Office
2 & 30 International Boulevard
Modern flex-office near Canada’s largest international airport
About the property
Mission Junction Shopping Centre is a dominant, grocery-anchored shopping center in Mission, British Columbia, the second-fastest growing district in the province and approximately 75 kilometers east of downtown Vancouver.
Built in various stages between 1998 and 2006, the total footprint is just over 272,000 square feet.
Investment rationale and value creation
At the time of acquisition, the property had an expiring movie theatre lease and a 60,000 square feet food store looking to downsize, as well as several as-of-right pad development possibilities.
The LaSalle Canadian value-add investments team built and leased a new 23,000 square foot pad for a large retail tenant and 5,000 square foot food and beverage-anchored drive-thru. In addition, the team completed new, renewal and expansion leasing totalling in excess of 250,000 square feet including both the movie theater and grocery store on 10-year terms.
What we achieved
When the Mission Junction Shopping Centre was sold in Q4 2021 it was 96% leased with a weighted average lease term of almost five years. The agreed sale price represented a strong profit for our investors.
Gallery
Mission Junction Shopping Centre is a Canadian value-add investment
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Important information
The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made by the Fund or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed by the Fund; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.