Kelowna industrial land sells at record price per square-foot
A Kelowna industrial land sale is likely a new record based on a price-per-square-foot basis.
The 4.5 acre site near Reid's Corner was recently sold for $13.7 million, according to Kelowna real estate broker Steve Laursen.
"We found that it's a record price just for industrial land at this time," he said.
Laursen worked with three brokers in the Lower Mainland to sell the property at 2100 Rutland Road North.
READ MORE: What's keeping big, new industrial players from choosing Kamloops and Kelowna
He said the industrial real estate market has been performing well across North America for the past five or six years, so Kelowna isn't alone. It is getting more difficult to find industrial space in the Okanagan city, however.
"Land's becoming tougher to find because we're so constrained by the mountains, the lakes and ALR land," he said.
The record-breaking Kelowna deal works out to $69.89 per square-foot for two undeveloped parcels sold by Denciti Development Corporation.
READ MORE: Investors turning away from the Okanagan commercial real estate market
Some of the sale's proceeds are being donated to "a couple" charities but Laursen didn't say which or how much.
He also couldn't say what the buyer's plans for the property might be.
To contact a reporter for this story, email Levi Landry or call 250-819-3723 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.
We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above.
