Avison Young is pleased to offer for sale 100% interest in The Town Centre. An outstanding opportunity to purchase a substantial mixed use complex located in the heart of Downtown Brandon.
With 20 existing tenants in place and a total building rentable area of 148,800 sf, The Town Centre is a sizable asset offering a stable in-place income with significant lease-up and redevelopment upside. The property is situated on 4.11 Acres of land with two levels of owned parking comprising approximately 500 parking stalls. Prairie Mountain Health has been the anchor tenant in the property for over 20 years (1999) and with their significant build-out and massive work force is expected to continue in the property for the foreseeable future.
The Town Centre offering represents an outstanding investment opportunity for value-add buyers to step into the place of the existing owner and repurpose the existing property to maximize its utilization. With the existing tenants covering the majority of the operating costs of the property, the new owner/developer can invest its time and energy into righting the asset without having to carry significant costs in the meantime.
- Offered for sale at just over $45 psf, The Town Centre is available at less than a quarter of the potential reconstruction cost. This sale represents a tremendous opportunity for a new owner to take advantage of the existing infrastructure already in place and repurpose a portion of the building for a higher and better use.
- A tenant since 1999, Prairie Mountain Health, currently occupies 44,939 sf (30% of the property) and houses at times over 500 staff. Their extensive level of interior build-out and requirement to be situated in the downtown will all but ensure they remain an anchor in the property well into the future.
- 2020 property taxes of only $145,678 ($0.98 psf) combined with the operating budget for the property have resulted in a total CAM/Tax estimate of approximately $8.61 psf. This is a incredibly low figure for an ‘interior mall’ which both helps with the vacancy carry and will help keep gross rents low for prospective tenants.
- Total parking count is in estimated at approximately 500 owned parking stalls situated immediately on-site. This substantial parking investment is a potential revenue generator for the property but more importantly provides abundant controlled available parking for future and existing retailers, office tenants, patrons, and residents of the property.
- Any new tenant is straight to the bottom line. Each new 10,000 sf tenant will increase the mall value by roughly $2.3M.
Available Space148,000 ft²
The Building - The Town Centre, Brandon
Building Size148,000 ft²
Lot Size4.11 AC