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Former BC Tree Fruits property near Kelowna Airport listed for $28 million after price cut

The erstwhile premises of the BC Tree Fruits Cooperative, now defunct, have been listed for sale at $28 million, following an $11 million deduction from its initial asking price. Spanning 18.5 acres and positioned a mere five minutes from Kelowna Airport, the property boasts 150,000 square feet of infrastructure, encompassing cold storage warehousing alongside office spaces.

HM Commercial Realty, managing the property's listing, highlights the opportunity as a notably scarce chance to secure close to 20 acres of industrial land within Canada's most rapidly expanding metropolitan area. The closure of the BC Tree Fruits Cooperative, which occurred last summer after nearly 90 years of operation, was precipitated by a court-mandated sale due to the cooperative's $58 million indebtedness.

Initially presented to the market in September 2023 with a price tag of $39 million, the valuation has been adjusted to $28 million. The property, encompassing three titles, is designated for general industrial purposes. The listing indicates a comparative market value of $2.5 to $3 million per acre for similar industrial zones, whereas this particular site is available at a lower rate of $2 million per acre.

The real estate advertisement further specifies that any prospective purchaser would be required to commit to occupying the premises for a span of up to two years. Before it ceased operations, the BC Tree Fruits Cooperative had liquidated several properties, including its Water Street office for $7.5 million in 2020, its Bay Avenue warehouse for $24 million in 2021, and its packing house on Bottom Wood Lake Road for $15.8 million in 2023.

Source: InfoTel

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