- What A 60,000 sq ft industrial building in Metro Vancouver has traded for $19.5m
- Why The buyer intends to move in eventually upon future expansion
- What next The building’s empty units will be leased out
A 2-acre industrial property in Metro Vancouver has traded for $19.5m, Green Street News can reveal.
The 60,000 sq ft building, at 12511 Vulcan Way in Richmond, was sold by Vulcanrich Nominee to an undisclosed food group. CBRE brokered the sale of the four-unit building, with the valuation working out to about $325/sq ft.
The buyer intends to lease up the property, with plans to use the building for its own operations upon future expansion.
The Canada Border Services Agency is the building’s sole tenant. Rental rates for the property are $22.7/sq ft. If the building was fully tenanted, the deal would translate to a capitalization rate of about 5.5%.
The campaign pitched the property as an opportunity to buy in the best-performing industrial market in the region. The facility has nine dock-level loading doors, two grade-level loading doors and 20 ft ceilings.
The property is 5 km east of Vancouver International Airport and 10 km south of downtown Vancouver.
