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Mission Mall Sold for $68 Million in Deal with U.S.-Based LaSalle Investment Management
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(Posted on Aug 22, 2016 at 06:36PM by Michelle Bogle)
Earlier this summer, Chicago-based LaSalle Investment Management bought Mission, B.C.’s major shopping centre, known as "The Junction", for $68.05 million from RioCan Real Estate Investment Trust and Kimco Realty Corp. The two are currently in the midst of unwinding a 15-year venture with a portfolio of 35 jointly owned properties.
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The plaza, which is a 282,533-square-foot, class-A shopping centre near the intersection of Highways 11 and 7 in the Fraser Valley, is 96% occupied and anchored by major retailers, including Save-On-Foods, London Drugs, Cineplex/Silvercity, Staples and Goodlife Fitness. LaSalle was motivated to purchase the property, as it provided their company with a unique opportunity to acquire and improve upon a prominent, physically attractive and well-anchored retail asset within a fast-growing community.Â
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And, since acquiring the property just a few short months ago, work has already begun on improving the property with one long-term anchor store renewal project already complete. LaSalle is also looking to refresh the mall's mix with new retailers as a way to enhance the overall shopping experience for consumers, which residents are very pleased to hear.
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At Marcus & Millichap Vancouver, our team of commercial real estate brokers have a close eye on retail asset investment opportunities within the Lower Mainland. To learn more, please contact our office to speak with an associate.
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