Less than six months after it was listed for sale, the Willowbrook Park shopping centre in Langley has been sold, in what was one of the Metro Vancouver's largest commercial transactions in 2024.
The open-air Willowbrook Park shopping centre is located at 6131 200 Street, 6263 200 Street, and 19888 Willowbrook Drive and consists of 12 buildings across 20.15 acres. It is located directly adjacent to the similarly-named Willowbrook Shopping Centre, which is owned by QuadReal Property Group.
Willowbrook Park was owned by Valley Properties Ltd. and was sold for $137 million in Q4 2024 to Shato Holdings Ltd., according to commercial real estate brokerage Cushman & Wakefield. Factoring in the size of the shopping centre, the price translates to approximately $707 per sq. ft.
BC Assessment values the three respective parcels at $49,687,000, $6,347,000, and $37,549,000, for a total valuation — dated back to July 1, 2024 — of $93,583,000.
The sale was brokered by Randy Heed and Stuart Morrison of Colliers alongside Sheldon Scott and Arjen Heed of Sitings Realty, who listed Willowbrook Park four months ago. The successful sale was then announced last week.
Originally constructed in 1988 and 1990, Willowbrook Park consists of 193,785 sq. ft of retail space, all of which is currently fully leased. Safeway serves as the anchor tenant, with other tenants including Scotiabank, RBC, BMO, MEC, Dollar Tree, Pizza Hut, and New Balance, among many others. According to Colliers, the net operating income (NOI) is expected to be $5,544,393 for 2025.
The mall is managed by BGO (formerly known as BentallGreenOak).
Shato Holdings Ltd.
Willowbrook Park sits at 6131 200 Street, 6263 200 Street, and 19888 Willowbrook Drive in Langley. / Colliers
Although the company does not appear to have a corporate website, Shato Holdings Ltd. remains a notable buyer and has been operating in the Metro Vancouver market for decades.
Shato Holdings Ltd. is owned by the Toigo family, who also own the Western Hockey League's Vancouver Giants as well as the White Spot restaurant chain, which they acquired in 1982.
"Shato Holdings Ltd. is a diversified organization with many well-known business interests, including White Spot Restaurants, and prime real estate holdings throughout North America," the company says on the website for its Tsawwassen Springs project in Delta. "Under the direction of Peter Toigo and Ron Toigo, Shato Holdings Ltd. has developed major shopping centres, hotels, motels, commercial centres, office buildings as well as large residential developments."
To date, Shato Holdings has perhaps been best known, at least in the real estate world, for its sale of the White Spot at 1608-1616 W Georgia Street in the West End of Vancouver, which Shato Holdings sold for $245 million in December 2017. (The site was sold again soon afterwards, as first reported by STOREYS last year, and the redevelopment plan has remained dormant ever since.)
It's unclear if the new owners have intentions to redevelop Willowbrook Park.
Notably, the southern half of the shopping centre comprised of 6131 200 Street falls under the jurisdiction of the City of Langley, while the northern half comprised of 6263 200 Street and 19888 Willowbrook Drive are under the jurisdiction of the Township of Langley. Both municipalities, however, have signalled their plans to designate the area for high-density use, according to Colliers, in light of the new SkyTrain station currently being constructed as part of the Surrey-Langley extension of the Expo Line.
