It’s only the first quarter, 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.
From | Macdonald Commercial Real Estate Services Ltd., Vancouver. Macdonald agents Stuart Wright, Eric Poon and Nick Goulet sold the following:
DEAL | Two fully tenanted industrial buildings totaling 11,014 square feet. East 3rd Avenue and Pandora Street, Vancouver. Price: $9.3 million.
Stuart Wright and Nick Goulet sold:
DEAL | 4,000-square-foot industrial building, sold for $204 per buildable square foot. Frances Street, Vancouver. Price: $4 million.
Macdonald agent Gary Webb brokered:
DEAL | Two-unit retail building, situated on a 12,330-square-foot lot. Douglas Crescent, Langley. Price: $1.83 million.
From | HomeLife Glenayre Realty, Abbotsford. Joe Varing of Varing Marketing Group reports:
DEAL | 3.27-acre residential development site. Dunsmuir Street, Mission. Price: $4.4 million.
From | Marcus & Millichap, Vancouver. Agent Ari Gelmon reports the following:
DEAL | Four out of five units in strata apartment building, located within the Broadway Corridor plan. West 11th Avenue, Vancouver. Price: $3.67 million.
From | Colliers International, Vancouver. Colliers agents Phil Gibbons, Darren Cannon and Roy Pat report the following:
DEAL | 53,00-square-foot self-storage facility on a 2.76-acre lot. East 5th Avenue, Vancouver. Price: 18.7 million.
From | Century 21 Coastal Realty, Surrey, Century 21 agent Ravinder Sooch sold:
DEAL | 22-unit apartment building located on 37,017-square-foot property. Burton Avenue, Princeton. Price: $2.15 million.
From | Avison Young Commercial Real Estate, Vancouver. Avison Young agents Joe Lehman and Garth White sold:
DEAL | one-acre property includes an 18,878-square-foot industrial building. River Way, Delta. Price: $5.5 million.
From | Frontline Real Estate Services Ltd., Langley. Frontline agent Todd Bohn sold:
DEAL | Freestanding commercial building with retail and office space, totaling 13,810 square feet. 104 Avenue, Surrey. Price: $7 million
From | NAI Commercial. NAI agent Steven Chen brokered:
DEAL | 91-room Travelodge motel, across 2.28 acres. Cliffe Avenue, Courtenay. Price: $5.35 million.
From | Regent Park Realty Inc., Vancouver. Regent Park agent Suraj Rai sold:
DEAL | Four-lot, single-family land assembly totaling 37,990 square feet. 53A Avenue, Langley. Price: $6.33 million.