Nanaimo experienced a record number of large commercial real estate sales in 2012, according to Colliers International.
A total of approximately $337 million in commercial real estate sold in 2012 in just 11 properties in the area.
They include the sale of a significant portion of the ownership of Nanaimo North Town Centre, worth approximately $130 million, to a private pension fund back in October.
As well, the Woodgrove Crossing shopping centre sold in February for $18.5 million, the Seacrest Towers apartment complex in downtown Nanaimo sold in September for $13.3 million and the Metral Station shopping centre sold in November for $11.3 million.
Jason Winton, a commercial real estate agent with Collier's International in Nanaimo, said the majority of the commercial sales in the region in 2012 were to private pension funds and real estate investment trusts, mainly from Toronto and Regina. The big players are now looking for even "B" class properties, he said.
"I've never seen a year like it before and it really began with the sale of Terminal Park Mall in late 2011," Winton said.
from Western Investor February 2013
