From impressive land sales to a landmark office tower and an entire retail network with hundreds of outlets, these are the top 10 deals profiled in Western Investor’s monthly Done Deals report. (We have excluded government deals.)
No 1: The Bow office tower in downtown Calgary. The $1.2 billion deal for the landmark tower closed in the second quarter of 2022, though it was announced in mid-2021 in an off-market deal. Buyer is Chicago-based Oak Street Real Estate Capital, a private equity firm.
No. 2: Lowe’s Canada sold its entire 450-outlet retail chain in Canada in November to U.S.-based Sycamore Partners in an off-market deal for $400 million.
No. 3: Skyline Industrial Real Estate Investment Trust paid $309.2 million in an off-market deal September 8, 2022, for an Alberta industrial portfolio covering four sites and two million square feet of space in Calgary and Edmonton.
No.4: Bristol Estates, a 6.5-acre parcel in Central Surrey, sold in July,2022, for $170 million. Buyer was Bosa Properties in an off-market deal brokered by Goran Bucan of Sutton West Group Realty, Vancouver.
No. 5: Port Moody’s 59-lot Coronation Park had been assembled four years earlier but finally closed at $157.2 million September 30, 2022, when buyer and developer Wesgroup Properties received city approval for a giant mixed-use development, pending rezoning. Deal was brokered by Grant Gardner and Thomas Trowbridge, assisted by Dean Andag and Jerry H. Lee of London Pacific Property Agents, Vancouver.
No. 6: A 1.8-acre land assembly in Burnaby’s Metrotown sold November 30, 2022, for $145 million. Buyer is Keltic Canada Development in a deal brokered by Goran Bucan of Sutton West Group Realty, Vancouver.
No: 7: The 7.5-acre Coquitlam College site at 526 Brookmere, Coquitlam, and 11 adjacent single-family lots, closed for $140 million in spring 2022 in a deal brokered by Alan Shapiro of CBRE, Vancouver. Buyer is Onni Group, Vancouver, for rezoning under the Burquitlam Lougheed Plan for mixed-use development.
No. 8: Calgary landlord Avenue Living paid $138 million for a Calgary multi-family portfolio of three properties with a total of 764 rental units covering a combined 28 acres in a March 7, 2022, deal brokered by Michael Betsalel and Samuel Dean, with sales associates Hayley Buskas and Tyler Herder, of JLL Edmonton.
No. 9: California-based medical supply company Masimo paid $123 million for a 102,000-square-foot office tower before construction even started at 220 Prior Street, Vancouver, adjacent to the under-construction new St. Paul’s Hospital. The February 14, 2022, deal was brokered by an Avison Young Vancouver team led by Michael Bucan, who represented the vendor, Keltic Canada Development.
No. 10: A Langford industrial- strata complex of 110,000 square feet sold out space during construction for $37 million in a deal brokered by Connor Braid and Harry Jones of William Wright Commercial, Vancouver
