For Sale - 250 Winnipeg Street | Marcus & Millichap

Form Retail Advisors Inc. and Cushman & Wakefield Ltd. (collectively, “the Listing Agent”) have been engaged by the Vendor to facilitate the sale of Iron City Plaza, a carefree, single-tenant investment opportunity located at 250 Winnipeg Street, in Penticton, British Columbia (the “Subject Property”). The Subject Property is a 23,565 square foot, large format single-tenant property, with future pad development opportunity, servicing Penticton and the surrounding Okanagan Valley.

Investment Highlights

100% occupied by Landmark Cinemas on a carefree, fully net, 20 year lease with 15 years remaining and two, 5 year options thereafter
Landmark Cinemas is the only “First-Run” theatre in Penticton, making the Subject Site an entertainment destination for the City and surrounding area
Ability to further increase revenue by way of developing out two currently vacant pad sites, and/or through leasing back as parking to Landmark Cinemas
Subject Site is held in a bare trust, which can be purchased from the Vendors, thereby avoiding any property transfer tax
Penticton is the regional service and market centre for the South Okanagan, servicing a trade area of more than 250,000 people

250 Winnipeg Street | Penticton, BC

Curtis Leonhardt

Vice President

Curtis Leonhardt has been involved in commercial real estate for more than eight years. Since joining Form, he’s focused on representing both buyers and sellers of income-producing retail assets and commercial land throughout B.C. – transacting in excess of $250 million in sales in the last five years. One of his areas of specialization is representing buyers and sellers in the purchase and sale of strong covenant freestanding buildings. In the last two years, Curtis has successfully transacted over a dozen single-tenant properties, including freestanding bank branches, large-format pharmacies and national restaurants in various regions, including the B.C. Interior, Lower Mainland, Northern B.C., Alberta and Vancouver Island.

Jon Buckley

Principal

Jon Buckley focuses exclusively on retail investment sales and has become one of the top investment brokers for retail related assets in British Columbia. With more than 10 years’ experience in commercial real estate, Jon has an intimate knowledge of the retail landscape in B.C, allowing him to work extensively with groups at both the private and institutional levels. Jon has brokered a multitude of investment transactions, including enclosed shopping centres, anchored strip malls and plazas, street-front retail properties, mixed-use development sites, single-tenant assets and hotels. Jon entered the industry as a financial analyst for a leading investment properties group, successfully underwriting more than $2.5 billion in total transaction volume during his first two years in the industry. Prior to co-founding Form Real Estate Advisors, he worked at a multinational commercial brokerage firm on a national investment team.