Done Deals highlights: September 2018 issue

Victoria YMCA downtown site sold for $22M | Our top commercial real estate transactions from Western Investor's latest print edition

By
Western Investor
September 4, 2018





YMCA

 

The downtown Victoria YMCA-YWCA property has been sold to Vancouver-based developer Concert Real Estate Corp. for nearly $22 million, but the fitness-social facility is not relocating immediately.

It is aiming for a smaller, more efficient facility to be built somewhere downtown with a development partner. Under the agreement with Concert, the Y can stay at 851 Broughton St. for up to seven years.

The $21.969-million sale closed in early August on the 1.42 acre site, said Christine Gleed, chairwoman of the board of directors for the YMCA-YWCA of Vancouver Island.

“We have a building that is aging,” Gleed said.  It was not feasible to renovate the 62,000-square-foot building, given that much of it is unused and inefficient and is in need of seismic upgrading, she explained.

Only 30,000 square feet of the Y building is currently being used. It has a lot of hallways and decommissioned office space that is no longer used, Gleed said.

Brian McCauley, Concert’s president and CEO, said: “While our plans for this site are yet to be confirmed, we are committed to thoughtful planning and engagement that reflects Concert’s commitment to be a community-builder.”

-  Carla Wilson, Times Colonist 

 


 

From | CBRE Edmonton. CBRE agent Bradley Gingerich reports the following sales: 

DEAL | 60-unit Alberta townhouse development, sold at approximately $195,500 per unit. Pioneer Road, Spruce Grove. Price: $11.73 million. 

DEAL | 20,503-square-foot development land parcel. 112 Street NW, Edmonton. Price: $3.5 million. 

 

 

From | NAI Commercial, Vancouver. NAI agents Jackson Tang, Terry Harding and Brandon Harding report the following deal:

DEAL | A 19-unit apartment building built in 1967 near Broadway-City Hall SkyTrain station. West 10th Avenue, Vancouver. Price: $9.47 million. 

NAI Commercial, Okanagan agent Mike Geddes sold the following:

DEAL | 7,400-square-foot industrial building with office space. St. Paul Street, Kelowna. Price: $1.97 million.

DEAL | 19,200-square-foot multi-family development site, with central business commercial zoning. Water Street, Kelowna. Price: $2.9 million.

NAI agent Philip Hare brokered the following:

DEAL | 26-unit motel on an 11,920-square-foot lot. Parkview Street, Penticton. Price: $3.35 million. 

 

From | HQ Commercial, Vancouver. HQ agents Mark Goodman and Cynthia Jagger sold the following: 

DEAL | 16-unit rental apartment building sold at $353,125 per suite. 1210 Seventh Avenue, New Westminster. Price: $5.65 million. 

DEAL | A 282-unit high rise concrete rental apartment building, sold at $321,986 per suite. Carnarvon Street, New Westminster. Price: $90.8 million.

 

From | Colliers International, Vancouver. Colliers agents James Winton, Brad Bailey and Brad Archibald report:

DEAL | 44-acre land parcel, recognized as the largest land sale by dollar volume in Nanaimo’s history. 6261 Hammond Bay Road, Nanaimo. Price: $26 million. 

Colliers agent Phil Gibbons sold the following:

DEAL | High-exposure industrial site, with 15,000-square-foot warehouse. Boundary Road, Vancouver. Price: $12.1 million. 

 

From | Sutton Group Showplace Realty. Sutton agent Freddy Marks reports the following: 

DEAL | 148-unit self-storage facility, situated on 3.1 acres. 7651 Industrial Way, Agassiz. Price: $4.8 million. 

 

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