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Done Deals updated for May

Clubhouse at Surrey Golf Club. 

 “Profitable” Surrey Golf Course sold for $15 million

NAI Commercial of Vancouver has sold the Surrey Golf Club on 168th Street, Surrey, for $15 million to an unnamed investor.
Business in Vancouver rated Surrey Golf Club as the busiest public golf course in Metro Vancouver for 2007-2013, with the most rounds played. The club has been in operation since 1971. “It’s a profitable business,” said NAI senior associate J.D. Murray.
The 27-hole course totals 163 acres, and is zoned for golf course and other various ancillary uses. The sale includes the 10,000-square-foot clubhouse with an 80-seat lounge, 150-seat banquet room, pro shop, and administration offices. In addition, a maintenance building, all equipment and inventory were included in the sale.

From: JLL Specialized Assets, Vancouver. JLL agents Allan Johnston and Mark Lester report the following sale.
Deal: 360-acre oceanfront Wyndansea property, Ucluelet, Vancouver Island. Sold in court-ordered sale to Onni Group, Vancouver. Price (estimated/undisclosed): $7.95 million. 

From: CBRE National Apartment Group, Vancouver. CBRE senior vice president Lance Coulson sold the following.
Deal: 27-suite rental apartment building on Burnaby Street in Vancouver’s West End. Price: $7.3 million.
 
From: CBRE National Apartment Group, Edmonton. CBRE senior vice-president Bradley Gingerich reports the following sale:
Deal: 3.73-acre mixed-use residential development site, Erin Ridge lands, St. Albert. Price: $3.26 million.

From: Frontline Real Estate Services, Langley. Frontline agent Garth White and buyer agent Rob Blair of Re/Max Treeland Realty sold the following:
Deal: 16,200-square-foot industrial building, Telegraph Trail, Langley. Price: $2.25 million.
Frontline agent Garth White and seller agent Bill Hobbs of Cushman & Wakefield Ltd. sold the following:
Deal: 3.9-acres of industrial land, 21st Avenue, Surrey. Price: $3.45 million. 

From: London Pacific Property Agents Inc., Burnaby. London Pacific agents Ben Williams and Thomas Trowbridge sold the following:
Deal: Three-lot land assembly, approximately 21,265 square feet for development on West 63 Avenue, Vancouver within the Marpole Community Plan. Price: $5.7 million. 

From: JLL National Multi-Residential Investment Team. JLL agents Paul Gemmel, David Parker and Samuel Dean sold the following:
Deal: 86 suite hotel, Alberta Place Hotel, downtown Edmonton, which is to be converted into rental apartments by new owners, Starlight Investments. Price: $15.75 million. 


Recently completed a major commercial real estate deal? Send particulars for a free listing here to This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 
Done Deals updated for April 2015
 
Western Investors readers report on major commercial real estate deals across Western Canada 


Old Telus tower sold to Avigilon

Vancouver-based Avigilon is ready to pay Telus $42 million for a 135,000-square-foot Robson Street office tower. The tech company has put down a $2 million deposit and experts to close the deal by October. The nine-storey building, located at the corner of Robson and Seymour streets sits adjacent to the $750-million Telus Garden development. The Robson Street tower was the former Vancouver headquarters for Telus. 
Avigilon is expected to begin moving its Vancouver-based employees from its office on Beatty Street, near B.C. Place, into the new tower by 2016.

From: DTZ Victoria Real Estate Ltd. DTZ agent Randy Holt sold the following:
Deal: 40-acre, 77-room Pacific Sands Resort, Cox Bay, Tofino. Sold to 
Gordon Nelson Inc., Vancouver, on behalf of the Pettinger family. Price (from sources)
$23 million.

From: Sutton West Coast, Harrison Hot Springs, B.C. Sutton West Coast managing broker Freddy Marks sold the following:
Deal: 675-acre Moon Meadow Ranch, Williams Lake and the 940-acre Davies Meadow Ranch, Williams Lake. Sold together to a local investor. Price: $1.4 million.

