retail report - lee & associates vancouver€¦ · 2 | retail report metro vancouver year end...

RETAIL REPORTMETRO VANCOUVER YEAR END 2015

LEE & ASSOCIATES COMMERCIAL REAL ESTATE (BC) LTD.

METRO VANCOUVER YEAR END 20152 | RETAIL REPORT LEE-ASSOCIATES.COM | 3

MARKET OVERVIEW

MACROECONOMIC FACTORS

BCVARIABLE Q4 2015 READ TREND

BC Unemployment Rate 6.7% Dec.

BC Exports $2.955 Billion Nov.

BC Total Building Permits $11.940 Billion Nov.

BC Retail Sales* $5.960 Billion Oct.

BC Consumer Price Index 120.8 Nov.

BC Net Population (2015) +0.85% Oct.

RETAIL EXPANDING AND CONTRACTING

CURRENTLY UNDER CONSTRUCTION AND POTENTIAL DEVELOPMENTS | LOWER MAINLAND

DEVELOPER PROJECT NAME MUNICIPALITY RETAIL SIZE IN SF TENANT EST. COMPLETION

Ivanhoe Cambridge Tsawwassen Mills Tswwassen 1,200,000 SF Bass Pro Shop Q2 2016

Shape Properties Brentwood Town Centre Burnaby 547,192 SF TBD Q2 2018

PDG Tsawassen Commons Tsawwassen 510,000 SF Canadian Tire, Petsmart, Dollarama Q2 2016

Onni Group Gilmore Station Burnaby 491,000 SF TBD TBD

Smart Centre Central at Garden City Richmond 359,090 SF Walmart, Bed Bath and Beyond, Marshalls Q3 2016

Cressey Kings Crossing Burnaby 138,102 SF TBD Q2 2018

Matsqui Development McCallum Junction Abbotsford 130,000 SF Cabela’s Q4 2016

Onni Group Centreview North Vancouver 90,200 SF Whole Foods Q4 2016

Cressy Cadence Richmond 70,000 SF Steve Nash Fitness World Q2 2016

CENTERVIEW BY ONNICenterview is a mixed-use development in North Vancouver anchored by Whole Foods and Shoppers Drug Mart. Scheduled Completion: Q4 2017.

BRENTWOOD TOWN CENTRE BY SHAPE PROPERTIESBrentwood Town Centre, located in North Burnaby, is a mixed-use development that will house over 1.1 million SF of retail space and 500,000 SF of office space. Scheduled Completion: Q2 2018.

METRO VANCOUVER OVERVIEW

The Metro Vancouver retail market remains stable heading into Q1 of

2016 despite economic uncertainty over the past few quarters. The low

Canadian dollar and commodity prices were among the top headlines to

end the year. The BC economy hasn’t shown any signs of fatigue as it lead

the country in employment growth adding 52,000 jobs to the province

this year, likewise BC building permits also totalled the highest in the

country with a whopping $11.9 Billion in total permits. Retail sales in the

province continue to remain strong, totaling 5.96 Billion for the latest read

in October which is a 6.3% increase from 2014. The Bank of Canada latest

announcement to hold the key interest rate at 0.5% and the low dollar

should help to fuel real estate investment in the BC markets again this year.

The retail landscape in the province continues to show signs of volatility

with the departure of major big box retailers such as Future Shop and

Target. Since Target Corp. announced the closure of all its Canadian

outlet stores, Wal-Mart, Canadian Tire and Lowe’s have acquired 38 of the

existing Target locations across the country. The volatility in the Canadian

market place is in large part due to the fact that consumer preferences

are becoming increasingly polarized between luxury and discount. Mid-tier

vendors have had to re-evaluate their marketing strategies in response to

the shift in purchasing behavior. Discount retailers such as Dollarama have

aggressively responded to this shift as they plan to open 150 new locations

across Canada within the next two years. Similarly, luxury retailers such as

La Masion Simons, Nordstrom and Sak’s Fifth Avenue also have plans to

open locations across Canada.

