It’s only February, but one of Canada’s priciest commercial real estate transactions is already on the books.
Montreal-based Fiera Properties has purchased the Airport Executive Park in Richmond, B.C. from Sun Life Financial, for $208 million. The 13-building, 707,809-square-foot complex is situated on a 31.5-acre lot just kilometres away from Vancouver International Airport.
The site drew interest from several domestic and international prospective buyers, according to Tony Quattrin, chairman for the national investment team at CBRE, who brokered the sale.
The business park is currently 98.5 per cent occupied. The sale represents a 5.5 per cent capitalization rate.
“There has been a good job of attracting tenants to that market, it's close to the city," Quattrin told CoStar News. "People do tell you, we would like to be in Vancouver but can't find a way."
Fiera Properties is an affiliate of Fiera Capital, which currently manages an asset portfolio worth approximately $136.7 billion as of December 31, 2018.