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Done deals updated for September



Kelowna apartment building sold for $141,000 per door.
- Colliers

Kelowna apartment building sells for $8.2 million

Colliers International of Kelowna agent Jeff Hudson reports the sale of the six-storey, 58-unit concrete Roth Towers apartment building in Kelowna. The Pandosy Street complex, close to downtown and Lake Okanagan, fetched $141,000 per door at a selling price of $8.22 million. The sale was among a number of multi-family transactions across the province last month.

From: Sutton West Coast Realty, Harrison Hot Springs, B.C. Sutton agents Fred and Linda Marks with Peter Mozek of Re/Max Progroup sold the following:
Deal: Husky gas station with mini mall, post office and accommodation, 150 Mile House, B.C. Price: $1.95 million

From: Colliers International, Vancouver. Colliers agent Matt Saunders sold the following:
Deal: 16,348-square-foot site at 275 Kingsway, Vancouver. Price: $2.75 million.

From: NAI Commercial, Vancouver, reports the following sales:
Deal: 42-unit rental apartment building, Ash Street, New Westminster. Sold by NAI agents Terry Harding, Jackson Tang and Brandon Harding. Price: $5.72 million.
Deal: 8-unit apartment building, Manitoba Street, New Westminster.
Price: $1.54 million.
NAI agent Cole Maedel sold the following:
Deal: 11,252-square-foot office building on 22,200-square-foot site, Westminster Highway, Richmond. Price: $3.21 million.
NAI agents Angie and Don MacDonald sold the following:
Deal: 7,200-square-foot retail strip mall on 14,388-square-foot lot on 128 Street, Surrey. Price: $3.9 million.
From: -William Wright Commercial Real Estate Services, Vancouver. William Wright agent Cory Wright reports the following transaction:
Deal: Purchase of the Society restaurant complex, Hamilton Street, Yaletown, Vancouver, on behalf of a client. Price: $2.68 million.

From: Frontline Real Estate Services, Surrey. Frontline agents Joe Lehman and Garth White, with Colliers agents Chris Brewster and Chris Morrison, sold the following:
Deal: 10,436-square-foot industrial building, 134A Street, Surrey. Price: $1.58 million.
From: Melcor Real Estate Investment Trust, Toronto. Melcor reports the following acquisitions:
Deal: 42,586-square-foot Market Mall in Regina, and Phase 3 of Kingsview Market, an 11,555-square-foot mall in Airdrie, Alberta. Price: $13.5 million.
Deal: 24,432-square-foot office building, 107 Avenue, Edmonton. Price: $5.5 million.

From: CBRE National Apartment Group, Edmonton. CBRE agent Bradley Gingerich reports the following sale:
Deal: 24-suite rental apartment building, 95 Avenue, Edmonton, at $134,375 per suite. Price: $3.22 million.

From: HQ Commercial, Vancouver. HQ agents David and Mark Goodman report the following sales:
Deal: 11-unit apartment rental building, East Boulevard, Kerrisdale, Vancouver at more than $425,000 per suite. Price: $4.71 million.
Deal: 13-unit apartment rental building, Andrews Avenue, North Vancouver. Price: $2.8 million.

From: London Pacific Property Agents Inc., Vancouver.  London Pacific agent Ben Williams sold the following;
Deal: Nine-lot assembly totaling 50,196 square feet, Cottonwood Avenue, Coquitlam.  Price: $6.65 million.