Retail supply in Metro Vancouver has increased with over 1,000,000

square feet of retail space that has or will be built out this year and another

5,000,000 square feet coming onto the market in the next five to six years.

The demand for this supply remains stable as some big box and large

format retailers respond to developer activity in the Metro Vancouver

market.

The retail investment market had a moderately slow start to the first half

of 2015 with a total sales figure of $498 million; whereas, mid-year to

year-end saw an additional $863 million in sales volume representing a

total sales figure of $1.361 Billion. Due to the lack of available supply, the

market recorded just 38 investment transactions between $5 million and

$10 million representing 19% of the total sales figure. The market saw 18

transactions above $10 million, representing 48% of the total sales figure.

Among those transactions were the sale of the Riverport Entertainment

& Business Park and Ackroyd Plaza both which are located in Richmond,

totaling just over $204 million dollars.*

*Total sales figure represents a transaction volume of $1.361 Billion based on transactions over $1 million dollars.

Sources: Realnet, Statistics Canada, BC Statistics, Lee & Associates Research

*Seasonally adjusted

*Post-Expansion | Canadian LocationsSources: Statistics Canada, BC Statistics

RETRACTING RETAILERS

TENANT TYPICAL SQ FT MARKET STORES CLOSING

Target 126,000 Canada 133 Stores

Future Shop 50,000 Canada 65 Stores

Staples 25,000 Canada 55 Stores

Sony 4,000 Canada 14 Stores

Mexx 4,000 Canada 95 Stores

Blacks 1,000 Canada 59 Stores

EXPANDING RETAILERS

TENANT TYPICAL SQ FT

MARKET LOCATIONS*

Nordstrom 200,000 Canada 7 to 10

Walmart 150,000 Canada 35

Bass Pro Shop 145,000 Canada 5+

Dollarama 10,000 Canada 1,200+

Mastermind Toys 5,000 Canada 75+

Kit and Ace 4,000 Canada 15+

Aritzia 4,000 Canada 60+

Pet Valu 3,800 Canada 700+

Sage Natural Wellness 1,000 Canada 50

David’s Tea 700 Canada 250+

CANADAVARIABLE Q4 2015 READ TREND

Consumer Price Index 127.1 Nov.

Total Building Permits $79.021 Billion Nov.

CAD/USD $0.7082 Jan. ‘16

BoC Prime Rate 2.70% Jan. ‘16

Overnight Rate 0.508% Jan. ‘16


DOWNTOWN VANCOUVER MARKET

DOWNTOWN VANCOUVER LEASE RATE TRENDS

MAP STREET SEGMENT

TREND NET RENT PSF 2016*

TAX & CAM2016*

MAP STREET SEGMENT


TAX & CAM2016*

Alberni Street $130 – $160 $15 – $30Robson Street Beatty to Burrard

$50 – $235 $20 – $45

Burrard Street Georgia to Davie

$40 – $200 $15 – $40Robson Street Bute to Denman

$50 – $120 $20 – $40

Davie Street $30 – $65 $15 – $20Abbott Street Expo to Hastings

$30 – $50 $15 – $25

Denman $40 – $75 $20 – $30 Gastown $20 – $65 $15–$25

Granville Street Downtown

$40–$125 $15 – $30 Railtown $15 - $25 $8 - $14

Hornby Street $45 – $180 $20 - $50 Yaletown $40 - $80 $20 - $30

Robson Street Burrard to Bute

$120 – $250 $50 – $65 West Georgia $35 - $175 $20 – $35

DOWNTOWN VANCOUVER LEASE RATE MAPRobson between Thurlow and Hornby boast the highest net rents in Metro Vancouver.

Darker regions indicated higher lease rates.

