Form Retail Advisors Inc. and Cushman & Wakefield Ltd. (collectively, “the Listing Agent”) have been engaged by the Vendor to facilitate the sale of Iron City Plaza, a carefree, single-tenant investment opportunity located at 250 Winnipeg Street, in Penticton, British Columbia (the “Subject Property”). The Subject Property is a 23,565 square foot, large format single-tenant property, with future pad development opportunity, servicing Penticton and the surrounding Okanagan Valley.
- 100% occupied by Landmark Cinemas on a carefree, fully net, 20 year lease with 15 years remaining and two, 5 year options thereafter
- Landmark Cinemas is the only “First-Run” theatre in Penticton, making the Subject Site an entertainment destination for the City and surrounding area
- Ability to further increase revenue by way of developing out two currently vacant pad sites, and/or through leasing back as parking to Landmark Cinemas
- Subject Site is held in a bare trust, which can be purchased from the Vendors, thereby avoiding any property transfer tax
- Penticton is the regional service and market centre for the South Okanagan, servicing a trade area of more than 250,000 people