From: Capital Markets Group, Vancouver. Capital vice-presidents Brad Newman-Bennett, Scott MacPherson and David Canning report the following:
Deal: Four industrial properties, North Vancouver, sold as the Cove Warehouse portfolio. Price: $13.91 million.
Capital senior vice-president Kevin Meikle, Brad Newman-Bennett and Scott MacPherson report the following:
Deal: 72,551-square-foot office building, Cambie Street, Vancouver. Price: $21.5 million.
Brad Newman-Bennett and Scott MacPherson report the following:
Deal: 13-unit rental apartment complex, Chesterfield Avenue, North Vancouver. Price: $3.0 million.
Deal: 158-acre single-family development site, Grande Prairie. Price: $9 million.
Brad Newman-Bennett, Scott MacPherson and Capital agent Brett Aura report the following:
Deal: 154-rental apartment building on 4.07 acres, Whalley Boulevard, Surrey. Price: $18.5 million.

From: Avison Young, Vancouver. Avison Young vice-president Chris Weiser reports the following:
Deal: 22,470-square-foot residential development site, Cook Street, Victoria, next to Beacon Hill Park. Price: $3.11 million. 

From: CBRE National Apartment Group, Edmonton. CBRE senior vice-president Brad Gingerich reports the following sales:
Deal: 156-suite rental development, Blue Quill area, 28 Avenue NW, Edmonton. Price: $23.27 million.
Deal: 44-suite rental apartment complex, two adjacent buildings, with 14,000-square-feet of commercial space, Stoney Plain, Alberta. Price: $7.1 million.

From: NAI Commercial, Vancouver. NAI agents Terry Harding, Jackson Tang and Brandon Harding sold the following:
Deal: 19-unit apartment complex, two adjacent buildings, on West 71 Avenue, Vancouver. Price: $4.5 million.

From: London Pacific Property Agents Inc., Burnaby. London Pacific agents Grant Gardner and Keath Williams report the following sale:
Deal: Three-acre, 11-lot assembly of multi-family development site, Lougheed Centre area, Burnaby. Price: $13.50 million. 

From: HQ Commercial, Vancouver. HQ agents David and Mark Goodman report the following sales.
Deal: 25-suite apartment-hotel building, Pendrell Street, West End Vancouver. Price: $8 million.
Deal: 24-suite rental apartment building, West Second Avenue, Kitsilano, Vancouver. Price: $7.6 million
Deal: 30-suite rental apartment building, Capitol Drive, Burnaby. Price: $6.2 million.

Recently closed a major commercial real estate deal? For a free listing here, send information to This e-mail address is being protected from spambots. You need JavaScript enabled to view it


 
Done deals updated for March

331-unit rental complex, Surrey, sold for $33.7 million.

Mainstreet buy locks third of Surrey rentals

With the $33.7 million – $102,000 per suite – purchase of a 331-unit property in Surrey’s Guildford area, Calgary-based Mainstreet Equity Corp. now has a lock on more than 30 per cent of Surrey’s rental apartments. Mainstreet, one of Western Canada’s largest landlords, owns 1,700 apartments B.C.’s fastest-growing city, and more than 2,700 units across the Lower Mainland, confirmed company founder Bob Dhillon. Publicly listed Mainstreet, now valued at more than $100 million, also controls about one-third of the Abbotsford rental apartment universe. 

From: NAI Commercial, Vancouver. NAI agent Aleem Thaver sold the following:
Deal: 17-storey Viva Tower on Howe Street, Vancouver, a mixed-use office and hotel building, which is to be converted into 230 rooms of student rental housing by the new owners, CIBT Subsidiary Investment Group.
Price (approximately): $37 million. 
NAI agent Rick Lui sold the following:
Deal: 9,000-square-foot retail building, S.W. Marine Drive, Vancouver. Price: $3.35 million.
NAI agent Doug O’Neil sold the following:
Deal: 12,600-square-foot industrial building, North Fraser Way, Burnaby. Price: $2.67 million. 

From: Re/Max Complete Commercial, Calgary. Re/Max agent Mike Blayney’s team sold the following:
Deal: 40,791-square-foot shopping place, Horizon Auto Centre, on 3.73 acres in NE Calgary, Price: $10 million.