DOWNTOWN VANCOUVER CORE

The Downtown core has experienced major rejuvenation with the addition of several luxury retail

tenants this year. Cadillac Fairview’s Pacific Centre added a 44,000 square foot expansion wing

of predominantly luxury retailers including, Kate Spade, Hugo Boss, Ted Baker and Weekend

Max Mara all which opened in 2015. In addition, Nordstrom opened their long awaited fashion

department store as Pacific Centre’s new anchor tenant this past quarter. As the market

transitions with the arrival of Nordstrom’s, earlier in 2015 Indigo Books closed its 52,000 square

foot store on Robson Street and announced a new 5,000 square foot concept on Granville Street;

Sport Chek has confirmed it will take over Indigo Books former space which they had occupied

for the past 17 years. The retail environment surrounding Pacific Centre is attracting new comers

and revitalizing the shopping experience in the neighbourhood.

Vancouver’s “Luxury Zone” bordering the streets of West Georgia, Alberni, Thurlow, and Hornby

has had a significant influx of tenants such as Tori Burch, De Beers jewelry and soon to open is

Versace. Prada’s flagship store will open up on the corner of Thurlow and Alberni later this year

joining other retail luxury giants Burberry, Louis Vuitton, Brooks Brothers, Escada and Tiffany and

Co. which is expected to expand from 2,000 square feet to 14,000 square feet. The 1100 block of

Robson Street has also seen a rejuvenation of new tenant’s this past year with new comers Aritzia,

Eddie Bauer and the Nike Store.

MNP Tower by Oxford Properties which is located at 1021 West Hastings Street has landed award

winning restauranteur (and chef), David Hawksworth, who will open his second location in the

Downtown Core. The other major restaurant which opened in August was Glowbal Group’s

15,000 square foot flagship restaurant at the new TELUS Garden complex on the 500 Block of

West Georgia Street.

GASTOWN | RAILTOWN

Gastown, historically a renowned destination for tourists has evolved into a trendy part of Downtown

Vancouver for locals as well. The retail landscape is rapidly evolving as relatively low lease rates,

compared to other Downtown submarkets, have fueled an influx of boutiques, up-scale restaurants, cafés, stylish art galleries and unique

fashion retailers. Bao Down and Shirakawa are notable new restaurants in this area. Noted as the smallest commercial space in B.C., one

meter by one meter, Twisted Ice Cream opened up in Q2 2015, along with Prado Café and ‘Neighbour’ a trendy women’s apparel shop.

Nearby Railtown is a trending area just east of Vancouver’s historic Gastown. This area has enticed start-up companies including micro-

breweries such as Red Truck Lager, Callister Brewing and Strange Fellows Brewing Company all which opened in 2015. New restaurants to

the area include Bestie, an inspired German “street food” sausage and beer parlor.

YALETOWN

This submarket is home to some of the city’s best salons, restaurants and lounges. The proximity to high-density condo towers and the

Canada Line Skytrain Station at Davie and Mainland Streets compliment the area. Retrofit brick and beam former warehouse buildings now

facilitate retail spaces and quality offices above.

Demand for this heritage submarket remains steady with recent entrants such as Menchies Frozen Yogurt, Man Cave Barber Shop, and

Wild Tail – a new seafood restaurant spin off from the Flying Pig. The Vancouver based custom suit and menswear retailer Indochino also

opened their second location in August of 2015.*Estimated


VANCOUVER MARKET VANCOUVER LEASE RATE MAPDarker regions indicated higher lease rates.

MARKET FORECAST INDICATORSMETRO VANCOUVER

INDICATOR TREND

Vacancy

Net Absorption

New Development

Rental Rates

Cap Rates

*Estimated

SOUTH GRANVILLE

South Granville is a sophisticated shopping district where premier brands have assembled outside

of the Downtown Core. High-end apparel and furniture retailers such as Pottery Barn, Restoration

Hardware and Anthropologie have established themselves in this affluent shopping district.

Vacancy rates remain low as retailers continue to flourish in this centrally located submarket.

KITSILANO (KITS)

Within close proximity to The University of British Columbia, this area is popular with students

and lifestyle conscious residents who enjoy Kitsilano for its organic food markets, fashion, eateries

and close proximity to beaches along the south shore of English Bay.

