November 26, 2014
Our readers report on recent commercial real estate sales across Western Canada
Melcor REIT snaps up $138M portfolio
Alberta-based Melcor Developments Ltd. has sold a portfolio of six commercial properties comprised of 738,080 square feet of leasable area to Melcor Real Estate Investment Trust for $138.25 million. The acquisition includes four new commercial properties completed and substantially leased by Melcor Developments and two properties improved through recent redevelopment.
The new 57,000-square-foot Village at Blackmud Creek mixed-use office and retail complex in Edmonton; Edmonton’s West Henday Promenade retail centre; the mixed-use, 446,000-square-foot Lethbridge Centre in Lethbridge; the Telford Industrial Park and Leduc Common retail centre in Leduc; and the University Park retail centre in Regina are included in the done deal.
From: Pemberton Holmes Ltd.-Commercial, Victoria. Pemberton agents Stephen Shea and Clive Townley report the following sale:
Deal: 82,635-square-foot Custom House, a commercial landmark on Victoria’s Inner Harbour. Price: $12.1 million.
From: Frontline Real Estate Services, Surrey. Frontline agent Garth White, with buyer agent Don Viner of Colliers International, sold the following:
Deal: 69,696-square-foot industrial building, Production Way, Langley. Price: $2.40 million.
From: London Pacific Property Agents Inc.?, Burnaby, London Pacific agent Grant L. Gardner? sold the following:
Deal: Two Vancouver residential lots, totaling 17,753-square feet for future multi-family redevelopment. Price: $1.80 million.
From: CBRE National Apartment Group, Edmonton. CBRE senior vice-president Bradley Gingerich reports the following sale:
Deal: 105-suite ‘The Station on Whyte’ rental apartment building with 24,000-square-feet of commercial space. Price: $33.2 million.
From: William Wright Commercial, Vancouver. William Wright agent Cory Wright reports the following:
Deal: 1,243-square-foot retail investment property, Hamilton Street, Vancouver. Price: $1.4 million.
From: CBRE Ltd. National Apartment Group, Vancouver. CBRE announces the following:
Deal: 14-unit rental apartment building, West 13 Avenue, (South Granville), Vancouver. Price: $3.85 million.
From: Re/Max Blue Chip Realty, Yorkton, Saskatchewan. Re/Max agent Marcel DeCorby announces the following:
Deal: 2,643 acres of farmland, with 1,816 acres under cultivation, Rural Municipality (RM) of Wolseley, Saskatchewan Price: $3.2 million.
Deal: 160 acres of farmland, RM of Saltcoats. Price: $215,000.
Deal: 480 acres of farmland, RM of Saltcoats. Price: $450,000.
Deal: 160 acres of farmland, RM of Rocanville. Price: $220,000.
From: NAI Commercial, Vancouver. NAI agents Angie and Don MacDonald report the following:
Deal: 13,108-square-foot, two-storey industrial building with showrooms and offices, 62 Avenue, Langley. Price: $1.85 million.
NAI agents Terry Harding and Jackson Tang report the following sales:
Deal: 8-unit rental apartment building, Fremlin Street, Vancouver.
Price: $1.78 million.
Deal: 22-unit rental apartment building, Agnes Street, New Westminster. Price: $2.9 million.