What: A 28-acre industrial property in North Vancouver has sold
Why: The property is one of the last waterfront sites of its size
What: next Wesbild will lease back a portion of the land
Wesbild has sold a 28-acre industrial property in North Vancouver in one of the largest industrial land transactions in British Columbia over the past year. The deal closed on Friday.The 860,000 sq ft waterfront property, at 1371 McKeen Avenue, is 99%
occupied. The buyer is an unidentified institutional investor. The price was not available. CBRE’s national investment team had the marketing assignment. The property has 730 feet of dock access, making it suitable for port-oriented
uses as well as logistics and industrial uses. It’s 2 km from the Seabus and Highway 1 and is across Burrard Inlet from downtown Vancouver.
Wesbild acquired the site in 2017 and will lease back a portion of the property. The firm had been trying to subdivide the property, but that plan was rejected by city council in 2019, according to Daily Hive.