In what is considered to be the biggest commercial real estate deal of the year, and perhaps of the decade, two American companies purchased the four-tower Bentall Centre portfolio in March.
The buyers are a joint venture led by Blackstone Property Partners (BPP) and Hudson Pacific Properties. A March 27 release stated that a BPP affiliate will own 80 per cent of the 1.45-million square foot complex, with Hudson Pacific owning 20 per cent.
Hudson Pacific, based in Los Angeles, will serve as the operating partner responsible for day-to-day operations and development of the 1.45-million square foot properties. Blackstone will act as the managing partner. The transaction is expected to close in the second quarter of this year.
Principles in the transaction declined to release the sale price, citing confidentially. CBRE in Vancouver, which was involved in brokering the deal, also refused comment on financial arrangements.
The site was last sold in 2016 to China-based Anbang Insurance Group, which paid $1.06 billion. Western Investor has confirmed that the portfolio offer generated multiple bids from both Canada and abroad.
From | JLL Canada, Edmonton. JLL agent Samuel Dean reports the following:
DEAL | 50-unit apartment complex, situated on a 40,947-square-foot lot. Elmore Drive, Fort McMurray. Price: $3.5 million.
From | NAI Commercial, Okanagan. NAI agent Tim Down sold the following:
DEAL | 8.78-acre mixed-use development site zoned for high-density residential. Main Street, Osoyoos. Price: $2.7 million.
From | Colliers International, Edmonton. Colliers agents Amit Grover, Jandip Deol and Brandon Imada report:
DEAL | Potential multi-family development site, situated across 1.55 acres. Jasper Avenue, Edmonton. Price: $9.75 million.
DEAL | 88-unit apartment building situated on 1.67 acres, sold for $261,000 per suite. 104 Street, Edmonton. Price: $22.9 million.
Colliers agent Kelvin Luk and William Maunsell sold:
DEAL | Two-storey, mixed-use property with residential above and commercial below. SE Marine Drive, Vancouver. Price: $5.4 million.
From | Cushman & Wakefield, Edmonton. Cushman agent Chad Edwards reports the following:
DEAL | 14-acre industrial property with potential for redevelopment. Winterburn Road, Edmonton. Price: $5.7 million.
From | HomeLife Glenayre Realty, Abbotsford. Joe Varing of Varing Marketing Group brokered the following:
DEAL | 1.49-acre Willoughby Heights site designated for single-family and townhouse development. 72 Avenue, Langley. Price: $2.9 million.
DEAL | 20,386-square-foot development property with car wash facility. Fraser Highway, Aldergrove. Price: $1.53 million.
From | Avison Young Commercial Real Estate, Vancouver. Avison Young agent Chris Wieser sold:
DEAL | 77-unit rental apartment building, sold at $155,844 per suite. South Main Street, Penticton. Price: $12 million.
From | CBRE Vancouver. CBRE agent Lance Coulson reports the following sale:
DEAL | Recently renovated, 10-unit townhouse and apartment building. Holly Avenue, Nanaimo. Price: $1.25 million.
CBRE Edmonton agent Bradley Gingerich sold:
DEAL | 48-unit apartment building sold for $155,979 per suite. 130 Street NW, Edmonton. Price: $7.48 million.