New retail tenants to Kits and its main retail corridor

West 4th Avenue include RYU, a performance

athletic apparel company who opened their flagship

store in Q3 2015, Kit and Ace, Patagonia, and Hills – a

local fashion retailer.

MARINE AND CAMBIE

Located on Marine Drive and Cambie Street, there

is an emerging sub-market in South Vancouver.

The city’s top developers including Onni, Intracorp,

PCI and Concord Pacific have invested heavily in

creating a contemporary neighborhood with over

1,700 residential units, 400,000 square feet of office space and 500,000 square feet of retail.

New retailers to the area include an 11-screen Cineplex movie theatre, T&T Supermarket, Steve

Nash Fitness World, Sleep Country Canada, financial services, restaurants, coffee shops and

daycare space.

NORTH SHORE

The North Shore boasts some of the highest household and disposable incomes in Metro Vancouver. Park Royal Mall dominates the retail

landscape of West Vancouver, where historic Quebec retail giant La Maison Simons opened a 100,000 square foot high end fashion

store this past quarter. Other new tenants in Park Royal include Sephora, Trattoria, French Sole, Forever 21, Geox, Loblaws City Market,

Pandora and Plenty.

Over in North Vancouver, NorthWoods Village, developed by GWL Realty Advisors, is a mixed use commercial and residential

development with 50,000 square feet of retail space. Anchor tenants opening this quarter will include Stong’s Market, Pet Valu and

Dollarton Liquor Store. First Capital is redeveloping Amadon Plaza on Marine Drive with over 9,000 square feet of new space and set

to complete in Q3 2016.

North Vancouver’s upper Lonsdale district welcomed Trevor Linden’s Club 16 fitness to 11th Street and new construction including Onni

Group’s Whole Foods anchored project Centerview at 13th and Lonsdale Avenue. Lower Lonsdale celebrated the opening of the Tap n

Barrel restaurant at the redeveloped 100 year-old Ship Yard next to Lonsdale Quay. This is now one of Western Canada’s largest restaurants

at 14,000 square feet.

VANCOUVER SUBMARKET LEASE RATE TRENDS

MAP STREET SEGMENT


TAX & CAM2016*

MAP STREET SEGMENT


TAX & CAM2016*

Commercial Drive Venables to 13th Ave

$30 - $45 $10 - $15 Chinatown $18 - $35 $10 - $15

South Granville 5th to 16th Ave

$30 - $90 $20 - $35West 4th Avenue Burrard to Alma

$30 - $70 $15 - $25

Kingsway $15 - $35 $10 - $15West Broadway Main to Granville

$22 - $65 $10 - $20

Main Street Broadway to 28th Ave

$20 - $50 $10 - $15West Broadway Granville to Alma

$25 - $55 $15 - $20

Cambie Street 2nd Ave to 19th Ave $30 - $75 $15 - $30

East Hastings Street

$20 - $40 $10 - $15


METRO VANCOUVER MARKETS METRO VANCOUVER POPULATION MAP

MUNICIPALITY POPULATION* MED. AGE* AVG. INCOME**

Coquitlam 136,202 39.8 $87,995

Port Moody 36,579 38.0 $104,521

Port Coquitlam 59,972 38.7 $98,424

Surrey 517,417 37.1 $96,557

Pitt Meadows 19,298 39.0 $93,172

Mission 38,727 38.5 $81,765

Maple Ridge 81,888 39.9 $96,230

City of Langley 26,635 39.8 $65,640

Township of Langley 112,496 40.0 $110,579

Abbotsford 142,881 37.0 $84,904

Chilliwack 84,872 39.0 $79,860

METRO VANCOUVER LEASE RATE TRENDS

MUNICIPALITY RATE TREND

Pitt Meadows

Port Coquitlam

Richmond/Delta

Surrey

Vancouver

West Vancouver

MUNICIPALITY RATE TREND

Abbotsford / Chilliwack

Burnaby

Coquitlam

Langley

Mission

North Vancouver

*Source: P-Census 2013 Estimate **Average Household Income, 2013 Estimate

SUBURBAN MARKETS OVERVIEW

The suburban markets have seen significant retail and residential growth over the past year, most notably

Richmond, Burnaby and New Westminster. With the exception of high demand lease opportunities in close

proximity to rapid transit stations, the overall tone of retail leasing activity in the suburban markets has retailers

cautiously evaluating new locations.

