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City Square Mall, located across from Vancouver City Hall, has sold for $225 million.

The nearly 250,000-square-foot shopping centre was purchased by Richmond-based Sun Commercial Real Estate Group (Suncom), according to a new retail market report by real estate firm CBRE.

The sales price was more than double its assessed value of $102 million. The 3.3-acre property is located within the Broadway Corridor Plan at 555 West 12th Avenue, just a block from the Canada Line Broadway-City Hall Station and the future Millennium Line Broadway Extension.

The property includes 50 retail units and two six-storey office buildings.

The mall lost its anchor tenant, Safeway, last year. The space has remained vacant since.

Suncom’s holdings include the Best Western Sands Hotel on Davie Street, Westwood Plateau Golf and Country Club in Coquitlam and Mylora Sidaway Golf Club in Richmond. The company did not respond to a request for comment on the acquisition.

Western Investor