Tsawwassen Corner Shopping Centre, a neighbourhood retail plaza at 1215 56th Street in Delta, B.C., has traded for $18.2 million.

The property occupies the corner of 56th Street and 12th Avenue in Tsawwassen, a community in southwestern Delta near the U.S. border and the Tsawwassen ferry terminal.

Built in 1967, the open-air centre contains 28,010 square feet of retail space on 1.88 acres.

Shoppers Drug Mart anchors the plaza, which also includes Tim Hortons, Vancity, Bosley’s by Pet Valu and several local businesses. Food, drug, banking and liquor uses generate 81% of the property’s income, while national tenants account for 65%.

The transaction closed unconditionally July 8 at a 4.69% capitalization rate on first-year net operating income, Andrew Gormley of Marcus & Millichap tells Connect. The price represents $650 per square foot.

Gormley said the buyer is a private investor who is a Canadian citizen with international roots and investments. The purchaser’s identity was not disclosed.

The marketing campaign generated 261 purchaser conversations, 86 confidentiality agreements and seven letters of intent. Prospective buyers included local private investors, family offices and offshore groups.