BURNABY | NEW WESTMINSTER

Brentwood Town Centre in North Burnaby is currently being redeveloped by Shape Properties. Once

completed in Q3 2018, the re-developed shopping centre will house 1,100,000 square feet of retail and

500,000 square feet of office space. Kitty corner at Lougheed and Willington Avenue, Whole Foods,

Shoppers Drug Mart and a BC Signature Liquor Store will be the anchor tenants for Appia’s 102,433

square foot SOLO retail component. Over in central Burnaby, Anthem Properties and Beedie Group are

redeveloping Metrotown at Station Square. Started in 2012, it will be fully completed in 2020 and will

incorporate 7 towers with 1,500 homes and over 450,000 square feet of new retail.

New Westminster continues to see strong multifamily residential growth and with it, increased demand

from consumers. Uptown (Sixth Street & Sixth Avenue) continues to be the most desirable area for retailers.

Subsequently, Walmart has just opened within the former Target space in Royal City Centre. The other notable

retail is Downtown featuring Columbia Square Plaza; a traditional grocery anchored centre and the transit

orientated 194,000 square foot retail development known as the “Shops at New West”.

RICHMOND

Richmond is experiencing extensive residential development particularly in the Oval Neighbourhood (North West

Richmond) and along No.3 Road with urban villages clustering around the Canada Line transit stations. The No. 3 Road corridor is transforming

from a long stretch of strip malls into a growing parade of high-rise residential and commercial buildings. Lease rates along the transit route

have seen sharp increases with the demolition of older existing retail and

the development of mixed use projects.

The Oval Neighbourhood, bordered by No.3 Road, Westminster Hwy, the

Fraser River and No.2 Road has experienced extensive residential high-

rise development. When fully built-out the area will total approximately

15,600 residential units and house 35,500 residents with a mix of office

and retail.

The long anticipated McArthurGlen Designer Outlet Mall opened Phase

I of its project in July of this year. The project is a joint venture between

the Vancouver Airport Authority and McArthurGlen which is Europe’s

largest owner and developer of high-end outlet malls. Retailers such

as Hugo Boss, Armani, Nike, Under Armour, Calvin Klein and Banana

Republic are just a few of the new tenants at the outlet mall.

