CBRE Vancouver recently facilitated the sale of Strawberry Hill Shopping Centre in Surrey for $155 million to Strawberry Hill Shopping Centre Holdings, concluding RioCan Real Estate Investment Trust’s ownership since 2002.
Situated on 35 acres at Scott Road and 72nd Avenue, the mall boasts approximately 340,000 sq ft of building space and hosts anchor tenants like Cineplex, Sport Chek, and The Home Depot. The sale underscores the property’s significant potential for high-density, mixed-use redevelopment, given its prime location within the Scott Road corridor. BC Assessment valued the two mall parcels at a combined $187 million in July 2023.
Recognized as a provincially legislated transit-oriented development site, the mall aligns with Surrey’s densification plans. However, redevelopment faces hurdles, notably BC Hydro’s transmission lines and the need for site rezoning. Nevertheless, the sale reflects a broader trend in British Columbia of repurposing suburban malls, particularly those near transit hubs, to accommodate mixed-use developments, in response to evolving urban landscapes and transportation needs.
