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Downtown Squamish Hotel Sold for $4.5 Million by Marcus and Millichap Agent in Vancouver, BC
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(Posted on Nov 7, 2018 at 06:54PM by Danielle Smyth)
A downtown Squamish hotel has sold for $4.5 million, thanks to the hard work of a Marcus & Millichap agent, Mike Guinan-Browne. He works in the Vancouver, BC, office, and specializes in multifamily units throughout the area. Guinan-Browne is originally from England and worked as a residential real estate broker and branch manager in South Africa. He is passionate about service and real estate and has the educational background to support his impressive work in the field.Located at 28012 Third Ave. in Squamish, this property is nearly 18,000 square feet in size. It is zoned as commercial land and, at present, houses a Squamish Budget Inn. It is assessed at $2,795,100. The property is permitted to be redeveloped and a building of up to six stories could be added to the location. This is due in part to the fact that it is zoned as a C4 property.
Our advisors have the expertise to help you along the path to owning one or more investment properties. If you’re interested in learning more about opportunities for investment throughout Canada, get in touch with Marcus & Millichap's Vancouver office. One of our experienced commercial real estate advisors will be happy to provide additional information.
Marcus and Millichap Closes Sale of 1,164 Multifamily Units for $80.5 Million
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(Posted on Mar 19, 2017 at 01:00PM by Michelle Bogle)
Just this week, Marcus & Millichap announced that the company’s Dallas, Texas-based multi-family investment sales team closed the sale of six properties with a total of 1,164 units valued at $80.5 million.Â
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The properties include:
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•   Spring Lake, 380 units, Haltom City
•   Tradewind, 306 units, Mesquite
•   Village at the Crossroads, 200 units, Irving
•   Oaks Branch, 76 units, Garland
•   Bradford Place, 128 units, Commerce
•   The Village Condominiums, 74 units, Waco
“The Metroplex’s diverse and growing economy continues to attract investors, creating increased buyer competition for apartment assets and accelerating deal flow,†says Nick Fluellen, Senior Managing Director Investments with Marcus & Millichap. “Local investors are particularly focused on properties with some value-add component, as was the case with these assets.â€
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“All of the properties provide new ownership with excellent opportunities to add value in various ways, including the continuation or implementation of strategic upgrade plans,†adds Bard Hoover, First Vice President Investments at Marcus & Millichap. “Some also have excellent upcoming expense reduction opportunities.â€
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Fluellen and Hoover represented the sellers and procured the buyers in all of the transactions. Evan Burke, Sean Scott and Trey Caldwell, Associates with Marcus & Millichap, provided additional representation in the Bradford Place sale, and Scott and Caldwell assisted in the sale of The Village Condominiums.
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North-west of the United States border, our Canadian Associates at Marcus & Millichap Vancouver display the same exemplary expertise as our U.S.-counterparts as the leading specialist in commercial real estate investment sales, financing, research and advisory services.Â
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Since 1971, Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors. We also specialize in a number of unique asset categories, including multi-family, retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets.
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Our Vancouver office has a special interest in multi-family properties with a solid track record of success. In December of last year, our very own Charlie Hughes and Mike Guinan-Browne facilitated the sale of Taja Apartments, a 28-unit multi-family property located at 1131 Barclay St. in Vancouver, British Columbia. The building, which was built in 1941 and sits on an 8,646 square foot site, sold for $13.5 million (or $482,142 per unit).
As rent prices continue to remain the highest across Canada, beating out other popular cities like Toronto, the time to invest in multi-family commercial real estate is better than ever. To learn more about partnering with Marcus & Millichap, please contact our Vancouver office for more information.Â
As rent prices continue to remain the highest across Canada, beating out other popular cities like Toronto, the time to invest in multi-family commercial real estate is better than ever. To learn more about partnering with Marcus & Millichap, please contact our Vancouver office for more information.Â
$32.25 Million Fairfield County Multifamily Asset Sold by Marcus & Millichap
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(Posted on Feb 12, 2017 at 02:00PM by Michelle Bogle)
Earlier this week, Marcus & Millichap announced its Institutional Property Advisors (IPA) division closed the sale of Hillcroft at Danbury, a 192-apartment home multifamily community located in the hills of Danbury, Connecticut. The $32.25 million sales price equates to just under $168,000 per unit.