METRO VANCOUVER DEMOGRAPHICS

MUNICIPALITY POPULATION* MED. AGE* AVG. INCOME**

Vancouver 636,534 38.9 $88,663

West Vancouver 44,508 50.2 $196,433

City of North Vancouver 51,267 40.5 $79,815

District of North Vancouver 88,303 43.2 $126,445

Burnaby 240,171 39.0 $79,424

New Westminster 71,594 40.7 $79,499

Richmond 204,327 41.5 $81,899

Delta 104,911 42.6 $101,059

Tsawwassen 739 50.2 $142,066

White Rock 20,300 54.0 $82,685


SUBURBAN VANCOUVER MARKET NOTABLE SALE AND LEASE TRANSACTIONS

NOTABLE RETAIL LEASE TRANSACTIONS | 2015

PROPERTY ADDRESS | NAME MUNICIPALITY TENANT SIZE IN SF

788 Robson Street Vancouver Sport Chek 52,000

Park Royal* West Vancouver Steve Nash Fitness World 30,320

Radius Vancouver Tesla Motors Inc. 18,500

2556 Granville Street Vancouver EQ3 10,870

1745 West 4th Avenue* Vancouver RYU Clothing 5,000

1100 Robson Street Vancouver Aritzia 4,837

1119 Robson Street Vancouver Nike Store 4,000

745 Thurlow Vancouver Versace 1,875

DELTA | LADNER | TSAWASSEN

Two of the larger retail projects currently under construction in

Metro Vancouver are Tsawwassen Mills and Tsawwassen Commons

being developed in tandem by Ivanhoe Cambridge, The Property

Development Group, and Tsawwassen First Nations. The projects

are situated at the intersection of Highway 17 and 52nd Street in

Tsawwassen and will add 1,710,000 square feet of retail space ready

for possession in Q2 2016. A 145,000 square foot wilderness themed

retail giant Bass Pro Shop has been announced for Tsawwassen Mills

along with Walmart, Canadian Tire, Tim Hortons, and PetSmart in

Tsawwassen Commons.

PORT MOODY | COQUITLAM | PORT COQUITLAM

Metro Vancouver’s North East sector is growing in anticipation

of the Evergreen Rapid Transit Line. As a result, all the nearby

communities are benefitting including Port Moody with even more

high-rises in the town centre.

Further to the east in Port Coquitlam, two new shopping centres

have recently been built along Lougheed Highway namely Platform

Properties’ Oxford Crossing and Fremont Village. Onni Group’s

Fremont Village project continues to evolve with tenants that

include: Canadian Tire, Walmart, Mark’s Work Wearhouse, PetSmart,

Dollarama, and Shoppers Drug Mart. Fremont Village and the

neighboring Dominion Triangle Shopping Centre accommodate

the growing population in the area, particularly the residential

growth on nearby Burke Mountain.

SURREY

With over 1,000 new residents welcomed every month, Surrey

continues to be one of the fastest growing markets in Canada.

Surrey Central City is currently transitioning into a densely

populated commercial node with numerous mixed-use projects

slated for construction over the next five to ten years. Concord

Pacific’s Park Avenue West project is currently under construction

and will be completed in Q2 2017. PCI’s King George Station, a

mixed-use development under construction includes 350,000

square feet of retail space and 450,000 square feet of class ‘A’

office space. Phase I has just been completed and will we be

anchored by Coast Capital Savings’ new head office with over 700

employees. Additional phases of the development will include

1,200,000 square feet of residential space.

All information has been obtained from sources considered to be accurate but is not guaranteed and is subject to conditions at the time of any transaction taking place. Properties are submitted subject to prior sale or lease, withdrawal or changes without notice. Lee & Associates Commercial Real Estate (BC) Ltd.. 2015.

*Brokered by Lee & Associates

In South Surrey, Grandview Central Shopping Centre presently

under construction will be anchored by Shoppers Drug Mart

and the Real Canadian Superstore. These two retailers will join

a market of over 1,000,000 square feet of existing retail within a

one kilometer radius of the southeast corner of 24th Avenue and

160th Street.

In White Rock, First Capital is in the final design stage for renovations

and a new retail component at Semiahmoo Shopping Centre.

LANGLEY

Langley is made up of several shopping districts with Willowbrook

remaining the largest at 200th Street and the Langley Bypass.

Activity in Willowbrook includes renovations to Wesgroup’s

Langley City Square which will feature new contemporary building

facades and improved parking. Growth areas include Willoughby

Town Centre and Clayton Heights. Willoughby Town Centre by

Qualico, at 80th Avenue and 208th Street, is a new mixed-use

residential project with a village shopping centre anchored by a

27,000 square foot Loblaw’s Independent Grocer and a 16,000

square foot Shoppers Drug Mart. Phase I of the development

offers 120,000 square feet of commercial retail space and 192

residential units.

In Clayton Heights the latest retail is being developed by Mosaic

Homes which started construction of Clayton Market located

at 64th Avenue and Fraser Highway, just west of Willowbrook.

The project is comprised of a 15,000 square foot retail plaza,

scheduled for completion in Q1 of 2016.

