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Seven B.C. Kal Tire Locations Sold to Private Investor
Seven leased Kal Tire locations in Southern B.C. secondary markets have been sold.
According to a published report, an unidentified private investor purchased the portfolio for just under the $9.4-million asking price. The seller was Vernon, B.C.-based Arrowleaf Real Estate Holdings, a private investment firm affiliated with Kal Tire.
The stores are located in Castlegar, Courtenay, Hope, Golden, Lillooet, Lumby and Nakusp. They have a total gross leasable area of about 50,000 square feet.
The buyer, represented by Stuart Wright, a Avison Young principal based in the firm’s Vancouver office, prevailed in an auction process involving 20 bids, the report states.
In a LinkedIn post, Wright said the portfolio has an excellent corporate covenant and is under new 10-year NNN lease terms.
Joe Genest and Andrew Gormley of Marcus & Millichap, who are based the company’s Vancouver office, represented Arrowleaf in the transaction.
Pictured: Kal Tire store in Castlegar, B.C.
Photo: Kal Tire
- ◦Sale/Acquisition