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“The property is a value-add investment opportunity with large, well-designed apartment homes and stunning vistas overlooking Ridgewood Country Club just minutes from the Richter Park Golf Course,†said Victor Nolletti, an Executive Director who heads the Northeast for IPA’s Northeast and Florida team, in a press release. “Previous ownership constructed a club room, fitness center and leasing center that positions the property to further benefit from an easy-to-execute floor plan reconfiguration.â€
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“Danbury has solid historic occupancy and effective rent growth,†added Steve Witten, an Executive Director of IPA in the Northeast and Florida, in the same release. “The city attracts lifestyle renters, renters by choice and young professionals, and provides them all with urban and suburban lifestyles at significantly less cost than comparable rental housing options in the Stamford-Norwalk Metro and Westchester County.â€
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Nolletti and Witten, along with Eric Pentore, an IPA Associate, and Wes Klockner of Marcus & Millichap’s New Haven office, represented the seller, Par Hillcroft LLC, and procured the buyer, Timberline Real Estate Ventures LLC.
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And, while this transaction took place outside of our Vancouver market, it displays Marcus & Millichap’s exceptional expertise as a leading specialist in commercial real estate investment sales, financing, research and advisory services within the multifamily asset category. In fact, last December, our very own Charlie Hughes, along with Mike Guinan-Browne, who represented the buyer, closed a $13.5 million sale of a 28-unit multifamily property in Vancouver.Â
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With a specialty in multifamily housing, along with other commercial real estate investment categories, including retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets, our team has the investment specialization, local market expertise, comprehensive research, state-of-the-art technology and the largest pool of qualified investors at our fingertips.
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To learn how you can partner with us, please contact our Vancouver office for more information.Â
Marcus & Millichap Closes the Largest Medical Office Transaction in Michigan Since 2014
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(Posted on Feb 6, 2017 at 05:08PM by Michelle Bogle)
Last month, Marcus & Millichap announced the sale of the Women’s Health Center of West Michigan, a 106,806-square-foot medical office building. The $43.5 million sales price equates to more than $400 per square foot and is the largest dollar value sale for a medical office transaction in the state since 2014.
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The four-story Class A asset is 93% occupied and anchored by Metro Health OAM Surgery Center and Grand Rapids Women’s Health.
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“The recent acquisition of Metro Health by the University of Michigan, along with the significant lease term remaining on the anchor tenants, generated a high level of interest in the asset,†said Seth Haron, senior associate in Marcus & Millichap’s Detroit office in a press release. “The tenancy also includes hospital-based medical practices and a complementary mix of private physician groups.â€
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Haron and Ashish Vakhariya, Vice President Investments in Detroit, represented the seller, Pinnacle Construction Group, and procured the buyer, a private real estate investment trust.
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“Built in 2008, the medical center greatly benefits from its strategic location within the ‘Medical Mile’ of Grand Rapids,†added Vakhariya in the same release.
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Spectrum Butterworth Hospital, the Meijer Heart Center, Helen DeVos Children’s Hospital, and the Lemmen-Holton Cancer Pavilion are some of the notable medical facilities within this corridor. There are more than 17.8 million square feet of office space and over 253,000 people within a five-mile radius of the building.
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And, while this transaction took place south of the border, it displays Marcus & Millichap’s exemplary expertise as a leading specialist in commercial real estate investment sales, financing, research and advisory services. Since 1971, our firm has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors. We also specialize in a number of unique asset categories, including multifamily, retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets.
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To learn more about the Lower Mainland commercial real estate market and how you can partner with Marcus & Millichap, please contact our Vancouver office for more information.Â
Thank You for the Support of the REALTORS® Care Blanket Drive
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(Posted on Dec 22, 2016 at 02:00PM by Michelle Bogle)
$13.5 Million Multi-Family Property Sold in Vancouver, B.C.’s Coveted West End Market
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(Posted on Dec 12, 2016 at 07:03PM by Michelle Bogle)
FOR IMMEDIATE RELEASE Â Â Â Â Â
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Contact: Gina Relva
Public Relations Manager
(925) 953-1716
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VANCOUVER, December 12, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Taja Apartments, a 28-unit multi-family property in Vancouver, British Columbia, Canada.
The $13.5 million sales price equates to $482,142 per unit.
The $13.5 million sales price equates to $482,142 per unit.
