The City of Maple Ridge has bought a prominent redevelopment property in the Fraser Valley community.

The municipality purchased the asset for $12.5 million from a private family-owned company, Mark Goodman, principal of Vancouver-based Goodman Commercial, told Connect. Goodman Commercial represented the seller in the transaction.

The deal has closed, said Mark Goodman.

Connect reported the sale prior to its completion, but the city had yet to be identified as the buyer, and the purchase price was not disclosed previously.

The 2.62-acre property fronts both Lougheed Highway and Dewdney Trunk Road near 206th Street. Many retail properties are situated along the two thoroughfares.

Redevelopment options may include a commercial project, or a mixed-use residential building in the high-traffic Lougheed corridor.

The property comprises a mostly vacant, level lot with a small home on it.

Goodman Commercial specializes in multi-family and land transactions, primarily in the Metro Vancouver region.

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