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Stadium puts Regina in play



With a new football stadium underway and the retail and industrial markets roaring, Regina has seen $332 million in building permits issued this year, but the office and residential sectors are facing a modest glut.
In July alone, $66.9 million in building permits were issued in Saskatchewan’s capital, including the construction of a new laundry plant in the Ross Industrial area and two new townhouse developments, one in Greens on Gardiner and one in Harbour Landing.
“New single-family home starts may be down, but significant increases in nearly all other types of housing show that our economy continues to grow,” said Mayor Michael Fougere. “We’re also seeing that commercial, industrial, and institutional property owners are heavily investing in upgrading and altering their buildings.”
Leading the construction pace is the $278 million Mosaic stadium that will be the new home for the Canadian Football League’s Saskatchewan Roughriders.
Officials from the city, the province and the team were on hand as the first shovel went into the dirt at Evraz Place northwest of downtown Regina in mid-June.
Sean Hamblin, district manager of construction company PCL Management, said it would take a few months to notice any above-ground work at the site. The stadium is to be completed by August 2016.
The design calls for a 33,000-seat facility that can be expanded to hold 40,000 fans for special events.
The venue is being described as "roof ready,'' meaning a full cover could be added at a later date.
PCL said the Roughriders could play their first game in the new stadium in June 2017. Four tower cranes will be placed at the site for about 17 months.
The Mosaic stadium represents the first phase of the Regional Revitalization Initiative, with the stadium anchoring a development of housing, retail and commercial space.
The second phase— the Railyard Renewal Project—on 17.6 acres that was the former CP container yards in the heart of Regina, will complement the historic location, with stores, restaurants, and entertainment linked to downtown Regina and neighbouring areas by a pedestrian walkway. That $500 million re-development there is expected to start next years.
For more on Regina’s commercial real estate market, see the September issue of Western Investor

Done deals updated for August

Nat Bosa buys Victoria’s Empress hotel

Bosa Development of Vancouver has bought Victoria’s iconic Fairmont Empress hotel, owner Nat Bosa has confirmed.
Caisse de dépôt et placement du Québec subsidiary Ivanhoe Cambridge put the hotel up for sale on May 30 as part of a strategy to shed hotel assets.
Bosa would not disclose the financial terms of his transaction to buy the 109-room Empress, but the property is assessed at $89.9 million, making it one of the most valuable properties in Victoria. Western Investor industry sources estimate the sale price at from $95 million to $110 million.
Bosa said the landmark hotel will undergo about $30 million in renovation and upgrades.

From: Jones Lang LaSalle (JLL) Specialized Assets, Vancouver. JLL agents Mark Lester and Allan Johnson report the following sales:
Deal: 21-unit Carmel Cove Resort, Shuswap Lake waterfront with detached lodges and boat dock, Shuswap. Sold under a court order. Price: $4.1 million.
Deal: Island West Resort, Ucluelet. Includes a 19-room motel, 84-slip marina, a pub and camping sites. Sold under a court-ordered sale to an investor from mainland China. Price: $2.1 million.
Deal: 31,000-acre Clover Farm, a cattle ranch near Fort St. John. Price: $15.3 million.

From: NAI Commercial, Vancouver. NAI agents Aleem Thaver and Rob DesBrisay report the following sale:
Deal: 10,622-square-foot retail plaza, East Broadway, Vancouver. Price: $6.3 million.
NAI agents Gary Haukeland and J.D. Murray sold the following:
Deal: 396-acre development site, Sechelt Inlet Road, Sechelt, B.C. Price: $11.75 million.
From: CBRE Commercial, Edmonton. CBRE senior vice-president Bradley Gingerich reports the following sale:
Deal: 22,211-square-foot site, zoned for mixed-use including 103 units of housing, on 106 Street in downtown Edmonton. Price: ($200 per square foot) $4.44 million.
From: CBRE National Apartment Group, Edmonton. CBRE vice-president Bradley Gingerich reports the following sale:
Deal: 91-unit rental apartment building, 29 Avenue NW, Edmonton. Price ($142,308 per unit) $12.95 million.

From: Avison Young Commercial Real Estate, Vancouver.?Avison Young agents Rob Greer, Chris Wieser, Mark Hannah and Alex Messina sold the following:??
Deal: 33-unit rental apartment building, Winston House, at 1137 Bute Street, Vancouver. Price: $8.1 million.

From: City of Terrace. The city reports the following sale:
Deal: 1,056 acres of industrial land in Skeena Industrial Park, sold to China-based Qinhuangdao Economic Development Zone. Price: $11.8 million.

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Done deals update for July


 Sands Hotel, Davie Street, Vancouver.

