Regional public transportation provider TransLink has made another significant real estate acquisition, STOREYS has learned, this time acquiring a large industrial property along the Fraser River in Vancouver.
The acquired property is a subdivided portion of 9150 Bentley Street. The entire property spans 769,139 sq. ft (17.66 acres), according to BC Assessment, and TransLink — operating as the South Coast British Columbia Transportation Authority — has acquired a 5.06-acre portion of it along the eastern edge.
The portion TransLink is acquiring is directly west of the Vancouver Transit Centre at 9149 Hudson Street. TransLink uses the site as an operations facility and bus depot.
According to commercial real estate brokerage Avison Young, TransLink acquired the 5.06-acre portion of 9150 Bentley Street in Q2 for $62,860,989 from Southgate Holdings Ltd. (BC Assessment values the full 17.66-acre 9150 Bentley Street parcel at $98,536,000).
The purchase price translates to approximately $12,423,120 per acre, which is significantly higher than the average for the region. According to a CBRE 2025 outlook, the average price for industrial land in Vancouver was $5 million per acre in 2024 and other industrial land transactions listed in Avison Young's report were all significantly below that.
Other Q2 2025 Notable Industrial Land Transactions
- CP REIT BC Properties Limited acquired 10387 Nordel Court, 10399 Nordel Court, and 10221 Swenson Way in Delta (14.89 acres) from Lions Gate Industries Inc. for $39,000,000 ($2,619,208 per acre);
- 1204497 BC Ltd. acquired 19044 32nd Avenue in Surrey (4.49 acres) from Quarry Rock Developments — under foreclosure — for $19,220,115 ($4,280,649 per acre).
In a statement provided to STOREYS on July 8, TransLink spokesperson Dan Mountain confirmed the acquisition and also provided an image outlining the portion of 9150 Bentley Street that TransLink acquired.
"TransLink recently purchased land located at the Vancouver Transit Centre," said Mountain. "TransLink was previously leasing this land, which was used for Coast Mountain Bus Company operations and maintenance. It will continue to be used for these purposes."
The 5.06-acre of 9150 Bentley Street that TransLink recently acquired and the 17.31-acre Vancouver Transit Centre. / Courtesy of TransLink
Last year, TransLink also acquired two industrial properties in Surrey for $85.6 million, as previously reported by STOREYS. The two properties — both of which were occupied by industrial buildings — totalled to just under 10 acres, thus the price TransLink paid translated to around $8.56 million per acre.
A bit towards the east, TransLink also previously announced plans to build a new electric bus facility at 8902-9001 Heather Street and 502 W Kent Avenue S that will be known as the Marpole Transit Centre. Construction commenced in 2024 and the facility is expected to be completed by 2028, according to TransLink.
Metro Vancouver Industrial Market
At large, the industrial real estate market in Metro Vancouver remains relatively healthy, but cool, according to Avison Young.
"Vacancy rose for the 12th consecutive quarter in Q2 2025, climbing 20 basis points quarter-over-quarter to reach 4.0%," their report stated. "While the pace of increase has slowed in recent quarters, the current rate remains more than double the 1.9% reported in Q4 2023, and four times higher than the 1.0% recorded in Q2 2023. Although a 4% to 8% vacancy rate is typically considered indicative of a balanced market, current conditions have tilted in favour of tenants, with landlords facing strong competition and a relatively wider pool of available options."
On pricing, Avison Young notes that there is a growing gap between buyers and sellers that has slowed deal activity, with sellers still expecting prices closer to the highs of previous years and buyers unwilling to go that high.
"Since the 25% tariffs were introduced in March (later doubling to 50% for steel and aluminum in June), trade with the US has slowed, putting pressure on manufacturers and industrial users," added Avison Young. "These disruptions are already affecting export-driven industrial markets. Canada's unemployment rate rose to 6.4% in May 2025, up from 6.0% in February 2025, reflecting broader economic strain. For industrial real estate, this has led to more cautious occupier sentiment, particularly in manufacturing, logistics, and metals-related industries. Still, a recovery in both employment and tenant demand is expected as trade tensions ease."
