First Capital Realty Inc. has completed its acquisition of an urban retail property in Vancouver. The False Creek Village street front retail property is located in the heart of the city, and is part of a major mixed-use development that originally served as the athlete village for the Vancouver 2010 Olympic Winter Games.

The property comprises approximately 64,000 square feet of gross leasable area and 139 underground parking spaces. It is located on the ground floor in each of the four mixed-use retail and residential buildings surrounding the community’s outdoor main plaza.

The purchase price of approximately $46.1 million, including closing costs, was satisfied in cash.

“We are very excited to add this first class urban property to our Vancouver portfolio,” says Brian Kozak, First Capital Realty’s executive vice-president, Western Canada. “False Creek Village represents a very rare opportunity to own the primary retail node in a young, rapidly growing, downtown urban community in a world class city.”