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TransLink Sells Vancouver’s Oakridge Transit Centre Lands
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(Posted on Dec 21, 2016 at 07:34PM by Michelle Bogle)
Yesterday, TransLink announced the sale of the Oakridge Transit Centre lands – a 13.8-acre site located at West 41st Avenue – to Intergulf-Modern Green Development Corp. The structured transaction sale will amount to $440 million in payments to TransLink by 2022.
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This sale also ranks as one of the largest real estate transactions in all of British Columbia’s history. The property was publicly marketed to generate interest in the sale, which resulted in 14 competitive proposals from interested buyers. All underwent rigorous evaluations and Intergulf-Modern Green Development Corp. was chosen based on the benefit their offer presented TransLink and taxpayers.
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“This transaction is a tremendous benefit to taxpayers and is an example of how TransLink is using its resources to better serve customers across the region,†says Don Rose, Board Chair of TransLink in a press release.
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The recently adopted Phase One funding of the 10-Year Vision included $150 million from the anticipated sale of the Oakridge Transit Centre – a key element of the regional contribution, which allowed TransLink to access funding made available from the new Federal Public Transportation Fund (PTIF) and new provincial funding. The Phase One plan funds ongoing pre-construction work for the Broadway Millennium Line extension and the Surrey-Newton-Guildford light rail projects. The remaining proceeds from the sale of Oakridge Transit Centre will be reinvested back into property needs required to support projects identified in the 10-Year Vision.
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Before the property was marketed for sale, TransLink worked closely with the City of Vancouver in completing a policy statement that included community consultation. This consultation helped shape the land use, density, public benefits and development concepts of the Oakridge Transit Centre lands. The policy statement was unanimously approved by City of Vancouver Council in 2015. A strong real estate market and the certainty provided by the policy statement were key to maximizing the land value in this sale.Â
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To learn more about this monumental deal and how the future development of the Oakridge Transit Centre lands will impact Vancouver’s commercial real estate market, please contact our office to speak with an associate.
B.C. Commercial Real Estate Developers Turn Towards Calgary
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(Posted on Dec 14, 2016 at 04:33PM by Michelle Bogle)
Marcus and Millichap Arranges the Sale of a 12-Unit Apartment Building
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(Posted on Dec 12, 2016 at 06:52PM by Michelle Bogle)
FOR IMMEDIATE RELEASE Â Â Â Â Â
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Contact: Rene H. Palsenbarg
Regional Manager, Vancouver
(604) 675-5200
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VANCOUVER, December 12, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout Canada and the United States, announced today the sale of the Huntley Lodge, a 12-unit apartment property located in Vancouver, according to Rene H. Palsenbarg, Regional Manager of the firm’s Vancouver office.
The asset sold for $6,435,000.
The asset sold for $6,435,000.
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Charlie Hughes, an investment specialist in Marcus & Millichap’s Vancouver office, had the exclusive listing to market the property on behalf of the seller, a private investor. Â
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The Huntley Lodge is located at 3050 Oak Street in Vancouver. The subject property consists of 9 large 1-bedroom units, 3 large 2-bedroom units, has 100% occupancy, a new roof, high-efficiency boiler, hardwood flooring and resides on the major transportation route of Oak Street. The property is near high fashion shops, potentially a new SkyTrain route, entertainment, parks and global cuisine.
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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.
Now Available: Preview of Greater Vancouver 2017 Property Assessments
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(Posted on Dec 8, 2016 at 07:38PM by Michelle Bogle)
On January 3, 2017, BC Assessment will be releasing official property values across the province. However, earlier this week, the organization previewed preliminary data, which shows an anticipated increase for the coming year.
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"The preliminary market analysis for 2017 property assessments indicates significant increases over last year's assessment values," says Assessor Jason Grant in a press release. "Increases of 30 to 50% will be typical for single-family homes in Vancouver, North Shore, Squamish, Burnaby, Tri-Cities, Richmond and Surrey. Typical strata residential increases will be in the 15 to 30% range."
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But, what does this mean for commercial real estate? Much of the same.Â
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In the release, BC Assessment notes that commercial and industrial properties throughout the Greater Vancouver area will also see significant increases in the 10 to 30% range, with properties being purchased for eventual redevelopment often exceeding these ranges.
