A large commercial property in Vernon has sold for $4.4 million.
The 2.7-acre property is located across from the Vernon Golf and Country Club at 903-915 Kalamalka Lake Road. It was sold in an off-market deal to Vancouver-based Vedderbrook Properties, according to Jeff Hancock of William Wright Commercial Real Estate.
Vedderbrook Properties owns roughly 12 properties, including two recently purchased in Kelowna, and is looking to further expand in the Okanagan, Hancock told The Morning Star.
Hancock said the buyer will likely redevelop the Vernon property.
The sale closed about a week ago and was under contract around the beginning of May.
“I think it’s a great location and it’s in an area of Vernon that’s really starting to change, and I think you’re going to start seeing a lot more newer light industrial and service commercial development in that area which is going to be obviously helpful for the City of Vernon,” Hancock said.
The site has multiple buildings with the tenants being mostly smaller businesses, including a furniture shop, a pool supply store and more.
According to an online listing, the site is a fully leased, income-producing property with long-term tenancies, and is “significantly underutilized.”
The property spans over 250 feet of street frontage and up to 410 feet of lot depth.