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Retail News: Ivanhoé Cambridge Sells Vancouver’s Oakridge Centre
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(Posted on Jan 27, 2017 at 09:10PM by Michelle Bogle)
It has been a big week for Vancouver’s retail sector: Ivanhoé Cambridge has announced that they are selling Oakridge Centre to QuadReal Property Group (a company owned by Vancouver’s British Columbia Investment Management Corp.) in an undisclosed deal.Â
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According to an article in Business in Vancouver, QuadReal has selected Vancouver developer Westbank to partner on a potential Oakridge redevelopment. Some of Westbank’s best known local projects include the Woodwards redevelopment, the Fairmont Pacific Rim, Telus Garden and Vancouver House.
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This news comes on the heels of Cadillac Fairview’s announcement earlier this week of the company selling half of its Vancouver portfolio to the Ontario Pension Board and the Workplace Safety and Insurance Board. The retail properties include CF Pacific Centre, 200 Granville Square and Waterfront Centre.
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What’s interesting about both transactions is that Oakridge Centre and CF Pacific Centre were recently named two of the top producing malls in B.C., ranked by sales per square foot. They are also the number two and three most productive malls in Canada behind Yorkdale Shopping Centre in Ontario.
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Toronto’s Yorkdale Shopping Centre was the most productive with tenants generating $1,650.85 in sales per square foot. Oakridge ranked in second place with $1,537 per square foot, while CF Pacific Centre ranked in third place with $1523 per square foot.Â
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Oakridge has been the subject of redevelopment talks for the last decade. In fact, Ivanhoé Cambridge most recently scaled back plans for a $1.5 billion redevelopment in January 2016 after it said that it had discovered an aquifer flowing beneath the site.
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As you can see, there is a lot of action swirling around the Lower Mainland’s retail sector – one that our team of commercial real estate advisors is keeping a very close eye on. For more information or insight, please contact Marcus & Millichap’s Vancouver office to speak with an associate.
Marcus & Millichap Vancouver Featured in the Globe & Mail
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(Posted on Jan 22, 2017 at 03:50PM by Michelle Bogle)
In December of last year, Marcus & Millichap facilitated the sale of Taja Apartments, a 28-unit multi-family property located at 1131 Barclay St. in Vancouver, British Columbia.Â
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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).
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Our very own Charlie Hughes represented the seller and longtime landlord, Bob Wilson, while our Mike Guinan-Browne represented the buyers, Belmont (Barclay Mews 1) Ltd. – a local property management company.
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The sale of this multi-family property has garnered considerable attention since it is one of the biggest transactions of its type in Vancouver. Earlier this week, the Globe and Mail published a story about the sale. You can view the article in its entirety by clicking here.
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Moving forward into 2017, the prognosis for Vancouver’s multi-family asset class remains upbeat. If investing in a rental property is on your radar, or you are a landlord looking to fetch top dollar for your asset, we urge you to call our office to speak with our team of commercial real estate advisors, who can provide you with a thorough market evaluation and sound advice.Â
Redevelop Slated for Former Empire Granville 7 Cinemas
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(Posted on Jan 17, 2017 at 06:52PM by Michelle Bogle)
Change is coming to the now vacant Empire Granville 7 Cinemas. Musson Cattell Mackey Partnership has applied to the City of Vancouver for permission to alter the theatre, which closed in November 2012.
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The changes would include adding 27,011 square feet of commercial retail space at basement- and street-level to the site, which is located at 855 Granville Street, as well as 29,784 square feet of commercial office space on the second and third floors.
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The building is a municipally designated "Heritage B/Heritage C" commercial building. Under the site’s DD zoning, the changes that Musson Cattell want to make remain conditional upon approval from the City of Vancouver’s Director of Planning.
