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OK Falls Commerical

Blog by Mike Ingraham & Jaclyn Kinrade | March 15th, 2011

Okanagan Falls commercial real estate sales top $6.5 million in last 12 months

Amid all the economic doom and gloom over the last 12 months, it’s refreshing to look at what’s been happening in Okanagan Falls when it comes to sales of commercial real estate - over $6.5 million in value!
Eight sales - seven of them very significant - have happened since last April. And, while three of those seven were foreclosure sales, the fact that they sold at all is good news.
It started last April with the sale of the Super Save gas station on Main Street. It had been on and off the market since 1996 before selling for $800,000* April 12.
Since then, the site of the former Homedelivery prefab home site, a 35,580 sq. ft. building on 6.28 acres, sold in foreclosure for just under $2 million April 29.
In mid-May, the site of Rasmussen log homes - 8.75 acres across the road from the Homedelivery site - sold for $700,000. It had been on the market for close to a year.
The Lakeview Motel and RV Park, on two sites on Ash and 10th Avenue, sold in foreclosure in October for $558,000.
This year, OK Food Mart sold to a Penticton buyer for full price at $1.3 million in January. It had been on the market since last April. And the former Simm’s Grocery sold privately, also to a Penticton buyer, and is undergoing extensive renovations, to re-open soon as Heritage Market. (No word on the sale price.) The RDOS purchased the former motel site at the foot of Cedar Street for a park for $900,000, a property in foreclosure.
The news gets even better with the announcement by Structurlam last month that they will be producing a new product - cross-laminated panels - in a new building on the former Weyerhaeuser property, which is itself being developed as a combination of commercial/industrial, affordable housing and a potential vineyard by a group of local entrepreneurs under the name of Zinfandel Holdings, according to the Western News. (*All sale prices are from the MLS.)
FEBRUARY SALES: 3 sales in Okanagan Falls, 1 sale in Kaleden, 1 in Lakeshore Highlands, 1 in Vintage Views (Heritage Hills) and an 11-acre vineyard on Rolling Hills Road.