The Best Western Sands Hotel, Davie Street, Vancouver, sold for $31million

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

Sands Hotel sells for $256,000 per room

The Best Western Plus Sands Hotel on Davie Street in Vancouver’s West End has sold for $31 million in a rare hotel sale in the city.
"This is a significant transaction in our market as hotels of this magnitude trade very sporadically in Metro Vancouver,” said Tony Letvinchuk, managing director of Macdonald Commercial Real Estate Services, which brokered the deal.
The vendor was R.P.B. Holdings Ltd. The property sold to an undisclosed local buyer. Dan Schulz of Macdonald Commercial, with Sunil Rekhi and Feroz Dean of Amex Fraseridge Realty, represented the buyer. The seller was unrepresented in the transaction.
The deal penciled out to $256,198 per room, one of the highest prices per hotel unit ever achieved in Vancouver, Shulz said, noting the deal, “highlights the continued strength of our investment market".
From: Re/Max Bill Goold Realty, Vancouver, Re/Max broker Bill Goold reports the following sale:
Deal: 21-unit apartment building, built in 1959 on West 39th Avenue, Kerrisdale, Vancouver. Sold for $327,310 per suite. Price: $6,873,500

From: NAI Commercial, Vancouver. NAI agents Terry Harding, Jackson Tang and Brandon Harding announce the following sales:
Deal: Two-storey, 28-year-old, 7,838-square-foot mixed-use commercial building, East 48th Avenue near Main Street, Vancouver. Price: $2.55 million.
Deal: 30-unit rental apartment building, Linden Avenue, Burnaby. Price: $4.7 million.

From: CBRE National Apartment Group, Vancouver. CBRE National Apartment Group agent Lance Coulson reports the following sales:
Deal: 633-unit, four-apartment building portfolio, with buildings in Burnaby, Surrey and Victoria. Sold for Boardwalk Real Estate Investment Trust to a Canadian pension fund. Price: $140 million.
Deal: 108-unit rental apartment complex, Tims Street, Abbotsford. Price: $10.30 million.
Deal: Three-storey, 39-unit rental apartment building, New Westminster. Price: $5.50 million.

From: Colliers Canada Vancouver. Colliers senior associate Matt Saunders announces the following sale:
Deal: 4,596-square-foot commercial building, Arbutus Street, Vancouver.
Assessed in 2014 at $2.81 million. Sold for $4 million.

From: Gaetz Realty Inc., Edmonton. Gaetz Realty owner/broker Bob Gaetz reports the following sale:
Deal: 6.6-acre industrial property, 159 Street and 137 Avenue, Edmonton.
Sold for a numbered Alberta investment group. Selling agent was Thomas Braun of Royal Park Realty, Edmonton. Price: $4.62 million.

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Whistler hotel-condo battle exposes price collapse

