Sevenoaks Shopping Centre sold for $214 million

Sevenoaks Shopping Centre sold for $214 million

The News has learned major Abbotsford mall was sold in February

Sevenoaks Shopping Centre was sold in February for $214 million, The News has learned.

BC Assessment officials have confirmed the transaction, which occurred on Feb. 21 and was brokered by a Vancouver firm. The buyer has not been disclosed and a representative from Morguard, the property management company that operates Sevenoaks, wouldn’t say who the new owners were. Morguard, which has managed the site for 11 years, remains involved in the property, according to the Sevenoaks website.

The shopping centre has a gross leasable area of 568,317 square feet. Its value was assessed last year at $195 million. That was an increase of more than $10 million from the previous year. The assessed value of the land on which the mall is located has risen by $35 million – or 50 per cent – since 2014

The shopping centre originally opened Oct. 15, 1975 and has gone through many changes since.

In 1999, Grosenor International, which built the mall, sold the shopping centre to Gentra Inc. for $90 million. Gentra sold the mall in 2001.

Watch and check out Wednesday’s paper for more.

Sevenoaks Shopping Centre