Coquitlam Centre Highrise Site - Back on Market
Shopping Center
for Sale
| Catylist Listing ID: |
30835745 |
| Property Subtypes: |
Mixed Use, Neighborhood Center, Net Leased, Strip Center
|
| Building Size (RSF): |
35,700 SF
|
| Gross Land Area: |
1.82 Acres
|
| Sale Price: |
$48,000,000 |
| Unit Price: |
$1,344 PSF |
| Property Use Type: |
Net Leased Investment (NNN), Investment |
| Building Name: |
Coquitlam Square |
| Usable Size (USF): |
35,700 SF |
| Sale Terms: |
Undisclosed |
| Cap Rate: |
Undisclosed |
| Last Updated: |
9/26/2023 |
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
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Additional Details
| Nearest MSA: |
Vancouver |
| County: |
Greater Vancouver |
| Taxing Authority: |
Coquitlam |
| Tax ID/APN: |
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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