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“The sale of Taja Apartments highlights the strong market fundamentals in Vancouver’s affluent West End submarket,†says Charlie Hughes, an associate in Marcus & Millichap’s Vancouver, British Columbia, Canada office. “The West End’s robust job growth, extremely low vacancy and the area’s long-term rental appeal bodes well for multi-family performance for the foreseeable future.â€
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“New ownership has the opportunity to unlock substantial upside through bringing rents in line with market values and through implementing a unit upgrade program,†adds Mike Guinan-Browne, an associate in the firm’s Vancouver, British Columbia, Canada office.
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Hughes represented the seller and Guinan-Browne represented the buyer.
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Built in 1941, the asset is situated on an 8,646 square foot site, just steps from Stanley Park, the Seawall and a myriad of beaches at 1131 Barclay St. in Vancouver, British Columbia.Â
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
REALTORS Care® Blanket Drive Begins November 14, 2016
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(Posted on Nov 8, 2016 at 06:04PM by Michelle Bogle)
Integrated Social Network Generates Global Commercial Real Estate Leads
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(Posted on Jul 3, 2016 at 04:56PM by Michelle Bogle)
At Marcus & Millichap Vancouver, we are always seeking new and innovative ways to share our findings and insights related to commercial real estate investment sales, financing, research and advisory services.Â
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Our team of experienced associates are thought-leaders in our field with years of expertise as sole-asset advisors. We share this knowledge and our learnings through online marketing initiatives to help spread our messages, insights and findings to investors in Vancouver and beyond, and to generate new leads for our business.
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Rene Palsenbarg, Managing Broker of our Vancouver office explains: "We've discovered that by integrating our social networks into a single voice from our mmsocial.ca website, that we not only increase our company visibility for Marcus & Millichap, but also client visibility as well.â€
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He adds, “Our associates have their own detailed online profiles, galleries and blog engines to share their insight and findings with their audiences. These digital marketing tools also integrate to all of their social accounts, as well as crowdsourcing tools, to further spread their individual messages far and wide.â€Â
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And, according to Mr. Palsenbarg, this tactic is working. “When in need of a North American commercial real estate investment firm, a major European client took to researching online. In their search, our mmsocial.ca portal was in their top search results. After extensive negotiations, our Vancouver office is now representing this client for a multi-million dollar purchase in New York.â€
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Palsenbarg adds, “They were impressed with the global reach of our integrated social platform, the depth that our research team delivered about our market and the extent of our associates' profiles. As smart real estate professionals, it didn't take them long to determine that we were the agency of choice to locate the kind of investments they were looking for."Â
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See for yourself how Marcus & Millichap is changing the industry! Please contact our Vancouver office to speak to our team of experienced commercial real estate investment advisors. You can read our team profiles here.
You can also follow along on Facebook and Twitter for the latest news.
You can also follow along on Facebook and Twitter for the latest news.
Rene Palsenbarg Now Managing Broker for Marcus and Millichap’s Vancouver Office
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(Posted on Jun 1, 2016 at 04:00PM by Michelle Bogle)
On behalf of Marcus & Millichap, it is our pleasure to announce that Rene Palsenbarg is now the Managing Broker of our Vancouver Office.
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Mr. Palsenbarg joined our team in the spring of 2015 as the Regional Manager for the Vancouver office. He brought with him over 30 valuable years of senior management and consulting experience within real estate, development, corporate finance, business administration, facilities management and organizational effectiveness.Â
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Prior to joining Marcus & Millichap, Mr. Palsenbarg was president of commercial properties with Century 21 In Town Realty, where he focused on commercial real estate investment sales, finance, land development and project management.Â
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He is also a member of the National Association for Industrial and Office Properties (NAIOP) and the International Facilities Management Association (IFMA). He attended Simon Fraser University, Capilano College, the British Columbia Institute of Technology and the Sauder School of Business at the University of British Columbia.
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His Managing Broker licensing was recently approved by the Real Estate Council of British Columbia last month.Â
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As Managing Broker, Mr. Palsenbarg will now oversee his growing team of sole asset focused commercial real estate associates and continue to provide real estate investment sales, research information and advisory services. His team specializes in multifamily, retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets.
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Congratulations to Mr. Palsenbarg on this achievement!
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For more information or to speak with Mr. Palsenbarg, please contact our Vancouver office for details.
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