ABBOTSFORD

Abbotsford’s most notable new retail development in the pipeline is

Matsqui Development’s McCallum Junction project located on the

north east corner of Highway 1 and McCallum Road. The 130,000

square foot development will be anchored by a 70,000 square foot

Cabela’s – an outdoor recreation merchandiser. The project is slated

to be completed in Q4 of 2016. Meanwhile, Shape Properties’ High

Street shopping centre completed in 2014 welcomed newcomers

Sephora and Steve Nash Fitness World to the North East Corner on

Highway 1 and Mt. Lehman Road.

THE HUB AT KING GEORGE STATION BY PCI (LEFT)A mixed-use development in Surrey anchored by Coast Capital Savings headquarters. Phase I of the project completed in Q3 2015.

METRO VANCOUVER RETAIL INVESTMENT SNAPSHOT

2014 2015 TREND

NUMBER OF TRADES* 228 259

TRANSACTION

VOLUME*$996 Million $1.361 Billion

*Number of trades and transaction volume are based on trades over $1 million dollars

Source: Realnet, Lee & Associates Research

NOTABLE RETAIL SALE TRANSACTIONS | 2015

PROPERTY ADDRESS | NAME MUNICIPALITY PRICE SIZE IN SF PRICE PER SF PURCHASER(S)

Riverport Entertainment & Business Park Richmond $103,000,000 314,033 $328 Share Sale – Private Investor

Ackroyd Plaza Richmond $101,800,000 106,382 $957 0733849 BC Ltd. – Private Investor

10312 King George Boulevard Surrey $62,500,000 123,293 $507 Anthem Properties Corp.

Haney Place Mall Maple Ridge $57,600,000 226,835 $254 SmartREIT

130 West Broadway Vancouver $48,000,000 52,700 $911 Reliance Properties

600 - 640 West Broadway Vancouver $38,888,889 34,708 $1,120 1042229 BC Ltd. - Private Investor

3500 & 3580 No. 3 Road Richmond $38,000,000 53,815 $706 Kingswood Capital - Private Investor

1090 Lougheed Highway Coquitlam $31,000,000 67,517 $459 Dava Developments Ltd.

Fortuna House Richmond $24,250,000 33,546 $723 PLLR 368 Holdings Ltd. - Private Investor

Murrayville Square Langley $23,850,000 52,334 $456 Am-Pri Construction Ltd.

*

FOR INQUIRIES PLEASE CONTACT

Demi Montgomery | Executive Assistantdirect 604 630 3402mobile 604 218 [email protected]

LEE & ASSOCIATES RETAIL TEAM

Neil S McAllister* | Senior Vice President, Retaildirect 604 630 3374mobile 604 720 [email protected]*Personal Real Estate Corporation

Sean Ogilvie | Vice President, Retaildirect 604 630 3402mobile 604 218 [email protected]

Howard Malchy* | Vice President Sales & Leasingdirect 604 895 2226mobile 604 727 [email protected]*Personal Real Estate Corporation

This report should not be relied upon as a basis for entering into transactions without seeking specific, qualified, professional advice. While facts have been rigorously checked, Lee & Associates can take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this report. Information contained herein should not, in whole or part, be published, reproduced or referred to without prior approval. Any such reproduction should be credited to LEE & ASSOCIATES. © LEE & ASSOCIATES COMMERCIAL REAL ESTATE (BC) LTD.

LEE & ASSOCIATES COMMERCIAL REAL ESTATE (BC) LTD.

Russell Long | Associate, Retaildirect 604 630 3059mobile 604 354 [email protected]

Russell Long | Associate, Retaildirect 604 630 3059mobile 604 354 [email protected]

Lee & Associates Commercial Real Estate (BC) Ltd.800 - 475 West Georgia Street | Vancouver, BC | V6B 4M9tel 604 634 7117fax 604 684 1017leevancouver.com

retail report - lee & associates vancouver€¦ · 2 | retail report metro vancouver year end...

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