Retail Plaza in Burnaby’s Highgate Neighborhood | $3.425M Transaction
Successful Sale of Retail Plaza in Burnaby's Highgate Neighborhood
Case Study: Overcoming Environmental Challenges in Commercial Real Estate
On February 21, 2020, Sam and his team successfully facilitated the sale of 7405 Edmonds Street, a fully leased retail plaza in Burnaby’s Highgate neighborhood. The property faced soil contamination issues and redevelopment zoning restrictions from the City of Burnaby. Through comprehensive due diligence and strategic marketing, the property was sold for $3,425,000, achieving a 2.7% cap rate and meeting the client’s expectations
Transaction Details
- Property Address: 7405 Edmonds Street, Burnaby, BC
- Sale Price: $3,425,000
- Sale Date: February 21, 2020
- Property Type: Retail plaza
- Number of Units: 4
- Cap Rate: 2.7%
Property Overview
This one-story retail building, constructed in 1985, comprises 4,394 square feet of net leasable area on a 16,447 square foot lot. The plaza includes 25 designated surface parking spots and is fully leased to four tenants, offering stable rental income. The property’s C3 zoning allows for various commercial uses, presenting future redevelopment potential.
Neighborhood Benefits
Located in Burnaby’s Highgate neighborhood, the property benefits from high traffic exposure and excellent transit connectivity, with links to Edmonds, New Westminster, and Metrotown SkyTrain stations. The area is experiencing significant growth, including nearby mixed-use developments, enhancing the property’s long-term value.
Client Relationship and Market Strategy
The client, a long-term property owner, sought assistance in selling the plaza despite environmental and zoning challenges. Sam and his team prepared a comprehensive due diligence package, working closely with environmental consultants to address soil contamination issues. Through extensive marketing efforts—including direct outreach, advertising, and online platforms—they attracted multiple potential buyers. Ultimately, Sam negotiated a cash offer with a quick closing, aligning with the client’s objectives, and the deal successfully closed on February 14, 2020
Market Insights
Burnaby’s Highgate neighborhood is undergoing rapid development, with increasing demand for commercial properties. Despite environmental and zoning challenges, well-located retail plazas with stable tenancy remain attractive investments, offering both immediate income and future redevelopment potential.
Conclusion
This transaction underscores Sam and his team’s expertise in navigating complex environmental and regulatory challenges to achieve successful outcomes. Their strategic approach ensured a seamless sale that met the client’s expectations.
Testimonial
"I had the pleasure of listing my property with Sam, and his service exceeded my expectations. He provided an exceptional level of customer service with weekly updates, always making himself available for any questions or concerns, and acting in the utmost professional manner. He creates a comfortable, friendly, and amicable agent-client relationship. I was glad he explained things in a way I could understand. Sam’s passion for real estate is evident in his in-depth market knowledge. I would highly recommend Sam to anyone buying or selling commercial property."
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