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If you are a private, professional or institutional investor in search of a highly-skilled team of commercial real estate advisors in Vancouver, B.C., consider partnering with Marcus & Millichap. Here’s why:
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We are sole-asset focused
Our team of commercial real estate advisors specialize in real estate investment sales, research information and advisory services in multi-family, retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets.
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We are Vancouver-centric
At Marcus & Millichap, our service offering is unique in that our office solely focuses on Vancouver-centric commercial real estate sales, thus offering our clients superior expertise, proficiency and geographical specialization.
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We are well-connected
We have access to the industry's largest inventory of commercial property real estate listings, as well as a large pool of qualified private and institutional buyers and sellers. With 78 offices in the United States with 1600+ agents and brokers who have access to our Vancouver listings (and vice versa), our network has a robust inventory to pull from.Â
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We are focused on big results
Since joining the Canadian marketplace last year and expanding our operations into Vancouver, our team of energetic commercial real estate advisors have partnered with buyers and sellers across all asset categories, closing on many notable deals. Just last December, our team facilitated the sale of Taja Apartments, a 28-unit multi-family property located at 1131 Barclay St. in Vancouver. Selling for $13.5 million (or $482,142 per unit), the transaction was one of the biggest multi-family deals in Vancouver.
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We are eager to serve you
To learn how you can partner with us, please contact our Vancouver office for more information. You can also view our current listing by visiting our Property Search Portal by clicking here.
Begin Your Career in Commercial Real Estate Investment Sales This Spring
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(Posted on Feb 25, 2017 at 02:00PM by Michelle Bogle)
The bustling spring real estate market is upon us – there’s never been a better time to start your commercial real estate investment career. Each quarter, the industry is experiencing great growth as demand for all commercial asset classes continues to increase. Â
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As such, Marcus & Millichap Vancouver is currently expanding our talented team of real estate investment sales associates. We are looking to recruit subject matter experts for our main property specialties, including multi-family, retail, office, industrial, hospitality, self-storage and more.
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When you partner with a team, such as ours, you embrace a unique opportunity to work and learn from some of the industry’s best and brightest. Through our hands-on training and mentorship program, you’ll benefit from real-life experience, which will propel you into a successful career in commercial real estate sales.
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In this role, you’ll be responsible for:
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• Researching potential clients and properties
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• Attending networking and industry events
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• Building relationships with potential clients and referral sources
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• Marketing properties to potential buyers using external/internal platforms
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• Fielding offers on listed properties from interested buyers
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• Working with attorneys, bankers and third parties to coordinate a smooth closing
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In return, you can expect:
Training – Our nationally recognized training program prepares newer team members for their future, while experienced professionals have the opportunity to hone their existing skills
Mentorship – Our mentoring and teaming programs will help you do more deals each year with confidenceÂ
Opportunities to earn – Our proven business plan is designed to help you achieve a six-figure income within two years and a net worth of $1M within five years
Professional growth – Many of our managers, VPs and Directors all began with Marcus & Millichap as brokers
Training – Our nationally recognized training program prepares newer team members for their future, while experienced professionals have the opportunity to hone their existing skills
Mentorship – Our mentoring and teaming programs will help you do more deals each year with confidenceÂ
Opportunities to earn – Our proven business plan is designed to help you achieve a six-figure income within two years and a net worth of $1M within five years
Professional growth – Many of our managers, VPs and Directors all began with Marcus & Millichap as brokers
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To learn more about this exciting opportunity or to apply for the position, please see our job posting for more information.
We also encourage you to view our property listings portal, which highlights current/active commercial real estate assets across British Columbia.Â
We also encourage you to view our property listings portal, which highlights current/active commercial real estate assets across British Columbia.Â
Foreign Investment in Canada Up 33% in 2016
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(Posted on Feb 20, 2017 at 02:00PM by Michelle Bogle)
Transactions of Canadian office, hotel and retail properties reached record-breaking heights last year, stimulated by a strong inflow of foreign investment into the country’s commercial real estate sector.Â
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Commercial property deals involving foreign investors (worth $10 million and up) increased by 33% year-over-year in 2016, which equates to $34.7 billion. This figure exceeded the previous record of $32.1 billion, which was set in 2007. Within British Columbia, Vancouver accounted for $8.1 billion in 2016 – an increase from the previous year’s $5.7 billion.