From: Colliers International Hotels, Calgary. Colliers’ agents Alam Pirani, Toronto, and Tom Andrews, Vancouver, announce the following sale:
Deal: 328-room Calgary Airport Marriott hotel portfolio, consisting of the 171-room Courtyard and the 157 Residence Inn within a 265,200-square-foot complex next to the Calgary International Airport. Sold to J.A.R. Enterprises Ltd., a Remai Group affiliate. Price: $66 million.

From: CBRE National Apartment Group, Edmonton. CBRE senior vice-president Bradley Gingerich announces the following sales:
Deal: 126-suite Windermere Village, a rental apartment complex in SW Edmonton. Price: ($226,190 per suite) $28.5 million.
Deal: 3.21-acre multifamily development site, Chappelle Boulevard SW, Edmonton. Price: $3.21 million. 

From: Re/Max Bill Goold Realty, Vancouver. Re/Max agent Bill Goold sold the following:
Deal: 43-unit rental apartment building, Dowler Place, Victoria. Price: $5.67 million.
Deal: 28-unit rental apartment building, Bay Street, Victoria. Price: $3.28 million.

From: Pure Multi-Family Real Estate Investment Trust, Vancouver. Pure REIT CEO Stephen Evans reports the following:
Deal: 408-unit residential rental complex, Arlington, Texas sold by Pure to an unnamed investor. Price US$27.95 million. 

From: DTZ Nanaimo Real Estate Ltd. DTZ agent Randall Taylor reports the following sales:
Deal: 11,000-square-foot warehouse on 2.71 acres, Duke Point Industrial Park, Nanaimo. Price: $1.81 million.
DTZ agent Gerry Van Vaals sold the following: 
Deal: 60,000-square foot industrial complex on 5.36 acres with two buildings, fully leased to eight tenants. Price: $6.15 million.


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Done deals updated for February
 
 
 
Vernon’s Rise golf club sold 

NAI Commercial of Vancouver has sold the Rise Golf Club in Vernon. The 18-hole, 144.5-acre golf course was bought through a court-ordered sale by Alberta investors, according to NAI agent J.D. Murray. 
The foreclosed golf course was sold on behalf of the Business Development Bank of Canada. The original asking price was $2.2 million for the Fred Couples-designed course. The clubhouse and the residential development were not included in the court ordered sale.

From: Re/Max Bill Goold Realty, Vancouver. Owner-broker Bill Goold reports the following sales:
Deal: 20-unit rental apartment building, West 12th Avenue, Vancouver. Price: $4.70 million.
Deal: 48-unit rental apartment building, East Second Street, North Vancouver. Price: $9.9 million.
Deal: 36-unit apartment building, Lower Lonsdale, North Vancouver. Price: $7.92 million.
Deal: 17-unit commercial mixed-use property on 8,052 square foot lot, Sixth Avenue, New Westminster. Price: $2.75 million.
Deal: 29-unit apartment building, West 11th Avenue, Vancouver. Price: $6.65 million.
Deal: 42-unit apartment building, Knox Street, New Westminster. Price: $2.75 million.
Deal: 10-unit apartment building, West 10th Avenue, (Fairview area) Vancouver. Price: $3.2 million. 

From: CBRE National Apartment Group, Vancouver. CBRE senior vice-president Lance Coulsen reports the following sales: 
Deal: Sale of the Starlight Vancouver Island apartment portfolio of four separate properties with a total of 189 combined units in Duncan and Esquimalt. Price: $12.35 million.
Deal: 42-suite apartment building, Knox Street, New Westminster.
Price: $6 million
 
From: HQ Commercial, Vancouver. HQ agents David and Mark Goodman report the following sale:
Deal: Six-unit (four residential, two commercial) mixed-use building, recently renovated, Commercial Street, Vancouver. Price: $1.85 million.

From: Re/Max Commercial, Edmonton. Re/Max agent Robert F. McLeod reports the following:
Deal: 2.15-acre multi-family development site, Edmonton. Sold for Westrich Pacific Corp. to John Barath. Price: $3.13 million.
Deal: 1.4-acre multi-family development site, Edmonton. Sold for Westrick Pacific Corp. to an “undisclosed Chinese developer.” Price: $2.7 million. 

