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Done Deals highlights: March 2017 issue

Our top commercial real estate transactions from WI's March edition | SilverBirch hotel and resort package sold to Hong Kong firm for $1 billion
delta grand
The Delta Grand Okanagan Resort included in the SilverBirch hotel portfolio sale.

 

B.C. Investment Management Corp. (BCIMC) has entered an agreement to sell its portfolio of hotels to Leadon Investment Inc. for a reported $1 billion.

BCIMC invests for B.C.’s public pension fund.

Investment Canada has reviewed the purchase of a string of hotels and management operations owned by BCIMC and managed by SilverBirch Hotels & Resorts to Leadon Investment, which is based in Hong Kong.

Leadon is incorporated in Canada using the Leadon name.

Victoria-based BCIMC’s hotel portfolio sale reflects a recent trend in B.C., which has seen the sale of a number of commercial properties to offshore investors.

Ten years ago, BCIMC paid $1.2 billion for the Canadian Hotel Income Properties Real Estate Investment Trust, acquiring 7,700 rooms in 32 hotels under the Delta, Radisson, Marriott and Hilton brands. BCIMC’s hotels are managed by Silver Birch.

 


 

From | Starwood Capital Group, Toronto. Starwood reports the following acquisition.

DEAL | Purchase of Milestone Real Estate Investment Trust, of Toronto, which invests exclusively in U.S. residential properties. Starwood acquires all of Milestone’s assets and subsidiaries. Price: $2.85 billion.

 

From: Avison Young, Vancouver. Avison Young principal Chris Wieser reports:

DEAL | 49-suite rental apartment building on Abbott Street, Penticton, sold for approximately $139,000 per suite. Price: $6.85 million.

 

From | Select Real Estate. Select agent Scott Davidson sold the following:

DEAL | 1,356 acres of farmland in Hixon, B.C. Price: $1.55 million.

 

From | Frontline Real Estate Services Ltd. Frontline agent Kyle Dodman reports:

DEAL | Five acres of undeveloped, designated-industrial land. One of the last remaining pieces of raw land in west Abbotsford. Price: $3.53 million.

 

From | HQ Commercial, Vancouver. Mark and David Goodman report the following:

DEAL | Nine-suite apartment rental building in Kerrisdale area of Vancouver, sold for $483,333 per suite. Price: $4.35 million.

DEAL | 48-unit apartment building on Arcola Street, Burnaby, sold for $266,667 per unit. Price: $12.8 million

Mark Goodman and Cynthia Jagger brokered the following:

DEAL | 13-suite, 48-year-old, walk-up apartment building on Osler Street in Vancouver’s Marpole area, sold for $334,615 per unit. Price: $4.4 million

 

From | William Wright Commercial, Vancouver. Williiam Wright reports the following sale:

DEAL | 2,279-square-foot office strata space on Davie Street in Vancouver’s Yaletown area. Price: $2.25 million.

 

From | Barclay Street Real Estate, Calgary

DEAL | 5.48-acre industrial facility, Calgary. Price: $12.9 million.

 

From | Oakwyn Realty, Vancouver. Oakwyn agents Kiat Chang and Voy Wong sold the following:

DEAL | Retail strip mall sold for $2,223 per square foot. It is zoned for mixed-use development on Park Road, Richmond. Price: $11.25 million.

 

From | Colliers International, Edmonton. Colliers’ agents Ian Bradley, Phil Goh, Kevin Petterson and Fahad Shaikh brokered the following:

DEAL | 2,619-square-foot office in a brand new, three-story office complex, Edmonton. Price: $997,938

DEAL | 29,621-square-foot industrial area with freestanding warehouse facility. Surrey. Price: $2.43 million.