More Jobs, Higher Retail Sales, and Great Commercial Real Estate Opportunities in Vancouver, BC
Real Estate News for Vancouver
Retail News: Cadillac Fairview Sells Part of Vancouver Portfolio
Tags:
(Posted on Jan 26, 2017 at 05:27PM by Michelle Bogle)
Interesting news out of Vancouver’s retail industry: Cadillac Fairview has agreed to sell half of its Vancouver portfolio to the Ontario Pension Board and the Workplace Safety and Insurance Board. The deal was announced last week on January 20; however, full terms have not been disclosed.Â
Â
The Ontario Pension Board and the Workplace Safety and Insurance Board will each take a 25% stake in the property management company’s Vancouver assets, including CF Pacific Centre, 200 Granville Square and Waterfront Centre. In total, the deal represents approximately 4 million square feet of leasable space.
Â
This news comes on the heels of the December 2016 Canadian Shopping Centre Study by the Retail Council of Canada, which ranked Vancouver’s CF Pacific Centre as one of the most productive malls in Canada. It brought in $1,523 in sales per square foot in the year ended August 31, 2016. To read the full study, please click here.
Â
As you can see, there is a lot of action swirling around Vancouver’s retail sector – one that our team of commercial real estate advisors is keeping a close eye on. For more information or insight, please contact Marcus & Millichap’s Vancouver office to speak with an associate, or click here to view our current property listings.
Powered by Webstager