Avison Young’s office in Lethbridge has brokered the sale of an industrial warehouse in a transaction that turned a tidy profit for seller Melcor Real Estate Investment Trust.
“We had three offers on the property,” said Avison Young broker Doug Mereska.
It sold to Calgary-based Avondale Real Estate Capital Ltd. for $8 million.
Melcor said the LC Industrial warehouse, which has 67,110 square feet of leasable space on a 2.9-acre site, sold for $118 per square foot. Melcor had bought the property for $5.9 million ($87.27 per square foot) in January 2014.
“We are freeing up capital for other opportunities while also achieving a good return on investment for unit holders. We bought LC Industrial, added value and then sold it for a 36 per cent premium to our purchase price. The property was also cash-flow positive while we held it,” said Andrew Melton, president and CEO of Melcor REIT.
Mereska said the sale is indicative of the Lethbridge industrial market, which Avison Young reported is among the strongest in Alberta.
From | Shindico Realty Inc., Winnipeg. Shindico agent Dino Alevizos sold the following:
DEAL | Two-storey office building on high-profile corner lot in downtown Winnipeg. St. Mary Avenue, Winnipeg. Price: $1.85 million.
DEAL | 2,503-square-foot retail building with basement office space, minutes from Polo Park. Corydon Avenue, Winnipeg. Price: $1.3 million.
Shindico agent Robert Scaletta sold:
DEAL | Manufacturing facility, majorly renovated recently. Mixed-use building includes office and store space. Notre Dame Avenue, Winnipeg. Price: $1 million.
From | Regent Park Realty Inc., Vancouver. Regent Park agent Suraj Rai sold the following:
DEAL | A 20,000-square-foot development site slated for residential development. James Street, Abbotsford. Price: $1.3 million.
From | William Wright Commercial, Vancouver. Agent Cory Wright reports the following sale:
DEAL | Two-storey light industrial strata unit, operated as an automotive shop. Beresford Street, Burnaby. Price: $1.45 million.
From | Sutton Group West Coast Realty Harrison Hot Springs. Sutton Group agent Freddy Marks closed the following sale:
DEAL | 650-acre Pine Ranch sold for eight times its assessed value of $436,115. Patchett Road, Merritt. Price: $4 million.
From | Colliers International, Vancouver. Agents Randy Heed and Malcolm Earle sold the following:
DEAL | 3.68-acre industrial site zoned light impact industrial. Scott Road, Surrey. Price: $5.1 million.
From | Frontline Real Estate Services Ltd., Langley. Frontline agent Justin Mitchell sold the following:
DEAL | 5.89-acre residential and commercial development site, sold at $2.6 million per acre. 72 Avenue, Surrey. Price: $15.3 million.
From | HQ Commercial, Vancouver. Agent Cynthia Jagger sold the following:
DEAL | 18,480-square-foot mixed-use development site, zoned C-1. Oak Street, Vancouver. Price: $16.5 million.
From | NAI Commercial, Vancouver. NAI agent Peter Seed reported the following deal:
DEAL | Three apartment buildings totalling 76 units, situated on 3.3 acres. Wiebe Road, Prince George. Price: $10.2 million.
From | CBRE, Vancouver. CBRE agent Lance Coulson reports:
DEAL | Two rental properties totaling 45 units near Davie Village in Vancouver’s West End, sold at $383,333 per door. Burnaby Street, Vancouver. Price: $17.2 million.
DEAL | 16-unit character apart-ment complex, built in 1914. Linden Avenue, Victoria. Price: $2.37 million.
From | JLL Canada. JLL agent David Venance reports the following sale:
DEAL | 25-unit Lower Lonsdale rental apartment building, including 45,905 square feet of buildable potential. 12th Street, North Vancouver. Price: $7.9 million.
