The Hudson’s Bay Co. and joint venture partner RioCan REIT have signed a conditional agreement to sell HBC’s flagship store in downtown Vancouver for about C$675 million to an “Asian buyer,” according to a May 7 Reuters report that cited an anonymous source who was said to be familiar with the deal.
HBC and RioCan reported last year that they were seeking a buyer for its iconic flagship store at the corner of Granville and West Georgia streets, following news that the retailer was selling its Lord & Taylor Fifth Avenue store in New York City for about $1.1 billion.
HBC’s decision to sell its New York and Vancouver stores is because HBC wants to monetize its sizable real estate holdings so it can invest in its retail business, which has been under siege from e-commerce giants such as Amazon.com.
As part of its deal to sell its New York store, HBC also partnered with workspace company WeWork to lease a significant slice of that store after the sale closes. HBC would continue to offer retail operations in the rest of the store.
HBC also forged a partnership with WeWork to lease upper floors of its Vancouver flagship store. It would then continue to operate its store on lower floors.
Reuters reported that its anonymous source said the prospective buyer who signed the conditional agreement owns a closely held real estate company and is seeking to arrange interim financing from at least one Canadian lender.
The source declined to identify or give the nationality of the buyer, but expects the deal to be finalized by mid-June, according to Reuters.
From | Colliers International, Edmonton. Colliers agents Jandip Deol, Amit Grover and Brandon Imada report the following sale:
DEAL | 13,489 square feet, transit oriented multi-family development site. 116 Street, Edmonton. Price: $1.65 million.
From | NAI Commercial, Vancouver. NAI agents Rick Lui and Jesse Godin sold the following:
DEAL | 11,530-square-foot banquet hall, zoned for industrial use with potential for office or retail development. Marine Drive, Vancouver. Price: $6.88 million.
From | Avison Young, Vancouver. Avison Young agent Terry Thies brokered the following:
DEAL | 2,298-square-foot industrial unit at Maplewood Landing, zoned for light industrial use. Dollarton Highway, North Vancouver. Price: $1.18 million.
Avison agents Russ Bougie and Kevin Kassautzki report the following:
DEAL | 14,555-square-foot industrial property, occupied by five tenants and acquired by a partial owner-user. Russell Avenue, Burnaby. Price: $4.72 million.
From | Frontline Real Estate Services Ltd.
DEAL | 2.38-acre multi-family development site in the Yorkson neighbourhood, zoned for a minimum of 286 residential units. 208 Street and 80 Avenue, Langley. Price: $22 million.
From | Regent Park Realty Inc., Vancouver. Regent Park agent Suraj Rai sold the following:
DEAL | 26,319-square-foot land assembly zoned for high-density residential development. 53A Avenue, Langley. Price: $4.16 million.
From | CBRE Edmonton. CBRE agent Bradley Gingerich reports the following:
DEAL | 76-unit apartment complex purchased by Mainstreet Equity Corp. Bateman Crescent, Saskatoon. Price: $6.72 million.
From | Green Real Estate Group, Penticton. Green agent Keith Jakes reports the following:
DEAL | Three motel properties across three acres, comprising of 36 units. Skaha Lake Road, Penticton. Price: $5 million.
From | Lee & Associates, Vancouver. Lee & Associates agent Russell Long brokered:
DEAL | Mixed-use Kitsilano retail and residential building, sold for $620 per buildable square foot. West 4th Avenue, Vancouver. Price: $4.07 million.
From | Macdonald Commercial Real Estate, Vancouver. Macdonald agents Dan Schulz and Brian Tattrie report the following:
DEAL | Strata dissolution sale of 53 units in Vancouver’s West End, sold for approximately $875 per buildable square foot. Alberni Street, Vancouver. Price: $52 million.
From | Cushman & Wakefield, Vancouver. Cushman & Wakefield Jordan Sengara, Ron Emerson and John Weiss agents report the following:
DEAL | 22,930-square-foot warehouse zoned for heavy industrial use in the Tilbury industrial area. Webster Road, Delta. Price: $5.35 million.
