Royal City Centre
New Westminster
347,531 Square Foot Shopping Centre with Office
Value-Add Program Completed:
- Improved functionality and quality of the property through capital improvements including new roof sections and new exterior elevator;
- Completed cosmetic upgrades throughout common areas;
- Leased vacant Zellers space to Walmart in a 111,500 square foot transaction;
- Leased vacant 2nd floor office space to the Fraser Health Authority for Dialysis Clinic and medical offices totalling 38,000 square feet;
- Leased additional office space to independent health-care related uses including X-Ray and Walk-in Medical Clinic;
- Actively managed tenants through lease terminations, renewals, relocations, re-merchandised the main floor retail tenant mix;
- Converted multiple lease types into one standard, institutional quality form of net lease;
- Purchased July 2010 for $52,000,000;
- Sold January 2016 for $114,700,000;
- JV Partner: Strathallen.
