Vancouver-based Pure Industrial Real Estate Trust (PIRET) announced January 9 it has been bought by Blackstone Property Partners, a New York-based real estate investment company whose holdings include Hilton Worldwide, Logicor and Invitation Homes.
The all-cash transaction is valued at $3.8 billion, including debt, with a transaction price of $8.10 per unit – a 21 per cent premium over the closing price on January 8 ($6.72).
The transaction, which still requires approval of two-thirds of shareholders, is expected to complete in the second quarter.
PIRET was first established in August 2007. The company has holdings in Canada and the United States.
From | Western Wealth Capital, North Vancouver. ARA Newmark brokered the following sale:
DEAL | Sedona Canyon, 296-unit multi-family rental complex in Texas. Thousands Oaks, San Antonio. Price $19.5 million.
From | Colliers International, Vancouver.
DEAL | 3,106-square-foot residential and commercial property, with six apartment suites and two retail units. Commercial Drive, Vancouver. Price: $3.8 million.
Colliers agents Randy Heed and Malcolm Earle sold the following:
DEAL | 1.45-acre rectangular industrial lot in the Campbell Heights North CD Zone. 34A Avenue, Surrey. Price: $2.72 million.
From | Royal LePage Wolstencroft, Langley. Royal LePage agent Jamie Schreder reports the following sale:
DEAL | Private casino situated on a 1.28-acre site, slated for redevelopment to accommodate Royal LePage brokerage and restaurant units. 64th Avenue, Langley. Price: $3.9 million.
From | Marcus & Millichap Real Estate Investment Services, Vancouver. Marcus & Millichap agent Mike Guinan-Brown sold the following:
DEAL | 24-unit downtown Squamish hotel with restaurant and liquor store space leased by Salted Vine. Second Avenue, Squamish. Price: $4.45 million.
From | NAI Commercial, Vancouver. NAI agents Brandon Harding, Terry Harding and Jackson Tang report:
DEAL | Three-storey, 23-unit strata apartment building, situated on a 33,000-square-foot lot. 150th Street, Surrey. Price: $5.12 million.
From | Green Kinash Real Estate Group. Green Kinash agents Keith Jakes and John Green sold the following:
DEAL | The 36-unit, six-storey Log Cabin Hotel with high-density zoning, located a block from Skaha Beach. Skaha Road, Penticton. Price: $2.9 million.
From | William Wright Commercial, Vancouver. William Wright agent Cory Wright reports:
DEAL | 8,712-square-foot lot offering redevelopment potential under the newly-adopted OCP for the Uptown District. Seventh Street, New Westminster. Price: $2 million.
From | RE/MAX Excellence Commercial Division. Agents Dale James and Humaira Naikyar report the following sale:
DEAL | Fully-leased retail property Rundle Centre, situated over 2.38-acres of commercial land. 118 Avenue, Edmonton. Price: $5.9 million.
From | JLL Canada. JLL agents David Venance reports
DEAL | Cambie Village’s 22-unit Elaine Apartments sold for $463,636 per unit. Cambie Street, Vancouver. Price: $10.2 million.
JLL Edmonton agent Samuel Dean reports the following:
DEAL | 172-unit Tisbury Crossing apartment complex, sold as part of the final phase of the Salisbury Village offering. Salisbury Way, Sherwood Park. Price: $39.2 million.
From | Frontline Real Estate Services, Langley. Frontline agents Todd Bohn and Owen Yates report the following:
DEAL | A 1.98-acre parcel zoned for light industrial use, slated for construction of a custom facility. Seaborne Avenue, Port Coquitlam. Price: $4.2 million.
