Another day, another billion-dollar deal.
Thanks to Kenneth Chan in the DailyHive and Glen Korstrom at Business In Vancouver.
Says Chan: Ivanhoe Cambridge has sold the 1959-built Oakridge Centre to QuadReal Property Group, ending its longtime ownership of the 575,000-square-foot indoor shopping mall. The amount was not disclosed, but it was likely in the billion dollar range given the location, proximity to SkyTrain, redevelopment potential, and the sheer size of the property at 28 acres.
For comparison, prior to Christmas, TransLink sold its 13.8-acre Oakridge bus depot, located two blocks west of Oakridge Centre, to a developer for $440 million . . . .
. . . QuadReal Property Group has indicated it is still interested in redeveloping Oakridge Centre and has retained Westbank as its redevelopment partner. However, under new ownership, the exact scale of the final redevelopment plan is unknown at this time.