 Nitka Lake Lodge at Whistler

 A battle between the manager and owners of a Whistler hotel-complex which has landed in B.C.’s Supreme Court against the background of a noisy social media campaign has exposed low returns and plunging prices – down as much as 80 per cent in seven years – in a key sector of the resort’s hospitality industry.
At the heart of the conflict is the 77-unit Nitka Lake Lodge, completed in 2008.
The Nitka units are among approximately 5,000 Phase II properties in the Resort Municipality of Whistler. Phase II properties are freehold, but with a municipal covenant registered on title that restricts owner usage to 28 days in the summer and 28 days in the winter. The remainder of the year the property must be managed through an on-site rental management company. Most of the well-known hotels brands such as the Delta, Pan Pacific, Westin and Four Seasons are Phase II properties.
The lakefront Nitka Lake Lodge, which also contains retail commercial space, sank into insolvency in 2011 and investor Michael Scholtz, an owner in the complex, stepped in as manager and majority investor.
Scholtz, former president of Great Canadian Gaming, now owns 55 of the Nitka Lake Lodge suites as well as all five commercial spaces under his company, NLL Holdings Ltd.
“We turned the Lodge around,” Scholtz said, noting that occupancy levels have risen, the retail space is leased and the lodge is turning a small profit. TripAdvisor, the giant online hotel booking site, now ranks Nitka the No. 1 hotel in Whistler.
Scholtz worked out a deal with most remaining owners that they will receive 25 per cent of rental income, rising to 50m per cent if performance levels are reached. Under the original agreement before the Nitka went into insolvency, owners had been receiving a 55 per cent share of rental incomes that can run to more than $400 per night during the high season.
However, owners of nine of the units are refusing to have their units placed in the rental pool at Nitka, claiming they are being “locked out.” The owners are from the U.S., Singapore and Ontario. Due to the municipal covenant, the owners can’t use their units or rent them out if they are not under a rental agreement.
On May 26, Scholtz filed a notice of civil claim against the owners in the Supreme Court of BC, claiming breach of trust and seeking $395,000 in damages.
The owners countered with a social media campaign to warn the international investment community of the “economic and political risks of investing in Whistler.”
San Francisco, CA-based Jon Sobel, speaking for the group of owners, says, "Some people put a lot of their life savings into this project and they're being starved out. In business you expect ups and downs, but you don't expect that a world-class resort would enable such conduct." The group wants Whistler to exempt Nitka from the Phase II covenant and allow them to rent the units independently. Such a move, Scholtz contends, would “cause chaos” at Whistler because the entire Phase II structure is based on controlled and consistent rental management.
Sobel claims the value of Nitka Lake Lodge hotel-condo suites has fallen 80 per cent since 2007, when most owners bought the units before construction began in a pre-sales blitz.
Scholtz agreed. He said the original Nitka hotel condo units originally sold for from $800 to $1,000 per square foot. Today that price is maybe $200-$250 per square foot, he said.

Done deals updated for June 2014
Done Deals is our monthly feature highlighting some of the major real estate transactions in Western Canada’s vibrant commercial real estate market.

Aquilini buys final assets of Olympic Village

Ernest & Young, the receivers for SEFC Properties Ltd., and the City of Vancouver, a large creditor for SEFC, have announced that the Aquilini Group of Vancouver have purchased the remaining assets of SEFC, composed of the final 67 condominium at the Olympic Village development on False Creek. The April 28 sale was for $91 million (or $1.35 million per suite). Vancouver mayor Gregor Robertson said the transaction allows the city to pay down the remainder of what started out as a $630 million debt when the city took over the project from Fortress Credit Corp. in 2009 after the original developer slid into receivership. Ernst & Young confirmed that Aquilini, owners of the NHL Vancouver Canucks, was among six bidders for the SEFC assets.

From: Avison Young, Vancouver. Avison Young principal Chris Wieser announces the following sale:
Deal: 56-suite apartment building, Clearbook Road, Abbotsford. Price: $5.55 million.

From: CBRE National Apartment Group, Vancouver. CBRE senior vice-president Lance Coulson sold the following:
Deal: 73-unit concrete rental apartment building, on the waterfront, Victoria. (Price-per-unit $247,945). Total price: $18.1 million.

From: HQ Commercial, Vancouver, HQ agents David and Mark Goodman report the following sales:
Deal: 11-suite rental apartment building, 54 years old, on York Avenue, Vancouver. Capitalization rate reported at 2.6 per cent. (Price-per-unit $363,636) Total price: $4 million.
Deal: 12,873-square-foot redevelopment site, West 72 Avenue, Vancouver. Per-buildable-foot priced at $233. Zoned C-2 with a 2.5 floor-space-ratio. Price: $2.99 million.

From: Frontline Real Estate Services, Surrey. Frontline agent Todd Bohn and buyer’s agent Chuck Conkin, of Homelife Real Estate Services, sold the following:
Deal: 8,040-square-foot commercial building, 176 Street, Surrey. Price: $2.25 million.
Deal: Frontline agent Garth White with buyer’s agent Bill Hobbs of Cushman & Wakefield Ltd., report the following sale:
Deal: 4,300-square-foot industrial building on 0.35 acres of land, 57 Avenue, Surrey. Price: $1.4 million.
From: Re/Max Cold Lake, Cold Lake, Alberta. Re/Max associate broker Larry Melanchuk reports the following sale:
Deal: 116 acres of raw land next Tri-City shopping centre, Cold Lake. Price: $1.7 million.

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