Shato Holdings has purchased Willowbrook Park Shopping Centre in Langley, B.C., for $137 million in one of the largest deals in Metro Vancouver this year, according to multiple reports.

The sale, completed after the property spent six months on the market, adds to Shato’s expanding portfolio. Shato is owned by the Toigo family, whose diverse assets include the White Spot restaurant chain and the Vancouver Giants of the Western Hockey League.

Ron Toigo heads the family’s business activities, which include a number of commercial real estate projects, including multi-family developments.

Stuart Morrison, a Cushman & Wakefield executive vice-president based in North Vancouver, B.C., and Sitings Realty announced the deal on LinkedIn, without disclosing the buyer purchase price. Jared Gibbons, a broker with Cushman & Wakefield, and subsequent medial reports identified Shato as the buyer and reported the price as being $137 million.

Willowbrook Park is an open-air mall located along 200 Street and Willowbrook Drive. The property covers 20.15 acres and features 12 buildings with a total of 193,785 square feet of retail space.

Anchor tenant Safeway is joined by major retailers such as Scotiabank, RBC, BMO, MEC, Dollar Tree, Pizza Hut, and New Balance. The fully leased property is expected to generate a net operating income exceeding $5.5 million in 2025, making it a lucrative investment for its new owner, wrote Gibbons.

Willowbrook Park is a prime site located near the upcoming Willowbrook SkyTrain station. The expansion of the SkyTrain from Surrey to Langley is expected to boost development in the surrounding area.

The Township of Langley has been reviewing plans for a new Willowbrook Official Community Plan. However, the plan’s implementation is currently on hold due to federal height restrictions linked to the nearby Langley Regional Airport, the Langley Times reported.

Pictured: Willowbrook Park Shopping Centre in Langley, B.C.

Photo: Willowbrook Park