Sperling & East Hastings (strip mall)
Metro Vancouver, City of Burnaby
ACIC financed one-third of the $3 million acquisition of this single-level commercial property in May 2012. Following renovation it has been re-appraised at $3.975 million in value. Located along East Hastings Street and in close proximity to Simon Fraser University, the property has a branch of one of the major banks as an anchor tenant. Longer term, the owner envisions re-development of the strategically located property, which is designated in the municipal development plan for future re-zoning. ACIC currently retains its $1 million financing on the property.