We’ve Got News! Lakewood Shopping Centre “Reimagined”
Stream Property Partners Inc. and Stream Lakewood Limited Partnership are excited to share our vision for the future of Lakewood Shopping Centre! The core of our plan is a substantial refurbishment and modernization of the building exterior façade, exterior lighting and parking lot to deliver an enhanced experience for mall tenants and their patrons. Upgrading the curb appeal of the property will increase neighbourhood vibrancy and community livability, while driving out value for our investors in the partnership.
We are pleased to report our application for a Development Permit Variance was approved on September 19, 2023. This means the municipality has approved the form and character of our proposed exterior refurbishment – i.e. construction of a new facade to raise visibility from the highway and modernize the exterior finishes and lighting of the main mall building. We are actively working with our design team, architect, structural engineer and general contractor to prepare the Building Permit application. We expect that application to be submitted mid-April and to have a building permit approved by mid-June. This would allow demolition and construction to commence in Summer 2024. The projected cost of the refurbishment is $2,660,000 and the work is expected to take approximately four (4) months to complete. The shopping centre will remain open for business during construction and very little disruption to tenant operations is anticipated.
“Our pick for the best investment market for 2024 would be a well-positioned retail asset located in any of BC’s thriving secondary markets, such as Kelowna, Kamloops, Nanaimo, or Victoria. All four cities post populations of over 100,000 and growing, continue to set records for building permits issued over the last several years, and have various industries driving jobs and community growth, which will eventually push up retail demand and thus lease rates for landlords and investors alike.” – 2024: The Return of Retail, William Wright Commercial Report, February 2024
About Stream Lakewood Limited Partnership
Lakewood Shopping Centre was acquired by Stream Property Partners Inc. on July 6, 2023 on behalf of Stream Lakewood Limited Partnership. This project involves repositioning a superbly situated, 3.0-acre, waterfront redevelopment site in the fastest growing community in BC, 20-minutes from downtown Kelowna, the fastest growing city centre in Canada. Project highlights include: well below-market in-place NOI of $600,000 and the potential to increase that income by as much as 65% over a 3 to 5-year period; 14,793 SF of vacant basement space that will add $147,000 of additional triple-net NOI when brought online at $10/SF; and an exceptional redevelopment site (by virtue of its size, 300+ multifamily units) pre-zoned for increased density in the 2018-2038 Official Community Plan – “The District encourages further multiple unit residential housing in the Woodsdale and Town Centre neighbourhoods”.
About Stream Property Partners Inc.
Stream Property Partners Inc. is a commercial real estate investment and development firm based in North Vancouver, BC. We sponsor high-quality, private equity investment opportunities available exclusively to qualified investors. We are commercial real estate experts, grounded in a tradition of hard work, exceptional client service and a pragmatic investment philosophy driven by market fundamentals and data analytics. Stream seeks partnerships with like-minded investors, lenders, realtors, and private equity firms in Western Canada.
Can’t wait to talk about it?
Join us on Discord now to discuss this project, and others, with our lively and friendly community.
Invest in B.C.:
The Issuer:
Stream Property Partners Inc. is a commercial real estate investment and development firm based in North Vancouver, BC. Stream sponsors high-quality, private equity investment opportunities available exclusively to qualified investors. Stream are commercial real estate experts, grounded in a tradition of hard work, exceptional client service and a pragmatic investment philosophy driven by market fundamentals and data analytics. Stream seeks partnerships with like-minded investors, lenders, realtors and private equity firms in Western Canada. Stream is co-founded by three partners: Alan Haigh, Darcy Ulmer, and Hans Edstrand.
The Dealer:
Purchasing these securities will be conducted by Equivesto Canada Inc. (Equivesto), an Exempt Market Dealer (EMD) in Ontario, British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, Yukon, North West Territories, Nunavut, Prince Edward Island, Nova Scotia, New Brunswick, and Newfoundland and Labrador (ND# 63820). Equivesto and Addy Portal Corporation (addy) have entered into an agreement, pursuant to which and subject to its terms, Equivesto shall act in the capacity of an EMD for distributions facilitated by addy. This portal is operated pursuant to that agreement.