First Capital Realty has purchased Plaza 88 from the Degelder Group for $100 million.
The company - which develops, owns, and operates urban shopping centres and commercial properties across Canada - announced Thursday that it had entered into a binding agreement to acquire The Plaza at New Westminster Station, located at Columbia and Eighth streets.
"We are excited to add this urban and unique asset to our Vancouver portfolio. It is a great acquisition for us that will fit very well with our strategy and geographic footprint," Brian Kozak, First Capital Realty's senior vice-president, Western Canada, said in a press release.
The Plaza 88 development includes three residential towers and a commercial space on a five-acre site around the New Westminster SkyTrain station.
The commercial space has started filling with tenants such as Safeway and Landmark Cinemas - both of which opened this year. Other tenants include Shoppers Drug Mart, Dollar Tree, CIBC, RBC, Wireless World Solutions (Fido), Western News, Subway, A&W, Arden Holdings, Extreme Pita, Flight Centre and Yogabody Lifestyle Shop.
A fourth residential tower is in the planning stages, according to the release.
The property, which consists of 194,000 square feet of gross leasable space and a 422 stall paid parking garage, was built over the past three years.
The purchase price of $100 million, which includes closing costs, will be paid in cash, according to the release.
First Capital will make a further earn-out based payment of up to $20 million for the property's parking garage, signage and storage revenues in May 2014, it added.