- What A retail plaza in the Fraser Valley is on the block hoping to net $27m
- Why The plaza is fully leased to big-name tenants
- What next Leases don’t start expiring until 2029
A Metro Vancouver retail plaza has hit the market hoping to fetch around $27m, Green Street News can reveal.
Logan Creek Plaza, at 20175 Langley Bypass in Langley, is being shopped by Rockcliffe Estates. The sale price translates to a 4% capitalization rate.
Sitings Realty has teamed up with Colliers on the marketing assignment for the 26-year-old plaza.
The three-unit, 48,000 sq ft centre is fully leased to tenants Club 16 Trevor Linden Fitness, Jordans Flooring and Sleep Country Canada.
Leases are in place until late 2029 and 2033, with a projected net operating income of $101,000 for 2025 and 2026.
In the busy Willowbrook commercial district, the plaza has 207 parking stalls and is near Willowbrook Shopping Centre.
Two SkyTrain stations are expected to open nearby in late 2029 as part of the system’s expansion into the Fraser Valley. Marketing materials highlight the future stations and the significant growth expected in the area in coming years.
The plaza is about 40 km southeast of downtown Vancouver and 5 km south of Highway 1.
In 2023, Rockcliffe Estates sold another Langley property, a retail plaza at 20551 Langley Bypass, to Benchmark Group for $63.5m, making it one of the largest transactions for Metro Vancouver that year.
