: $26M ($596/SF)
Why it matters: The Globe and Mail notes B.C.’s luxury car boom is in "full swing," with sales 41% above the national average. The same area has shops for Audi, Jaguar Land Rover, Bentley, Rolls-Royce, Aston Martin and Ferrari Maserati.
3. 7931 Alderbridge Way
Address: 7931 Alderbridge Way, Richmond
Size: 151k SF
Sale price: $63M ($416/SF)
Why it matters: Total retail deal volume in Metro Vancouver shrank to $993M last year (from $1.23B in 2013), but Richmond had lots of action. This old-school plaza, anchored by a Craftsman Auto Collision, is another ripe redevelopment op.
4. St. Edwards Crossing
Address: 3100 St Edward Dr, Richmond
Size: 79k SF
Sale price: $33M ($417/SF)
Why it matters: Anchors The Brick (47k SF) and La-Z-Boy (17k SF) have been there since the centre opened in 1999. It's located along the Bridgeport Road big-box retail strip, with 650 feet of frontage on the bustling commercial corridor.