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The move to alter this building is not unexpected, given its prime location and the fact that it has sat vacant for so long. Our team of commercial real estate advisors at Marcus & Millichap are keeping a close eye on this development, as plans continue to take shape. To view the rezoning application for 855 Granville Street, please click here.Â
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For more information regarding other commercial real estate investment opportunities, as well as office and retail developments across the Lower Mainland, please contact our Vancouver office to speak with a broker.  Â
Two Vancouver Malls Make Top 3 Most Productive Malls in Canada
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(Posted on Jan 14, 2017 at 10:04PM by Michelle Bogle)
According to a December 2016 Canadian Shopping Centre Study by the Retail Council of Canada, Vancouver’s Oakridge Centre and CF Pacific Centre rank in the number two and three spots as the most productive malls in Canada.
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Toronto’s Yorkdale Shopping Centre was the most productive with tenants generating $1,650.85 in sales per square foot. Oakridge ranked in second place with $1,537 per square foot, while CF Pacific Centre ranked in third place with $1523 per square foot.Â
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Four other British Columbian malls ranked in the study’s top 30 in the country:
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• Metropolis at Metrotown in eighth place with $1,035 per square foot
• CF Richmond Centre in 13th place with $928 per square foot
• Guildford Town Centre in 21st place with $844 per square foot
• Coquitlam Centre in 27th place with $785 per square foot
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The study also contrasted Canadian malls with American counterparts and found that Canadian malls were generally much more productive, even though the top-producing U.S. malls generated higher sales per square foot.Â
Overall sales per square foot in Canadian malls averaged $744, which is up from $733 in 2015 and $680 in 2014. In the U.S., the average mall’s sales per square foot was $466 USD. That is down from $474 USD per square foot in each of the past two years.
Overall sales per square foot in Canadian malls averaged $744, which is up from $733 in 2015 and $680 in 2014. In the U.S., the average mall’s sales per square foot was $466 USD. That is down from $474 USD per square foot in each of the past two years.
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One rationale for why Canadian malls overall outperform U.S. ones is that there is significantly less per capita mall space in Canada. Canadian malls also generate higher sales per square foot since our products cost more due to taxes and duties.
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To read the full December 2016 Canadian Shopping Centre Study by the Retail Council of Canada, please click here.
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For more insight into British Columbia’s retail asset class, please contact Marcus & Millichap’s Vancouver office to speak with our team of experienced commercial real estate advisors.
$200 Million Rental Housing Plan Proposed for View Royal, B.C.
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(Posted on Jan 11, 2017 at 02:00PM by Michelle Bogle)
A rezoning application has been submitted for a $200-million rental housing proposal that would be built on a peninsula jutting into the middle of Portage Inlet in View Royal – a town in Greater Victoria. If approved by council, the Christie Point redevelopment would be the largest rental project View Royal has ever seen.
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The 15.8-acre strip of land, which is home to a bird sanctuary, is also deemed an environmentally sensitive area. Toronto developer, Realstar Management, plans to incorporate features into the project to protect the shoreline and safeguard other natural features.
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If approved by city hall, it would take three to four years to complete construction and the project will employ 2,000 workers.
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Currently, Christie Point holds 161 units in apartment buildings constructed in 1963. Realstar bought the property in 2014 and is proposing to replace them with seven buildings. The new structures would stand within the footprints of the existing buildings and be four, five and six storeys tall, holding a total of 473 units.
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Area residents have expressed concern about increased density on the property, and fear it will bring more noise and traffic to the area. Some Christie Point renters also worry it may be difficult to find new accommodation in the Victoria region, where the vacancy rate is a tight 0.5% and rents have climbed year-over-year.
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Since construction is to be completed in phases, some existing tenants may have the option of relocating into the new project, but this may not be feasible for all renters. Realstar plans to give tenants six months notice (up from the legislated minimum of two months), plus a moving allowance or assistance, along with disconnection/re-connection of services and covering the cost of mail forwarding for six months.
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To learn more about this multi-family development and the plans that Realstar Management has put forward, please contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor.
Why Choose Marcus and Millichap Vancouver?
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(Posted on Jan 7, 2017 at 01:00PM by Michelle Bogle)
New Coworking Office Coming to Vancouver’s Gastown
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(Posted on Jan 3, 2017 at 08:17PM by Michelle Bogle)
Regus, one of the largest providers of office space in the world, is opening a new coworking office in Gastown, catering to the unique needs of freelancers and start-ups in Metro Vancouver.
