Vernon Tim Hortons listed for double its value sold

January 4, 2017 5:42 pm

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A free-standing retail building on lease by Tim Hortons has sold in Vernon, brokerage Form Retail Advisors Inc. tells Western Investor. The free-standing building was built in 2015 with a 2016 BC Assessment value of $1.6 million, listed in 2016 for $3,825,000.

Jonathan Buckley and Joe Genest of Form Retail Advisors successfully facilitated the sale of the single-tenant building with double stacking drive-thru, leased to Tim Hortons on a long-term, triple-net and carefree basis. The property is located on the northwest corner of 27 Street and 35 Avenue in Vernon, one of the main commercial hubs of the Okanagan Valley.

The property features 2,695-square-foot premises situated on a 28,200-square-foot parcel along the primary north-south corridor and sees an incredible exposure of 25,000 vehicles per day. The building was recently built in 2015 and subsequently sold at the end of 2016 for an undisclosed amount.

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