MISSION, BC – Lee & Associates Vancouver has facilitated the sale of the Heritage Park Marketplace, a neighbourhood convenience shopping centre located at 7871 Stave Lake Street. The centre serves the high-growth College Heights area of Mission, BC.
Now anchored by Dollarama, Heritage Park Marketplace features 40,883 square feet of retail over two main buildings, 8,864 square feet of second-floor office space with its own dedicated rooftop parking, and three freestanding pads. The price was $22,750,000.00 Sean Ogilvie, Vice President, Retail Division, represented the seller and worked tirelessly and openly within the brokerage community to secure a qualified buyer and the maximum price for the seller. Prior to negotiating the sale, Sean was also the leasing broker for the property.
According to Sean, “we were actually not the original leasing brokerage on the property. The project was built in 2010 and by 2015 the lease-up had stalled. There were multiple retail and office vacancies in the existing two main buildings, and they had an underperforming anchor tenant well below market rates. After assessing the tenant mix and the growing area demographics, Lee & Associates wrapped up the leasing on the two existing buildings, secured a new high-traffic anchor to support the smaller businesses, and brought more quality tenants to lease the two final pad opportunities.
“With nothing left to do aside from collecting rent, the new owners plan to keep the property long-term and enjoy the stable income. Congratulations to the buyer on acquiring this nice asset with long-term upside and thank you to Mike Grewal at Colliers for his work to bring this to fruition.”
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Lee & Associates Vancouver provides full-service commercial and industrial real estate services tailored to meet all our clients’ needs. We have proudly served the Metro Vancouver market for over 50 years under the banners Town Group Realty, J.J. Barnicke, DTZ, and now Lee & Associates—the largest broker-owned firm in North America with over 60 offices throughout the United States and Canada. Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information. For the latest news from Lee & Associates Vancouver, visit leevancouver.com or follow us on LinkedIn, Facebook, and Twitter.