Anthem Properties Group Ltd. and its partners have acquired a retail and office building on a 2.6 acre site in Victoria, B.C.
The 45,000 square foot single storey building at 220 Bay Street is in the heart of Victoria West, five minutes from the downtown core. It is fully leased with tenants including Castle Building Supplies, Carmanah Technologies and Big Brothers Big Sisters Victoria and Area.
“We’re extremely happy with this acquisition,” says Anthem’s director of investment, Jordan Carlson. “Victoria has consistently displayed strong economic fundamentals and we believe it will continue to evolve as a vibrant city with a diverse economy and highly attractive livability.”
This latest investment fits well into Anthem’s well-rounded portfolio in Victoria which includes Market Square, Union, Dominion Rocket and Tillicum Centre.
Last month, Anthem acquired 1500 S Street in Sacramento, California for $5.1 million. It is the company’s second acquisition in the downtown Sacramento area. The ¾ acre infill project is in an excellent location at the intersection of downtown and midtown, steps away from the largest employment hub in the region and the historic R Street Corridor filled with shops, restaurants and cultural amenities.
Anthem is working with architects and planners on a proposal that includes a mix of residential and commercial that will benefit and enhance the neighbourhood in keeping with its cultural and historic past. It expects to submit a formal plan later this year.