Two Class A office buildings in downtown Vancouver have been acquired by a Toronto-based real estate manager and developer for $57.5 million.
Allied Properties Real Estate Investment Trust (Allied REIT) has entered into an agreement to purchase 151 West Hastings in Gastown and 1220 Homer Street in Yaletown.
The West Hastings property includes 38,511 square feet of gross leasable area, currently leased to co-work company Spaces until 2033. The Homer Street property is comprised of 21,708 square feet, fully leased to Perkins + Will Canada Architects until 2023.
“We’re increasing our penetration in urban Vancouver just as [Allied] is transitioning to a primary Canadian office market,” said Michael Emory, president and CEO for Allied REIT.
Both sales are expected to have closed by November 30.
After a stellar 2017 when Metro Vancouver office property sales hit $1 billion for the first time, 2018 investment activity is down about one-third from last year’s pace, according to Altus Group.
From | Frontline Real Estate Services, Langley. Frontline agent Mike Harrison reports the following sale:
DEAL | Surrey land assembly of 17 single-family lots. Future Road and Lyncean Drive, Surrey. Price: $9.35 million.
Frontline agent George Richmond sold:
DEAL | Fully tenanted, 5,800-square-foot commercial real estate building. West Railway Street, Abbotsford. Price: $2 million
From | JLL Canada, Vancouver. JLL agent Patrick McEvay sold the following:
DEAL | High-rise apartment building on Vancouver’s West Side, totaling 30 units and 8,646 square feet. Burnaby Street, Vancouver. Price: $15.05 million.
From | Colliers International, Vancouver. Colliers agents Amit Grover and Jandip Deol brokered the following:
DEAL | 15,281-square-foot multi-family development site zoned for medium rise residential use. 82 Avenue, Edmonton. Price: $1.34 million.
From | HomeLife Glenayre Realty, Abbotsford. Joe Varing of Varing Marketing Group sold the following:
DEAL | 4.72-acre development site currently zoned for agricultural use. 192 Street, Surrey. Price: $2.2 million.
DEAL | 3.67-acre residential development site zoned for medium-high density residential use. 92 Avenue, Surrey. Price; $5.9 million.
From | CBRE Vancouver. CBRE agent Lance Coulson sold the following:
DEAL | 15-unit rental building, sold for approximately $393,333 per suite. Third Avenue, New Westminster. Price: $5.9 million.
DEAL | 27-unit apartment, sold at $240,000 per suite. Ash Street, New Westminster. Price: $6.48 million.
CBRE Edmonton agent Bradley Gingerich reports:
DEAL | 147-unit rental apartment building, sold at $267,045 per suite. 116 Street, Edmonton. Price: $47 million.
From | NAI Commercial Okanagan. NAI agent Tim Down sold the following:
DEAL | 10.33 acres of land zoned for light industrial use. Kyle Road, Kelowna. Price: $10.25 million.
From | Avison Young Commercial Real Estate, Vancouver. Avison Young agent Chris Wieser sold:
DEAL | 62-unit high-rise apartment building, sold for approximately $580,806 per suite. Harwood Street, Vancouver. Price: $36 million.