Westbank Hub North, among the biggest outdoor shopping centres in West Kelowna, was officially noted for sale recently, according to a sales brochure.The shopping center is located at 2115-2170 Louie Drive, on the western side of Highway 97 at the crossway with Elk Roadway. The residential or commercial property consists of four legal parcels– 2121, 2130, 2151, and 2170 Louie Drive– and is home to a Walmart, Dollarama, Anytime Physical Fitness, London Drugs, and numerous quick-service restaurants.BC Evaluation values the particular private parcels at$9,548,000, $4,828,000,$
21,017,000, and $41,781,000 for an overall assessed value of $77,174,000 dated to July 1, 2025. Westbank Center North is owned by GWL Real Estate Advisors– the realty arm of The Canada Life Assurance Company– on behalf of an institutional customer, although the land is leased from the Westbank First Country as part of a pre-paid 100-year lease that has 80 years remaining, according to the sales brochure.The property lies within the industrial core of West Kelowna along Highway 97 that is traditionally called Westbank, where much of the land is owned by the
Westbank First Nation.The shopping center was constructed in 2008, covers an overall of 23.0 acres, and is home to 256,863 sq. ft of leasable space, 99.2%of which is presently rented. The property also consists of a total of 1,231 parking spaces.The Listing Westbank Hub North was listed recently by Jon Buckley, David Morris, Jack Allpress, and Curtis Leonhardt of Marcus & Millichap together with Peter Gibson, Falisha Saggu, and Kyle Grundy of Cushman & Wakefield on
an unpriced basis.Address:
2115-2170 Louie Drive, Westbank Year Developed: 2008 Site Area: 23.0 acres Existing Leasable Location: 256,863 sq. feet Current Occupancy Rate: 99.2%Cost: Unpriced Listed By: Marcus & Millichap(Jon Buckley, David Morris, Jack Allpress, and Curtis Leonhardt) and Cushman
- & Wakefield(Peter Gibson, Falisha Saggu,
- and Kyle Grundy)The listing team calls Westbank Hub North”one of the region’s most dominant open-air retail
- centres, creating steady, resistant capital, “thanks in big part to being anchored by Walmart’s”bond-like”quadruple net lease that leads to”practically absolutely no property owner obligations. ” Westbank Center North.(Marcus & Millichap, Cushman & Wakefield) “Westbank Hub North’s five biggest renters, Walmart, London Drugs, Dollarama, Whenever Physical Fitness, and CIBC make up 88.7 %of the rentable area and 77.1 %of total base rent, using
extremely preferable stability and disadvantage risk mitigation with credit
tenant leases, “they included.” The occupant profile is completed with nationally recognized [food and beverage] and service-based occupants that serve varied customer requirements and will regularly draw big volumes of consumers.”That renter profile indicates 96.5%of the leasable area is tied to nationwide and worldwide renters with”unmatched credit-worthiness” and much of whom have investment-grade credit ratings, all of which equates to high monetary stability. The typical lease rate is presently$26.37 per sq. ft, which is thought about below-market and includes a mark-to-market chance of$3.16 per sq. feet(12%).” The Kelowna Census Metropolitan Area grew 15.2 %from 2020 to 2025, making it one of the fastest-growing large city centres in Canada,” the listing team also kept in mind.”The City of Kelowna and West Kelowna are forecasted to grow by 10.1%and 13.5%, respectively, over the next 5 years, underscoring the
region’s ongoing status as one of British Columbia’s fastest-growing locations.”Moreover, the typical home price in West Kelowna was$865,000 as of 2024 and average household income is around$ 146,000, a healthy average that bodes well for discretionary spending and thus investment in regional industrial genuine estate.This is the second large shopping center listing in the Okanagan Valley in the previous year. In 2015, the 22-acre Cherry Lane
Shopping Centre in Penticton was noted for sale and was later on sold to Jim Pattison Advancement.