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Burnaby office building on 0.88 acres trades for $8 million

Deal value driven by the land component
4162-norland-avenue-burnaby
The sale of 4162 Norland Avenue, Burnaby, on June 12 was driven by the land opportunity.

DEAL | Alportunity Developments completed the sale of 4162 Norland Avenue, Burnaby, on June 12 for $8 million. The 6,668-square-foot office building built in 1991 is fully leased and sits on a 0.88-acre lot zoned P2 (administration and assembly). The sale price largely reflects the land value, coming in above the property’s assessed value of $7.4 million and below the asking price of $9.4 million.

PRICE | $8,000,000

FROM | Brian Mackenzie, NAI Commercial