Done Deals highlights: February 2017 issue

Our top commercial real estate transactions from WI's February edition | Rexall sale closes for $2.9 billion

By
Western Investor
February 1, 2017





rexall

 

North Amerca’s largest pharmaceutical distributor has purchased Canadian retail pharmacy chain, Rexall Health, for $2.9 billion.

McKesson Corporation will acquire approximately 470 Rexall stores from Edmonton-based the Katz Group of Companies as a result of the transaction.

“[The] announcement marks a milestone for McKesson and Rexall Health. With complementary assets, industry expertise, and shared values, we will now serve our customers with enhanced retail pharmacy capabilities and a broader reach across Canada,” said John H. Hammergren, chairman and chief executive officer of McKesson Corp.

The McKesson Corp., headquartered in San Francisco, operates in every province and territory across Canada as McKesson Canada. In addition to Rexall, the company also owns and operates Guardian, IDA, Proxim, Remedy’sRx and The Medicine Shoppe pharmacy chains.

 


 

From | Marcus & Millichap, Vancouver. Marcus & Millichap agents Charlie Hughes, representing the buyer, and Mike Guinan-Browne, the vendor’s agent, report the following.

DEAL | 28-unit rental apartment building in Vancouver’s West End on a 8,646-square-foot lot. Price: $13.5 million.

 

From | HQ Commercial, Vancouver. HQ agents Mark and David Goodman report the following.

DEAL48-unit rental apartment building, Burnaby’s Highgate area. Sold at a capitalization rate of 2.1 per cent. Price: $12.8 million.

 

From | CBRE, Vancouver. CBRE lead agent Lance Coulson announces the following:

DEAL | 6,240-square-foot Edward Chapman store site on West Pender Street, Vancouver. Seen as a development play with a 9FSR. Price: $19 million.

 

From | Gammon International Real Estate Corp., Vancouver. Gammon vice-president Stanley Chiu reports the following:

DEAL | 12,500-square-foot lot with retail redevelopment potential, corner of West Broadway and Spruce Street, Vancouver. Price: $19 million.

Gammon vice-presidents Stanley Chiu and Justin Chiu report the following:

DEAL | 8,400-square-foot, one-storey retail site on Main Street, Vancouver. Price: $6.98 million.

 

From | HomeLife Glenayre Realty. HomeLife agent Rick Toor reports:

DEAL | 51-unit rental apartment building, Williams Street, Chilliwack. Price: $4.47 million.

 

From | Colliers International, Vancouver. Colliers announces:

DEAL | 1.24-acre industrial site, including warehouse unit and 25,000 square feet of undeveloped land. Cloverdale, Surrey. Price: $3.2 million.

 

From | Macdonald Commercial Real Estate Services Ltd. Macdonald agents Stuart Wright and Nick Goulet report:

DEAL | 2,264-square feet in three ground-level strata retail spaces at East Beach on Marine Drive, White Rock. Price: $1.36 million.

 

From | NAI Commercial. NAI agent Rick Lui reports:

DEAL | Four acres of land with commercial buildings holding 19 leasable units in Central Surrey. Price: $16.8 million.

NAI agent Ken Kiers reports:

DEAL | 462-unit storage facility, 81,012 square feet with TransCanada Highway exposure and 8 per cent cap rate. Edmonton. Price: $8.5 million.

NAI agent Doug O’Neill reports:

DEAL | 2.89 acres of industrial land, zoned for light industrial, Port Kells industrial area, on the border of Surrey and Langley. Price: $6.1 million.

 

From | ICR Commercial Real Estate. ICR agent Barry Stuart reports:

DEAL | Former downtown site of the Saskatoon municipal police department on 1.34 acres of land. Sold for the City of Saskatoon. Price: $10.7 million.

 

From | CBRE Limited Edmonton. CBRE National Apartment Group reports:

DEAL | Two rental apartment buildings with a total of 44 units, sold at $80,000 per unit. Edmonton. Price: $3.52 million.

 

From | ICR Commercial Real Estate, Saskatoon. ICR reports:

DEAL | 12 acres of industrial land with 78,385-square-foot warehouse in Saskatoon’s Marquis industrial area. Sold for 60 Street Saskatoon Holdings Ltd. Price: $7.1 million.


Frank O'Brien is the editor of Western Canada's biggest commercial real estate newspaper, Western Investor, as well as a contributing editor at West Coast Condominium, real estate contributor to Business in Vancouver and a regular media commentator on real estate investment.
Tanya is Western Investor's web content and social media coordinator. She first joined the Western Investor team as a editorial assistant in 2016, after a summer spent freelancing at Glacier Media papers The Burnaby Now and New West Record. She is a graduate of Langara College's journalism program.
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