From: NAI Commercial, Vancouver. NAI agent Don Ellis sold the following:
Deal: 13,500-square-foot historic Guichon Block building, Columbia Street, New Westminster. Price: $2.45 million. 
NAI agents Michael Marckwort, Gary Haukeland and J.D. Murray report the following:
Deal: 8,118-square-foot development site, East 12th Avenue, Vancouver. Price: $2.56 million.

From: Coldwell Banker Slegg Realty, Victoria. Coldwell agents Jim Johnson and Jay Deleskie sold the following:
Deal: 42-suite Best Western Cowichan Valley Inn. Price: $4.6 million.

From: Re/Max Penticton Realty, Penticton. Re/Max agents Keith Jakes and John Green report the following:
Deal: Two apartment buildings, 21 units and 24 units, on Calgary Avenue, Penticton. Price: $5.1 million. 

From: Avison Young, Vancouver. Avison Young vice-presidents Chris Wieser and Rob Greer report the following:
Deal: 34-suite apartment, Douglas Street, Victoria. Price: $5.25 million.

Closed a recent commercial real estate deal? Send details for a free listing here to This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

 
Asian investments in BC "just the beginning"




Tina Mack, president of Asian Real Estate Association of America, Vancouver Chapter

Last March, China-born Owen Wang, a recent immigrant to Canada, purchased the 18-hole Sechelt Golf & Country Club and said he plans to sink $20 million into improvements, including the construction of a hotel on the site.
Investors from mainland China have also purchased a marine resort at Garden Bay on the Sunshine Coast, a 43-acre island off the coast of Pender Harbour and even the Gibson’s movie theatre. A Chinese group is also eyeing a multifamily development site in Gibsons.
Chinese offshore investors were behind the purchase of an Okanagan lakeside resort last summer and an equestrian centre in Langley and are backing a $50 million hotel project in Nanaimo and a ghost town near Whistler.
In Vancouver, the 120-room Best Western Sands Hotel at 1755 Davie Street, was recently sold for $30.3 million to a numbered company backed by Asian capital. According to study by hotel consultant HVS International, investors from China also purchased the Days Inn in Vancouver and a “good portion” of hotel-condos in the Westin Grand hotel.
In January, a Chinese-born Canadian with homes in Hong Kong and Vancouver bought a 234-acre development site straddling Port Moody and Anmore on the southeast edge of Metro Vancouver through Vancouver-based Brilliant Circle Group (BBG). 
This could be a “groundbreaking year for Chinese outbound investments,” according to Chadbourne & Parke LLP, an international law firm headquartered in New York City. Its 2014 report China Widens Door to Outbound Investment, noted that offshore Chinese investments “other than in the financial sector” reached US$90 billion in 2013 and hit US$20 billion in the first three months of 2014.
“This is just the beginning for Vancouver,” said Tina Mak, president of Asian Real Estate Association of America, Vancouver Chapter, and a realtor with Coldwell Banker Westburn Realty. Mak expects a huge increase in sales of B.C. commercial real estate to buyers from China.
Last April, China’s government relaxed constraints on citizens buying in other countries. Now, deals under $300 million may not even hit regulator’s radar. “China has opened the door to outbound investment more widely than ever,” Chadbourne & Parke commented.
While much of the offshore real estate money flows from China into New York, London, England and Los Angeles – the most popular cities for Asian investors – Vancouver is considered among the top secondary targets.
While Mak said return on investment is the primary aim, followed by “the brag factor”, some immigrant investors are apparently drawn to B.C. as much for the lifestyle. 
The new owner of Sechelt Golf and Country Club, for example, said the profit motive was not the main driver for his investment decision.
Wang said he wanted to purchase the course for three reasons: his love of golf, the quality of life and natural beauty in Sechelt and the possibility of retirement in the area.
“Sechelt is a great place to live,” he said.

 
Done Deals updated for January
Done Deals is our monthly feature highlighting some of the major real estate transactions in Western Canada’s vibrant commercial real estate market.

