Solving the Metro Vancouver Industrial Land Shortage?

[jollyburger]

Wesbild sells 27.5 acres of waterfront N. Vancouver industrial land

Vancouver-based real estate developer Wesbild has thrown in the towel and sold a prime North Vancouver industrial property after eight years of attempting to get approval for redevelopment and intensification of the site.

The 27.5-acre waterfront property at 1371 McKeen Ave. was sold to an unidentified "Canadian institutional investor" the company states in the announcement. It cannot identify the buyer, nor the purchase price due to confidentiality restrictions, a spokesperson told RENX.

Wesbild acquired the site in the Norgate/Lower Capilano neighbourhood, which was valued at $115 million, in 2017 according to previously published reports.

This property represents one of the last remaining privately-held waterfront sites of magnitude in the area. It has 730 feet of water frontage, and dock access.

Under the sale agreement, Wesbild will lease-back a portion of the property and continue to operate two businesses remaining on the site, the Lion’s Gate Marine Centre and Lion’s Gate Mini Storage.

https://renx.ca/wesbild-sells-275-ac...ndustrial-land