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Industry watchers suggest that foreign investors are choosing Canada as a safe haven to park their money amid fiscal and political uncertainty around the world. A recent article by the CBC also indicates that foreign investors are also choosing Canada for our educational and business opportunities.
Earlier last summer, the B.C. government introduced legislation that adds a 15% property transfer tax for foreign residential real estate buyers. This new tax took effect on August 2, 2016, and only applies to home purchases in Metro Vancouver, as well as multi-family properties. Since then, B.C.’s housing market has experienced some cooling, while interest in the province’s commercial real estate sector has continued to simmer.
Earlier last summer, the B.C. government introduced legislation that adds a 15% property transfer tax for foreign residential real estate buyers. This new tax took effect on August 2, 2016, and only applies to home purchases in Metro Vancouver, as well as multi-family properties. Since then, B.C.’s housing market has experienced some cooling, while interest in the province’s commercial real estate sector has continued to simmer.
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Foreign investment remains a hot topic across Canada and especially in Vancouver. For more information and insight, please contact our office to speak with one of our knowledgeable commercial real estate advisors.
$450 Million Gas Export Plant to be Built Near Prince Rupert, B.C.
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(Posted on Feb 16, 2017 at 02:00PM by Michelle Bogle)
Last month, AltaGas, an energy infrastructure company with a focus on natural gas, power and regulated utilities, announced that it will be building a $450 million propane export terminal on Ridley Island in British Columbia. The Ridley Export Terminal is expected to be the first propane export facility of its kind on Canada’s west coast.Â
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The site, which is near Prince Rupert on a section of land leased by Ridley Terminals Inc. from the Prince Rupert Port Authority, offers unique advantages in terms of its location – specifically shorter shipping distances to markets in Asia. With its Ridley Island location, AtlaGas expects that shipping times will be reduced to 10 days compared to the 25 days from the U.S. Gulf Coast. The brownfield site also benefits from railway access and deep water access to the Pacific Ocean.Â
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“We are consulting and working with the First Nations whose traditional territory is located within the Ridley Export Terminal,†said David Harris, President and CEO of AltaGas in a press release. “Collaborating closely with First Nations and communities to create sustainable social value is of paramount importance to us and we look forward to a long and mutually beneficial relationship with the First Nations in the region.â€Â
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The Ridley Export Terminal will be designed to ship 1.2 million tonnes of propane per year and is estimated to cost approximately $450 - $500 million.Â
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"The project is a reflection of how we do business in B.C. – balancing environmental protection with economic development, creating opportunities and real partnerships with First Nations, and putting British Columbians first," said Premier Christy Clark in the same release. "This export facility is another promising development for our province, connecting producers in northeast B.C. to markets in Asia."Â
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Based on production from its existing facilities and forecasts from new plants under construction and in active development, AltaGas anticipates having physical volumes equal to approximately 50 percent of the 1.2 million tonnes. The remaining 50 percent is slated to be supplied by producers and aggregators in western Canada. AltaGas expects to underpin at least 40 percent of the Ridley Export Terminal throughput under tolling arrangements with producers and other suppliers.Â
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Construction is expected to begin in early 2017 and to be in service by the first quarter of 2019. The Ridley Export Terminal will support long-term economic stability in the region through the diversification of products at Ridley Terminals, and employment opportunities for area residents and First Nations. It is estimated that 200 to 250 construction workers will be hired during the construction phase and that 40 to 50 permanent jobs will be created once the facility is operational.Â
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The project will also impact the local commercial real estate industry in Prince Rupert and surrounding communities. To learn more, please contact Marcus & Millichap’s Vancouver office to speak with an advisor.