Innvest buys Hyatt Regency in Vancouver
 
Toronto-based Innvest has a definitive agreement to acquire the 644-room Hyatt Regency Vancouver from an affiliate of Hyatt Hotels Corp. for $140 million, or $217,000 “per key”. 
InnVest expects to finance the purchase with a $70 million, 3.8 per cent floating rate mortgage, with the balance to be paid in cash. The acquisition of the Hyatt completed in December 2014.
Built in 1973, the Hyatt is centrally located in downtown Vancouver. The Hyatt provides some of the largest standard guestrooms in the city and features 45 Regency Club rooms and 20 suites. The Hyatt also offers 40,000 square feet of meeting space and three food and beverage outlets.

From: Bentall Kennedy, Calgary. Bentall Kennedy senior vice-president Don Fairgrieve-Park reports the following purchase:
Deal: Three-quarter-acre real estate development site, zoned high-density multi-family and commercial, Eau Claire, Calgary. Purchased by Bentall-Kennedy on behalf of Prime Canadian Property Fund. Price: $39.6 million. 

From: Melcor Real Estate Investment Trust, Toronto.  Melcor REIT reports the following transaction:
Deal: Acquisition by Melcor REIT of the 158,320-square-foot White Oaks Square, a mix of retail and offices, on 18.98 acres, in Edmonton. Price: $31.38 million.

From: The Kefalas Group, Homelife Benchmark Langley Corp., Langley. Homelife agent Theo Kefalas reports the following:
Deal: Station House Pub & Grill, with a 7,621 square feet building on a 58,810-square-foot lot, Station Road, Abbotsford. Price: $2.06 million.

From: Colliers International, Edmonton. Colliers vice-president Cam Picketts reports the following sale:
Deal: 4.03-acres of industrial land, 50th Street, Beaumont area of Leduc County, Edmonton. Price: $2.9 million

From: Shindico, Winnipeg. Shindico principal Sandy G. Shindleman reports the following transactions:
Deal: 15,000 square feet industrial, Mountain View Road, Winnipeg, leased for 10 years. Price: $2.80 million
Deal: 19,498 square feet of retail space, 3673 Portage Avenue, Winnipeg, leased for 10 years. Price: $3.99 million.
Deal: 11,595-square-foot office space, Broadway Avenue, Winnipeg, leased for seven years. Price: $1.56 million. 
Deal: 6,081-square-foot retail space, St. Mary’s Road, Winnipeg. Leased for 10 years. Price: $1.14 million. 

From: Homelife Benchmark Realty Corp. White Rock. Homelife Benchmark agents Todd Antifaev and Jon Moss, report the following sale:
Deal: 78-lot residential subdivision, South Surrey. Price: $30 million. 

From: Cushman & Wakefield, Surrey. Cushman & Wakefield agents Brett Aura, Scott MacPherson and Brad Newman-Bennett, with Farouk Verjee of Chase Realty Corporation, report the following sale:
Deal: 154-unit apartment rental complex on a four-acre site, designated for high-rise residential, City Centre area of Surrey. Price: $18.25 million. 

From: Frontline Real Estate Services, Surrey. Frontline agent Justin Mitchell, with seller agent David Herman of Re/Max 2000 Realty, reports the following:
Deal: 2.15-acre development site, 80th Avenue, Langley. Price: $1.5 million.

From: NAI Commercial, Vancouver. NAI agent Rick Lui reports the following:
Deal: 3.44-acre development site across from the Olympic Oval, Elmridge Way, Richmond. Price: $31.3 million. 
NAI agent Peter Seed reports the following:
Deal: Two apartment rental buildings, total of 74 units, Glenshee Road, Prince George. Price: $6.8 million. 
NAI agents Gary Haukeland and J.D. Murray report the following:
Deal: 144.5 acres of land, Rising View Way, Vernon. Price: $1.75 million.
NAI agents Terry Harding, Jackson Tang and Brandon Harding report the following:
Deal: Two townhouse rental buildings, with a total of nine units, East 21st Avenue, Vancouver. Price: $2.76 million. 
 

Closed a recent commercial real estate deal? Send details for a free listing here to This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

 
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