- What Willowbrook Park in Langley, B.C., has sold to an undisclosed buyer
- Why The fully leased property is one of the busiest in the Fraser Valley
- What next There is development potential and a new Skytrain station planned at the site
A 12-building shopping centre in Metro Vancouver has traded for $137m, Green Street News can reveal.
Willowbrook Park, at 19888 Willowbrook Drive in Langley, was sold by Valley Properties to an undisclosed buyer, with the deal closing on Jan. 27. The price translates to a capitalization rate of around 4%.
Colliers and Sitings Realty had the marketing assignment.
The property, on 20 acres, has close to 195,000 sq ft of retail space. Fully leased with below-market rents, Willowbrook Park has a projected net operating income of $5.5m. Major tenants include Dairy Queen, Mountain Equipment Company, Safeway and Scotiabank.
The property was built in phases from 1988 to 1990 and is one of the busiest shopping centres in the Fraser Valley. There are nearly 1,100 parking stalls, and a Skytrain station is planned for the site as part of the Surrey-Langley expansion, slated for completion in 2028.
Willowbrook Park is partly in the City of Langley and the neighbouring Township of Langley, one of the fastest-growing areas in metropolitan Vancouver.
The property is 35 km southeast of downtown Vancouver and 5 km from Highway 1.
Although there is potential for development on the site, nothing is planned at this time.