Closure of Royal Golf Club Signals Tough Times for Vancouver Island’s Golf Industry
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(Posted on Feb 13, 2017 at 02:00PM by Michelle Bogle)
Another Vancouver Island golf club has closed its doors for good. The Royal Oak Golf Club, located near Saanich Commonwealth Place, recently informed its members of its closure by email, citing tough times within the local golf industry.
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This is not the first time that the Royal Golf Club has struggled to remain open. Last February, the golf course distributed a memorandum to operations staff regarding a possible closure. Â
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With the closure of the 27-acre nine-hole course, which has been in operation since the mid-20th century, the Royal Golf Club is the second Victoria-area golf club to succumb to declining membership rates and rising operational costs. In 2015, Prospect Lake Golf Course, also in Saanich, closed after 41 years in business.
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At this point in time, plans for the Royal Oak property remain unknown; however, the owners are expected to discuss potential land uses with the District of Saanich.
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For more insight into the state of Vancouver Island’s waning golf industry, please contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor.
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You can also view our current hotel, land and retail listings by clicking here.
Peaks Lodge: Exclusive Hospitality Offering in Revelstoke, B.C.
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(Posted on Feb 10, 2017 at 04:01PM by Michelle Bogle)
Marcus & Millichap Vancouver is proud to present this fantastic hospitality offering in Revelstoke, B.C.
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Priced at $2,950,000, the Peaks Lodge Resort is a 36-room lodge, motel and full-service restaurant located just 4.5 km west on the Trans-Canada highway from the picturesque city of Revelstoke.
Situated on the banks of the Columbia River and at the base of Boulder Mountain, this property boasts 1.9 acres of land with stunning views.
Situated on the banks of the Columbia River and at the base of Boulder Mountain, this property boasts 1.9 acres of land with stunning views.
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Investment Highlights:
•   36-room lodge, motel and full-service restaurant/lounge, including two A-frame cabins with three guest rooms each, two spacious two-bedrooms suites, hard-siding exterior, private entrances, great views and direct access to the Trans-Canada Highway
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•   1,200 sq. ft. (2008) three-bedroom modular home is open and bright with full kitchen and private settingÂ
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•   Perfect for an owner residence, yet is currently rented in high demand for families and groups
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•   1.90-acre property has over 600 feet of highway frontage – huge development opportunity
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•   Large parking area, which is perfect for bus toursÂ
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•   4 km to Revelstoke Mountain Resort with the highest downhill ski run in North AmericaÂ
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•   Opportunity for year round income as an extremely busy winter and summer destinationÂ
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•   Revelstoke offers a multitude of summer activities, such as mountain biking, water skiing, fishing, hiking, wildlife tours and off-roadingÂ
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•   Registered Easement access to renowned Boulder Mountain snowmobile area
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•   Secure snowmobile storage and onsite fuel salesÂ
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•   Approximately 15,000 cars travel on the Trans-Canada Highway each dayÂ
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•   The lodge buildings are located on a levelled bench above the elevation of the highway
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•   Property features landscaping with surrounding trees and bush with mountain views
With plans for the Revelstoke Adventure Park underway, now is a great time to invest in an established hospitality asset offering great returns.
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For more information about this listing, please contact our Hospitality Specialist, Shay Dadon, in our Vancouver office at (604) 675-5257 or by e-mail.Â
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To view other commercial real estate investment opportunities across British Columbia, please visit Marcus & Millichap’s Property Search Directory.
Revelstoke Adventure Park Gets Approval from B.C. Government
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(Posted on Feb 9, 2017 at 03:27PM by Michelle Bogle)
A proposed adventure park for Revelstoke has officially received the green light from the B.C. government.The Ministry of Forests, Lands and Natural Resource Operations approved a 30-year adventure tourism/commercial recreation tenure for Illecillewaet Development Limited Partnership (IDLP), the spearhead of the project.
