- What A Kelowna, B.C., shopping plaza has been floated for $37.5m
- Why The plaza has mostly AAA tenants
- What next The city’s official community plan permits a 12-storey tower on the site
A Kelowna shopping plaza has hit the market with an asking price of $37.5m.
Plaza 33, at 195 and 301 Highway 33 West, is a 5-acre retail property in the city’s Rutland South neighbourhood. Century 21 Coastal Realty has the marketing assignment on behalf of an unknown vendor.
The sale of the plaza would be the largest retail trade in Kelowna by far over the last five years, according to the Green Street’s Sales Comps Database. It would be the first such plaza to sell for more than $5m in the city since Green Street began tracking Canada sales comps in 2020.
The campaign pitches the 1970-built plaza as a commercial hub, noting that 85% of the leasable area is occupied by AAA national and regional tenants. These include London Drugs, Pizza Hut, Save-On-Foods and a TD Bank branch.
Marketing materials also highlight that the city’s official community plan allows for a 12-storey building to be developed on the property.
Plaza 33 is 7km east of downtown Kelowna and 7km south of the Kelowna International Airport.
A hub city in B.C.’s interior, Kelowna has almost 170,000 residents. It is part of the Okanagan region, with 400,000 residents, and is 270km east of Vancouver.
