Vancouver’s International Village mall has been listed for sale as part of a trio of retail properties, for an undisclosed price.
CBRE’s Urban Properties Group is presently marketing The Henderson Retail Portfolio, an opportunity to acquire the mall, nearby Paris Square, and Coquitlam’s Henderson Place mall.
The portfolio includes over 11 acres of land and over 400,000 square feet of leasable retail space.
International Village malls, previously known as Tinseltown, is best know its anchor tenant, Cineplex Odean Cinemas. The mall offers over 195,000 square feet of retail space, occupied mostly by independent retailers, a Starbucks and Rexall pharmacy.
The 3.38-acre site also offers potential for redevelopment straddling Vancouver’s Stadium District and Chinatown.
“International Village’s vast retail space and superb location is remarkably under-utilized in its current form. Investors are offered the opportunity to dramatically increase International Village’s visitation and revenue by implementing a new space planning and tenant positioning strategy,” reads the listing from CBRE.
Across from the mall is the portfolio’s 80,000-square-foot “Paris Square,” the roundabout property anchored by T&T Supermarket. The square has stair access to the Expo Line’s Stadium-Chinatown SkyTrain station.
The third property included in the portfolio is the nearly 143,000-sqaure-foot Henderson Place Mall, located on 6.18 acres of land in Coquitlam. The site’s proximity to the new Lincoln Station stop on the Evergreen Extension makes it ripe for redevelopment to capitalize on the area’s growing densification.
“These diverse retail centres are all prominently located on transit in high-density neighbourhoods within downtown Vancouver and Coquitlam, B.C., and offer investors opportunities to dramatically increase value through redevelopment and repositioning strategies,” the listing states.
