Hungerford Properties has acquired two large industrial sites on Marine Drive totalling 15.5 acres — a 12.5 acre site at 86 Southeast Marine Dr. formerly owned by Walmart and a three-acre property at 396 Southwest Marine Dr. where a Kia Â鶹´«Ă˝Ół»dealership currently operates.
Hungerford Properties is a Vancouver-based real estate business that invests, manages and develops properties across Western Canada.
A Dueck car dealership had, at one point, operated at 86 Southeast Marine Dr., but the site, which sits between Ontario and Main streets, has been vacant for about 15 years. Walmart wanted to open an outlet on the property, but the then-COPE-dominated city council rejected that proposal in an 8-3 vote back in 2005. (A Walmart later opened in East Â鶹´«Ă˝Ół»on Grandview Highway near Boundary Road.)
“There are two other buildings [on the land], which had various tenants in the past, but the site has been basically boarded up for the last 15 years,” Michael Hungerford, at partner at Hungerford Properties, told the Courier.
The land formerly owned by Walmart was assessed at $46,441,000 on B.C. Assessment’s 2018 assessment roll, while the Kia Â鶹´«Ă˝Ół»site was assessed at $24,342,800.
The transaction for the Walmart site represents the largest private sale in the last 10 years in the city in terms of square footage, according to Hungerford.
“In the case of the Walmart site, it is an industrial zone and we plan to pursue redevelopment within that zoning," he said.
“We’re very excited about the potential of the site to help address the demand for industrial [space] in the city of Â鶹´«Ă˝Ół»particularly. And, it being such a large site, I think it will afford some flexibility of different building forms and it will end up really activating that neighbourhood in a positive way... I know the city is looking at how, generally, employment density and employment uses can be enhanced within the city and so we’ll be looking to work with the city on that and seeing what can be done.”
Kia Vancouver, meanwhile, will continue to operate on the property at 396 Southwest Marine Dr. until construction starts on a development, at which time it will have to relocate.
The site is beside the Marine Drive Canada Line station and the Marine Gateway development.
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With the completion of the transit station and condo towers in recent years, Hungerford says the neighbourhood is among the fastest growing urban areas in Â鶹´«Ă˝Ół»â€” it’s grown by 20 per cent in the last five years and is projected to see additional population growth of about 12 per cent by 2021 and 28 per cent by 2026.
About 50 per cent of Metro Vancouver’s population is within a half hour drive of the two sites, which makes them ideal locations for businesses, according to Hungerford.
“The Kia site right [near] the station absolutely would support office density. ĚýIn the case of the Walmart site, it’s industrial zoned so it really calls for more industrial emphasis in the types of tenants we anticipate,” he said. “We’ve invested in various neighbourhoods like Mount Pleasant in East Â鶹´«Ă˝Ół»for decades. I think the time has come for south Â鶹´«Ă˝Ół»to see some development and both of these particular sites can benefit from higher and better use, more employment density. It’s really an opportunity to create jobs and support local businesses.”
In a press release from Hungerford Properties, Darren Cannon, executive vice president at Colliers, stated: “Hungerford’s two, new strategic development sites will be able to capitalize on transit ridership numbers, which are at an all-time high, and will transform the area with newer, better and denser commercial uses, ultimately bringing more jobs, people and economic benefits to the area.”
Matthew MacLean, senior VP at Cushman & Wakefield, was quoted as saying the acquisitions will “kickstart a commercial revitalization” in the area.
“With transit connectivity and a unique complement of large and small users and high density residential, the area is prime for Vancouver’s next creative hub, much like Mount Pleasant and the Great Northern Way Campus,” MacLean said.
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