Description

Available for sale: a 100% interest in 1420 Northwest Boulevard (Highway 3), a +24,742 SF mass timber industrial building located in Creston, BC. Situated on a large 6.35-acre site, the property offers an exceptional combination of stable in-place cash flow, substantial upside through rent increases, and subdivision or development potential with approximately 4.7 acres of excess land (assuming 35% site coverage for the existing building). The site sits adjacent to some of Canada's most significant corporate brands, including McDonald's, Tim Hortons, Home Hardware, Brandt, Kubota, Peterbilt and GM. Soaring warehouse ceiling heights up to 26’9” and 12 loading bays including both grade level and truck level options, make this one of the most versatile industrial buildings in the region. Currently 100% leased on flexible leases to a diverse mix of well-established local, regional and national tenants, the property generates an in-place net income of $164,231 with average gross rents of $8.56 PSF—estimated to be 63% below market. This offers investors a rare and immediate opportunity to unlock significant value through lease renegotiations or tenant turnover. With both industrial and commercial zoning, the site supports a wide range of uses. This offering is ideally suited to both investors seeking value-add industrial exposure and businesses looking for a partially or fully owner-occupied solution in one of the Kootenay region’s most prominent highway commercial corridors. (id:2469)

Listing Provided By

Royal LePage Kelowna

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