Business · Real estate · published 2026-10-09 · via Connect CRE

Sunstone Completes Chilliwack Retail Sale, Moves to Close 2006 Fund

Sunstone sold City Gate Centre, a 46,000-square-foot retail property in Chilliwack, B.C., on Sept. 29, completing the final disposition for its 2006 investment fund. The asset was bought in December 2007 for $16.47 million, and the latest buyer and price were not disclosed. After expenses, the fund expects to distribute about $180 per combined unit in late October or November before terminating.

Expanded Detail

Sunstone’s City Gate Centre sale marks the last step in unwinding its 2006 fund. The Chilliwack property, at 45850 Yale Road West and 45840 Cheam Avenue, spans 46,000 square feet and sits near downtown, with FreshCo and Dollarama as nearby shadow anchors. It was purchased in December 2007 for $16.47 million.

The fund originally raised $50 million and once held 14 Canadian properties with total acquisition costs of $118.4 million. A 2022 sale attempt failed amid higher interest rates and weak retail leasing. After RBC exited, Sunstone bought out that lease and planned smaller units. Remaining proceeds are expected to provide about $180 per combined unit before termination.

Count: First para: Sunstone’s(1) City(2) Gate(3) Centre(4) sale(5) marks(6) the(7) last(8) step(9) in(10) unwinding(11) its(12) 2006(13) fund(14). The(15) Chilliwack(16) property(17), at(18) 45850(19) Yale(20) Road(21) West(22) and(23) 45840(24) Cheam(25) Avenue(26), spans(27) 46,000(28) square(29) feet(30) and(31) sits(32) near(33) downtown(34), with(35) FreshCo(36) and(37) Dollarama(38) as(39) nearby(40) shadow(41) anchors(42). It(43) was(44) purchased(45) in(46) December(47) 2007(48) for(49) $16.47(50) million(51). Second: The(52) fund(53) originally(54) raised(55) $50(56) million(57) and(58) once(59) held(60) 14(61) Canadian(62) properties(63) with(64) total(65) acquisition(66) costs(67) of(68) $118.4(69) million(70). A(71) 2022(72) sale(73) attempt(74) failed(75) amid(76) higher(77) interest(78) rates

Context

... No extra. Need maybe no bullet. Good. Potential issue: "2 short paragraphs (under 120 words total)" We have two paragraphs. Good. "additional factual detail and background drawn ONLY from material above" We included all from material. "entirely original wording, never copying source phrasing." We used "shadow anchors" maybe source phrase. Could rephrase "with FreshCo and Dollarama nearby as retail draws" but shadow anchors is specific term. To avoid copying, say "nearby FreshCo and Dollarama stores." That's original. Let's adjust. Also "combined unit" maybe source phrase but necessary. Could say "per combined unit" is factual term. Fine. "fund originally raised $50 million" source says fund raised $50M in 2006. Good. "once held 14 Canadian properties" source says portfolio once included 14 properties across Canada. Good. "total acquisition costs" source says combined acquisition cost. Good. "2022 sale attempt failed" source says proposed sale collapsed in 2022. Good. "higher inter

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This summary is Al-enhanced to contain extended analysis and broader social context. The original is {NAME); the linked article is the authoritative source. Original headline: “Sunstone Sells 45K-SF Chilliwack Retail Centre, Winds Down Fund.” Browse more stories.