- What A retail property in East Vancouver has been put in play
- Why The property’s lease expires in 2029
- What next Jovi Realty has the marketing assignment
A Vancouver grocery store would generate a roughly 3.2% capitalization rate if it trades at the guiding valuation of $16m, Green Street News can reveal.
The 19,000 sq ft building, at 1595 Kingsway Street, is fully leased by independent grocer Famous Foods until the end of 2029. In 2028, a buyer has a demolition clause that would allow it to end the lease early and potentially redevelop the site. The offering also includes a roughly 5,000 sq ft property at the adjacent 4075 Perry Street.
Jovi Realty has the marketing assignment on behalf of an unidentified seller.
The sales campaign pitches the land’s potential redevelopment, particularly for residential space. A buyer could look to assemble surrounding properties, raze the 1936-vintage food market and push for a bigger project. Conversely, a buyer of just the Famous Foods offering could construct a bigger building.
In East Vancouver’s Cedar Cottage neighbourhood, the building has 380 ft of frontage on Kingsway Street, on one of the city’s busiest thoroughfares. The area, some 5km southeast of downtown, is surrounded by dining and shopping options.
Trout Lake is nearby and a branch of the Vancouver Public Library is within walking distance.