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The tenure consists of a Licence of Occupation for approximately 257 hectares of Crown land in the Greely Creek area, which will adjoin 64 hectares of the proponent’s private land.Â
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“Outdoor recreation has always been a big part of Revelstoke. The proposed adventure park will add more outstanding outdoor recreation opportunities for residents and visitors in the region, as well as create local jobs,†said Steve Thomson, Minister of Forests, Lands and Natural Resource Operations, in a press release.Â
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The adventure park, which will be nine times the size of Disneyland, will feature a host of summer recreational activities, such as hiking, mountain biking, rock climbing, horseback riding, zip-lining, bungee jumping, treetop adventures, mountain coasters and sky swings.Â
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Planned improvements are also in the works for the Crown land, including an access road, day lodge, helipad, gazebos and portable sanitation units. There’s also plans to eventually add a gondola or chairlift.
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“This adventure park is another example of rural entrepreneurship that has the ability to create economic sustainability in rural communities,†said Donna Barnett, Minister of State for Rural Economic Development.
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Numerous studies were conducted to assess the proposed uses of Crown land to ensure the project would protect existing values, such as wildlife habitat, terrain stability and drinking water. Consultations with the public, First Nations and partners/stakeholders were held in compliance with provincial legislation.
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Construction on the Revelstoke Adventure Park is set to begin this spring with phase one of the park opening in spring 2018. The following three phases will unfold over the next four to five years. Once the project is complete, the park will employ approximately 250 workers.
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It’s also expected to significantly boost tourism to the region, which will undoubtedly impact Revelstoke’s commercial real estate sector as well.
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For more information about the proposed adventure park or for insight regarding investment opportunities within Revelstoke, B.C., please contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor.
You can also view our current listings by clicking here, including an exclusive hospitality offering in Revelstoke, B.C.
You can also view our current listings by clicking here, including an exclusive hospitality offering in Revelstoke, B.C.
Vancouver Development News: New Retail Building Planned for Kitsilano
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(Posted on Feb 7, 2017 at 02:00PM by Michelle Bogle)
Proscenium Architecture + Interiors Inc. have submitted a development application to the City of Vancouver for a site located at 2350 West 4th Avenue in Kitsilano, B.C.Â
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The plan calls for a new two-storey, mixed-use commercial building on the C-2B zoned site, including the relocation of an existing Shopper’s Drug Mart retail store, which is currently located down the street.
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The development proposal includes:
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• Two-storey Shopper’s Drug Mart
• Three additional ground floor retail storesÂ
• Total density of 1.24 FSR
• 19,563 square feet of retail space
• Overall building height of approximately 37.67 feet
• Two levels of underground parking (69 spaces)
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Details of the proposed project can be viewed here.Â
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For more information regarding other commercial real estate investment opportunities, as well as retail developments across the Lower Mainland, please contact our Vancouver office to speak with a broker. Â Â
On February 1, 2017, Woodfibre LNG announced that the liquefied natural gas plant, located in Squamish, B.C., applied for an amendment to the Environmental Assessment Certificate (EAC), which was originally granted on October 26, 2015.
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The proposed design changes to Woodfibre are the result of the Squamish Nation’s selection of air cooling as the cooling technology for the project, as well as ongoing front-end engineering design (FEED) work.
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Woodfibre LNG is proposing the following design changes:
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1. Changing from seawater cooling to air cooling of the plant
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2. Upgrading an existing intake on Mill Creek rather than constructing a new intake
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3. Short-term use of water from Woodfibre Creek during construction
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The proposed changes would require an amendment to the EAC under British Columbia’s Environmental Assessment Act. The purpose of the amendment is to enable Woodfibre to proceed with these proposed changes.
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The three proposed changes will also be subject to a technical review, as well as a 30-day public consultation period. From February 9 -Â March 11, 2017, the public is invited to provide comment on the potential effects that may result from the proposed amendment.Â
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Nonetheless, work continues to forge ahead with the project, which is destined to transform Squamish’s economy and fuel demand for real estate, especially within various commercial asset classes.Â
For more information about commercial real estate activity in the Sea-to-Sky corridor, including Whistler and Squamish, please contact our area expert, David Fox, in our Vancouver office.
For more information about commercial real estate activity in the Sea-to-Sky corridor, including Whistler and Squamish, please contact our area expert, David Fox, in our Vancouver office.
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