Triovest Capital has purchased a derelict retail strip on Calgary’s Seventh Avenue S.W. and plans to transform it into a “hip, cool enclave.”
Triovest, a well-established Calgary developer, paid $12.27 million for the 19,474-square-foot site, buying it via a judicial sale through D.C. & Associates Realty, Calgary.
The property is now home to a line of old retail buildings between Centre Street and Front Street. Current tenants include a pawnshop, a restaurant and a low-cost clothing store.
"We believe that there's potential to do something very interesting," said Tim Blair, executive vice-president of Triovest. He said the company "is looking forward to transforming these properties into a hip, cool enclave."
The purchase underscores confidence in Calgary’s retail investment, which tallied $315 million in property sales during the third quarter of 2016.
From | William Wright Commercial. William Wright agent Marianne Decotiis sold the following:
DEAL | 1,837-square-foot strata office unit, Lonsdale, North Vancouver. Price: $825,000.
William Wright agent Cory Wright reports the following sale:
DEAL | 983-square-foot retail unit sold in yet-to-be constructed Verdi low-rise development. The Heights district, Burnaby. Price: $787,000.
From | Frontline Real Estate Services Ltd. Frontline agent Todd Bohn reports the following:
DEAL | More than three acres of heavy industrial land with a 3,105-square-foot renovated building. Chemainus, North Cowichan. Price: $1 million.
Frontline agent Kyle Dodman sold the following:
DEAL | Two properties, totaling two acres of industrial-zoned land. Campbell Heights, Surrey. Price: $2.96 million.
From | NAI Commercial. NAI agents Chris Langhaug and Ted Weibelzahl report the following:
DEAL | Two-storey, 5,286-square-foot office building, previously the site of the Royal Canadian Legion Branch 21, 56 Avenue, Langley. Price: $1.52 million.
NAI Commercial agent Rick Lui sold the following:
DEAL | Free-standing banquet hall on 11,000 square feet of industrial-zoned land. Marine Drive, Vancouver. Price: $5.25 million.
NAI Commercial agent Conor Finucane reports the following sale:
DEAL | Two recently-improved retail units, total of 2,082 square feet, near Langara College, purchased by an undisclosed buyer from the seller, 2M2N Properties Ltd. Main Street, Vancouver. Price: $1.02 million.
NAI Commercial agent Jon Meder sold the following:
DEAL | Freestanding warehouse building with office suite on 5,107-square-foot lot, near Braid SkyTrain Station. Rosseau Street, New Westminster. Price: $1.82 million.
From | Colliers International, Nanaimo
DEAL | 19-unit rental apartment complex on more than two acres, Bruce Avenue, Nanaimo. Price: $2.35 million.
Colliers agents Brad Bailey and Jason Winton report:
DEAL | 35,000-square-foot, fully-leased, five-story office building sold for $3 million above assessed value. Wallace Street, downtown Nanaimo. Price: $8.05 million.
Colliers brokers Brad Archibald, Brad Bailey and James Winton report the following sale:
DEAL | 10 acres slated for residential development. Parksville, Vancouver Island. Price: $3.67 million.
From: Re/Max Commercial, Penticton. Re/Max agents Keith Jakes and John Green sold the following:
DEAL | 1.16 acres zoned with approvals for 106 multi-family units and 10,000 square-feet of commercial, on Skaha Lake Road, Penticton. Price: $1.9 million.
DEAL | 1,084 acres, includes 20-year triple-net industrial lease, clean site, with 6 per cent capitalization rate, Carmi Avenue, Penticton. Price: $2.26 million.
DEAL | 15.5-orchard on Similkamean River with primary residence and rental house, includes large shop and equipment, River Road, Keremeos. Price: $824,000.