Coquitlam Centre Highrise Development

Shopping Center for Sale
Catylist Listing ID: 30566359
Property Subtypes: Mixed Use, Neighborhood Center, Net Leased, Strip Center
Building Size (RSF): 35,700 SF
Gross Land Area: 1.82 Acres
Sale Price: $46,000,000
Unit Price: $1,288 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Coquitlam Square
Usable Size (USF): 35,700 SF
Sale Terms: Undisclosed
Auction Type: Undisclosed Reserve
Cap Rate: Undisclosed
Last Updated: 7/29/2020

Overview / Comments

Coquitlam Square (the property) is being offered for sale for the first time since the shopping centre was built in 1979. Prospective Buyers are invited to submit their offers based on the current improvements and its potential development to its highest and best use. The Seller will consider all offers that are submitted by March 5, 2020

Additional Details

Nearest CMA: Vancouver
Regional District: Greater Vancouver
Taxing Authority: Coquitlam
Parcel ID: 000833274
Zoning: C-2
Retail Clientele: General, Business
Property Visibility: Excellent
Site Description: PROPERTY OVERVIEW The subject property, Coquitlam Square comprises of one(1) legal lot, Lot 148 and has 2 civic addresses 2918 & 2922 Glen Drive Coquitlam. The property is improved with two commercial buildings consisting of 37,500 square feet of leasable area with 28 retail/office tenancies. The property is well located within the Coquitlam City Centre Area which is the most established and densified area in Coquitlam.
Total Number of Buildings: 2
Number of Stories: 2
Property Condition: Excellent
Year Built: 1979
Roof Type: Flat
Parking Type: Surface
Passenger Elevators: 1
Zoning Description: CURRENT | FUTURE ZONING The existing Official Community Plan (OCP) designates the land as General commercial, C-2 a zone designated to accommodate shopping centres and lower densities. Discussions with City planners in January 2020, there is a draft OCP plan being considered that accommodates higher mixed use densities due to the recent Evergreen line expansions and rapid transit stations. Given the upcoming proposed changes to City Centre Commercial zone indicated in the draft revised OCP , it is envisioned that the subject property will benefit from this up zoning to a minimum C-4 zoning designation. Coquitlam City Centre Area
Part of Planned Development?: Yes
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Freehold

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Contact

Photograph of Listing Agent

Dean Thomas

Personal Real Estate Corporation
HQ Real Estate Services Inc. Commercial First Member
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