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Regus has leased the Ormidale Block at 151 West Hastings and is currently underway with a full rebuild of the six-storey structure, retaining only the existing façade. Under the brand name Spaces, Regus is hoping to open their doors by summer of this year, making it the first Canadian location with Toronto soon to follow.Â
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The office space, which can accommodate up to 450 people, will include a mix of team rooms, open format coworking stations and individual desks, as well as a business club and large rooftop patio, which will be available to paying members 24 hours a day.Â
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Aside from daily workspace, Regus is also hoping to build a sense of community with Spaces. As such, they have designed a large open community space on the top floor. “Our plan is to hold many networking events, bring in keynote speakers and bring in people from the community that we can really build into the Gastown and Vancouver market,†says Wayne Berger, executive vice-president with Regus Canada.
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This type of space is sure to be a welcome addition to Vancouver’s commercial office market, especially as the number of self-employed Canadians is encroaching towards the two million worker mark, according to Stats Canada. A large portion of these freelancers reside in the Lower Mainland within the tech and start-up community, as well as the creative design community.
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To learn more about Spaces or other coworking office developments across British Columbia, please feel free to contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate associate. You can also view our current listings by clicking here.
City Seeks Higher Density for Mount Pleasant Heights' Tech Sector
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(Posted on Dec 30, 2016 at 02:00PM by Michelle Bogle)
According to a recent Vancouver Sun article, the City of Vancouver is planning to allow increased density of four city blocks in the Mount Pleasant industrial zone, which is home to some of the Lower Mainland's most successful tech firms.Â
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Earlier this month, council voted to refer the plan to a public hearing in the new year. If approved, the move would allow higher office buildings in the four blocks facing Quebec Street from East 2nd Avenue to East 6th Avenue to accommodate companies in the innovation sector.
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Kent Munro, the city’s Assistant Director of Planning for Midtown, said much of the change reflects the catching-up of municipal zoning to a rapidly evolving industry.Â
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The zoning changes proposed by the city will allow buildings on most of the blocks to keep their I-1 industrial zoning on the ground floor, but to also account for an increase of office/tech-use space on the higher floors.
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Currently, buildings in the zoning are only allowed to have a floor area double that of the area that the land sits on, with a maximum height of 32.9 metres. Under the new plan, buildings along most of the strip in the proposal would be allowed a floor area five times the parcel size, with some at a maximum height of 45.7 metres.
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This change would allow many companies to operate in one place, which is currently not the norm right now. Many firms, such as Hootsuite (Vancouver’s largest tech firm), are spread across multiple offices and sites, which can be a challenge for daily operations and future growth.
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Our team at Marcus & Millichap Vancouver is keeping a close eye on the plans for Mount Plesant’s industrial zone and how it will impact our booming tech sector. For more information or insight, please feel free to contact us to speak with a commercial real estate advisor.
Vancouver Ranks as Canada’s Most Expensive Rental Market
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(Posted on Dec 23, 2016 at 07:10PM by Michelle Bogle)
While the average rent for a one-bedroom apartment in Vancouver dipped by 1.1% this month, the city still holds the highest rent for that home type across Canada.
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On average, Vancouver tenants pay $1,820 for an apartment with one-bedroom. This figure beats out Toronto ($1,500 for a one-bedroom), Victoria ($1,220), Montreal ($1,100) and Calgary ($1,080).
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According to Greg Vanderhorst from PadMapper, the reason for the drop isn’t entirely known. “It is unclear whether the falling one-bedroom prices are due to the recently passed legislation or merely seasonality that we frequently see in the rental market as we get into the winter months.â€Â
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On the other hand, two-bedroom apartments in Vancouver experienced a rent increase in December, which was up 3.7% to $3,030.
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To view the PadMapper Canadian Rent Report in its entirety, please click here. Or, to learn more about multi-family investment opportunities across the Lower Mainland, please contact our Vancouver office to speak with a commercial real estate broker.Â
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