Done Deals highlights: October 2018 issue

Calgary office deal second-biggest in Canada | Our top commercial real estate transactions from Western Investor's latest print edition

Western Investor
October 1, 2018

first tower

Calgary’s First Tower has been purchased by U.S. investors Hines and Oaktree Capital Management in a $105 million deal said to be the second-largest commercial transaction in Canada in the second quarter of this year.

The two U.S.-based firms announced the acquisition in September – Oaktree on behalf of a “subsidiary of real estate funds” it manages. 

“We are pleased to acquire this office asset where we have the ability to provide a compelling value proposition to our tenants,” Hines managing director Syl Apps said in a prepared statement. “As a firm, we believe in, and are committed to, the City of Calgary with First Tower being Hines’ second office acquisition during the recent energy downturn.

Previous owners H&R Real Estate Investment Trust and Dream spent $17 million upgrading the 27-storey office, Class B tower. 

The new owners plan on investing significant capital into the building to bring it up to a Class A standard, according to a Hines statement.

The 708,354 square feet tower is 51 percent leased to tenants such as Encana, TransCanada and Telus. 

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 24 countries. The company has approximately $111 billion of assets under management and 108 developments currently underway around the world.



From | HM Commercial Group, Macdonald Realty Kelowna. HM Commercial agents Jeff Hudson and Marshall McAnerney report the following sales:

DEAL | Waterfront RV Park and agricultural land parcel totalling 44 acres. Landry Crescent, Summerland. Price: $8 million. 

DEAL | Two apartment buildings totalling 26 units with adjoining 10,454-sqaure-foot lot. Bertram Street, Kelowna. Price: $6 million. 

DEAL | More than an acre of development land located near Okanagan Lake. Lakeshore Road, Kelowna. Price: $4.9 million. 

DEAL | 11,120-square-foot, one-storey retail building with 18 parking stall. Dougall Road, Kelowna. Price: $1.3 million.


From | Cushman & Wakefield, Vancouver. Cushman agent Harpreet Singh reports:

DEAL | 12.56-acre residential development site across two land parcels. Mt. Lehman Road and Cardinal Avenue, Abbotsford. Price: $26 million.


From | NAI Commercial Okanagan. NAI agents Mike Geddes and Jeff Hancock sold the following:

DEAL | 12,360-square-foot corner lot zoned for high-rise, mixed-use development, Water Street, Kelowna. Price: $1.9 million. 

NAI agent Michael Marckwort sold:

DEAL | Two commercial buildings totalling 89,056 square feet, with potential to be redeveloped to residential upon rezoning. Victoria Street, Kamloops. Price: $1.8 million. 


From | Nationwide Realty Corp., Surrey. Nationwide agents Ray Arneja and AJ Jaswal report:

DEAL | 40-unit motel situated on a 33,570-square-foot lot. Columbia Street, Kamloops. Price: $2.6 million. 


From | Frontline Real Estate Services Ltd., Langley. Frontline agent Mike Harrison sold the following:

DEAL | 2.36-acre townhouse development site near Willoughby Town centre. 80 Avenue, Langley. Price: 8.07 million. 


From | Varing Marketing Group, HomeLife Glenayre Realty. Agent Joe Varing reports:

DEAL | 261-acres of agricultural land with mountain views and assess to U.S. border. Bench Road, Chilliwack. Price: $6.1 million. 


From | CBRE Edmonton. CBRE agent Bradley Gingerich sold:

DEAL | Residential development site totalling 45,800 square feet near the North Saskatchewan River. Clifton Place, Edmonton. Price: $9 million. 


From | Avison Young, Vancouver. Avison Young agent Chris Wieser reports the following.

DEAL | 108-suite apartment complex of three buildings on 2.49 acres, Kelowna. Price: $16.6 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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