April 2016: Retail site sells for record

Marpole retail strip sells for record price equating to $43 million per acre; new owner to apply for higher-density zoning

Western Investor
April 1, 2016

20,000-square-foot retail block on Vancouver's Granville Avenue south sold for $19.8 million.
20,000-square-foot retail block on Vancouver's Granville Avenue south sold for $19.8 million
In what is considered a record price paid for a commercial land assembly in Vancouver’s Marpole area, a Vancouver investor group backed by funding from China has paid $19.85 million for a 20,000-square-foot retail site in the 8400 block of Granville Street.
Landcor Data confirmed the undisclosed price at the request of Western Investor. 
Stanley Chiu, vice-president of Gammon International Real Estate Corp., Vancouver, acted as both the buyer and seller agent in the transaction. The site currently holds six retail properties covering 20,000 square feet. The new owner will apply for higher-density zoning for future residential development, according to Chiu. 
From: William Wright Commercial, Vancouver
Agent: Cory Wright 
Deal: 3,495-square-foot retail building, Richards Street, downtown Vancouver
Price: $2.86 million 
From: Gammon International Real Estate Corp., Vancouver
Submitted by: Gammen vice-presidents Stanley Chiu and Justin Chin 
Deal: 22-unit, 12,886-square-foot, three-storey walk-up rental apartment building on East 14th Avenue, Vancouver
Price: $7.9 million
From: Re/Max Advantage, Whitecourt, Alberta
Agent: Leo Zelinski (vendor and buyer agent)
Deal: 5.1 acres of serviced land for future development
Price: $2.16 million
From: Frontline Real Estate Services Ltd., Surrey,  
Agents: Todd Bohn with listing agents Eugene Oh and Clara Yu of Coldwell Banker Vantage Realty
Deal: 2.4 acres of land for office development, 86th Avenue, Langley
Price: $1.5 million
From: Katz Group, Calgary
Submitted by: Katz Group founder and chairman Daryl Katz 
Deal: 470-outlet Rexall Health drugstore chain to U.S.-based McKesson Corp.
Price: $3 billion
From: Alberta Investment Management Corp. (AIMCo), Edmonton
Submitted by: AIMCO chair Mac H. Van Wielengen
Deal: Purchase of London City Airport, London, England, with Ontario Teachers’ Pension Plan and the Kuwait Investment Authority
Price: $2.8 billion
Recently completed a major commercial real estate deal? Send particulars by email to fobrien@biv.com for a free notice in Done Deals.

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