Jon Manchester, Castanet — A high-profile commercial property in Vernon has sold for $4.4 million.
The roughly 2.7-acre site at 903-915 Kalamalka Lake Rd. was an off-market deal with a Vancouver client, says Jeff Hancock with William Wright Commercial Real Estate.
“The industrial market continues to be in high demand, especially value-add opportunities with future development potential,” says Hancock.
“We are seeing more and more Vancouver and Alberta developers looking for industrial opportunities in the Okanagan, and our scarce industrial land base makes a deal like this noteworthy,” he says.
The site, opposite Vernon Golf and Country Club, has multiple buildings and is zoned service commercial.
It’s fully leased with long-term tenancies, including Sundance Pool & Spa.
It boast more than 250 feet of frontage on one of Vernon’s busiest roads.
The site also has great medium/long-term redevelopment potential as it is “significantly under-utilized,” the listing stated.
“The Vernon and North Okanagan market continue to face historically low levels of commercial vacancy and an increasing population,” it continues.
Read the full article published by Castanet.
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