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Retail News: Ivanhoé Cambridge Sells Vancouver’s Oakridge Centre
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(Posted on Jan 27, 2017 at 09:10PM by Michelle Bogle)
It has been a big week for Vancouver’s retail sector: Ivanhoé Cambridge has announced that they are selling Oakridge Centre to QuadReal Property Group (a company owned by Vancouver’s British Columbia Investment Management Corp.) in an undisclosed deal.Â
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According to an article in Business in Vancouver, QuadReal has selected Vancouver developer Westbank to partner on a potential Oakridge redevelopment. Some of Westbank’s best known local projects include the Woodwards redevelopment, the Fairmont Pacific Rim, Telus Garden and Vancouver House.
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This news comes on the heels of Cadillac Fairview’s announcement earlier this week of the company selling half of its Vancouver portfolio to the Ontario Pension Board and the Workplace Safety and Insurance Board. The retail properties include CF Pacific Centre, 200 Granville Square and Waterfront Centre.
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What’s interesting about both transactions is that Oakridge Centre and CF Pacific Centre were recently named two of the top producing malls in B.C., ranked by sales per square foot. They are also the number two and three most productive malls in Canada behind Yorkdale Shopping Centre in Ontario.
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Toronto’s Yorkdale Shopping Centre was the most productive with tenants generating $1,650.85 in sales per square foot. Oakridge ranked in second place with $1,537 per square foot, while CF Pacific Centre ranked in third place with $1523 per square foot.Â
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Oakridge has been the subject of redevelopment talks for the last decade. In fact, Ivanhoé Cambridge most recently scaled back plans for a $1.5 billion redevelopment in January 2016 after it said that it had discovered an aquifer flowing beneath the site.
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As you can see, there is a lot of action swirling around the Lower Mainland’s retail sector – one that our team of commercial real estate advisors is keeping a very close eye on. For more information or insight, please contact Marcus & Millichap’s Vancouver office to speak with an associate.
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