The Langley Mall is expected to change hands soon, as owner First Capital announced it is selling the property and expects to close the deal by the end of the year.
“First Capital has entered into a binding agreement to sell a 100 per cent interest in Langley Mall,” said an announcement by First Capital, which is a real estate investment trust (REIT).
The announcement noted the Langley Mall’s central location and “long-term redevelopment potential,” while also saying the area’s “current demographic statistics are notably inferior to First Capital’s overall demographic profile.”
The permanent shutdown of the Army & Navy chain just after the start of the pandemic in 2020, formerly one of the two major tenants in the mall, was noted as a plus for First Capital, as the chain had a long-term lease at a low rental rate, and the changeover to McFrugal’s created “a substantial increase in the property’s value.”
That increase led to the sale.
The Langley Mall is one of Langley’s oldest shopping centres, but within a decade, it will be about a block south of the terminus of the SkyTrain line, which is expected to have its final station near Fraser Highway and 203rd Street.
Langley City has been preparing for potential major redevelopments of areas around the SkyTrain line and its stations.
The sale of the mall is not final and is subject to certain closing conditions.
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