Thursday, October 5, 2017

Alaska Street industrial building sold

An industrial building at 4455 Alaska St has been sold for more than double its assessed value. The buyer likely purchased the site with the aim of rezoning it for a high density residential development.

The site of the building is situated

immediately west of the Willingdon Ave overpass.

East of the overpass (below) along Alaska St are more

industrial buildings and the rising Milano tower on Alpha Ave.

Western Investor article below

Burnaby manufacturing site sold for double its assessed value

The industrial site has potential for high-density residential development and sold for $12.8 million

Chris McIntyre Lee & Associates for Western Investor

October 4, 2017

The property is a two-storey warehouse and office space with two leasable units, with 25,760-square-feet of gross leasable area. The industrial building is situated on a 33,195-square-foot lot currently zoned for manufacturing use. However, the lot has potential for high-density residential development upon rezoning. The property sold for more than double it’s assessed value of just over $6 million.

The property is located at 4455 Alaska St., Burnaby.

Breakdown:

Price: $12,800,000

No. of Units: 2

Lot Size: 33,195 SF

Property Type: Industrial

Zoning: M-1

2016 B.C. Assessment Value: $6,005,800

City: Burnaby

Province: B.C.

Name of Brokerage: Lee & Associates

Wednesday, August 23, 2017

Sugarfina Brentwood?

With Sugarfina looking for 10 new locations in Vancouver and Toronto including a location scheduled for Metrotown in November, it's conceivable that Shape Properties has been in touch with the company for a Brentwood location.

Western Investor article below

Sugarfina to open first Canadian freestanding store at Metrotown

The luxury candy retailer plans to open up to ten locations in the Canadian market

WI Staff Retail Insider

August 22, 2017

Luxury candy retailer Sugarfina has secured its first standalone store in Canada, taking the first steps in its multi-million dollar expansion plan.

The Los Angeles-based company received $35 million in financing to fund expansion from private equity firm Great Hill Partners. Sugarfina will open at Metropolis at Metrotown in Burnaby on November 1, Retail Insider has learned. It is the first in a widespread expansion that will see freestanding stores in Canada and internationally in the Middle East, Europe and Asia.

Sugarfina currently operates across Canada in all five of the country’s Nordstrom outlets.

The Metrotown space is 1,098 square feet on the mall’s ground floor. Tony Flanz of Think Retail represented Sugarfina in its deal with Metropolis and Metrotown owner Ivanhoe Cambridge.

The brand is seeking 600 to 1000-square-foot retail spaces in major regional malls. Sugarfina has confirmed that it is looking to operate as many as ten locations in Vancouver and Toronto.

Think Retail will be overseeing its expansion. Think represents several regional retail chains located in major Canadian cities, including handbag and apparel brand Fossil and Scandinavian lingerie brand Change.