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In other areas of B.C., commercial property owners can also expect an increase. In the Greater Victoria region, for example, commercial property values have gone up 5 to 15% over the last year, while multi-family residences in Victoria, Saanich, Sidney and Oak Bay have gone up in value 5 to 25% since last year. Central Okanagan will see the smallest commercial increase of between 0 and 15%, while multi-family strata increases will be in the 5 to 30% range.Â
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All property owners in B.C. can expect to receive their official annual notices early in the new year. BC Assessment's website will also be updated on January 3, 2017. Â Â
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For more information and insight, or to learn how these increases may affect your commercial assets, please feel free to contact our Vancouver office to speak with an associate.
Robson Named Ones of the World's Priciest Shopping Streets
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(Posted on Dec 5, 2016 at 04:35PM by Michelle Bogle)
The 2016/2017 Main Streets Across the World Report was recently released. In it, the report tracked 462 top retail streets around the globe, ranking the most expensive in each country by their annual rental costs.Â
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It’s no surprise that the report named New York’s Upper 5th Avenue as the most expensive street in the world, with average annual rents of $4,057 CDN per sq. ft. Hong Kong’s Causeway Bay ranked a close second at $3,892 CDN per sq. ft. What’s interesting to note is that, in both cities, rental rates have been on the decline over the last year.
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On Canadian soil, Vancouver’s Robson Street ranked 7th on the Americas list, with annual average rents of $225 per square foot, which was a drop by $10 per sq. ft. from last year’s ranking. It trailed behind other major North American cities, including New York, Chicago, San Francisco, Miami, Toronto and Washington.
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However, Vancouver’s premier shopping area is no longer confined to Robson. Due to physical constraints within the city, many high-end retailers are opting to rent space along sections of Alberni and Burrard. As a result, vacancies have started to emerge along sections of Robson Street and rents have actually been dropping. In fact, there have been notable closures in the area, including Chapters’ 56,000 sq. ft. space at Robson and Howe, as well as French Connection and Mexx.Â
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But, while this transition has been underway, new retail tenants are choosing to call Robson home, such as the Paris-based bakery chain, Laduree Boutique, which made its Canadian debut this past March at 1141 Robson – a much-needed boost of confidence into Robson's retail district.
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As 2016 winds to a close, many commercial real estate industry watchers are keeping an eye on Vancouver’s retail sector as the market recalibrates itself and moves into a new year – our team included.
For more insights and information, please contact our office to speak with an associate or please view our Property Search Portal for investment opportunities across B.C.’s Lower Mainland.
For more insights and information, please contact our office to speak with an associate or please view our Property Search Portal for investment opportunities across B.C.’s Lower Mainland.
Metro Vancouver’s Apartment Vacancy Rate Decreases
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(Posted on Nov 29, 2016 at 03:15PM by Michelle Bogle)
According to a recent report from the Canada Mortgage and Housing Corporation, the vacancy rate across the Vancouver Census Metropolitan Area (CMA) has decreased from 0.8% in October 2015 to 0.7% a year later.
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“Strong demand for rental accommodation in Vancouver outpaced additions to supply, pushing rents higher and vacancies lower for purpose-built and condo rental apartments,†said CMHC Principal of Market Analysis, Robyn Adamache.
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The report also said that a strong job market is driving rental demand, particularly for younger demographics that tend to start off as renters. According to the report, Vancouver CMA continues to lead employment growth nationally, at a pace of 5.8% year-over-year as of September 2016, based on data from Statistics Canada. This equates to more than 70,000 additional jobs created, compared to the same period last year.
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Solid employment in the region is also driving demand by increased migration to the province. Vancouver CMA added an estimated 15,773 new households between 2015 and 2016. This population-based demand is one of the main factors contributing to low vacancy rates.
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What is also important to note is that this rental vacancy decrease isn’t only occurring in the City of Vancouver – according to the report, vacancy actually increased slightly in Vancouver. In the Downtown/West End area, the rate increased from 0.5% to 0.6%. In the rest of the city, the rate grew from 0.6% to 0.8%.
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The region’s tightening vacancy rate was driven by declining availability in the suburbs, with the most drastic drop in Surrey. Last October, Surrey had an apartment vacancy rate of 1.9%; this year, the rate plunged to 0.4%. Vacancy also fell in Burnaby (October 2015: 1.2%, October 2016: 0.8%) and New Westminster (October 2015: 0.9%, October 2016: 0.4%).
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And, as apartment rental vacancies continue to drop, the average rents across the region continue to climb. According to the CMHC:
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• The average rent in the Vancouver CMA increased from $1,144 in October last year to $1,223 this year – an increase of 6.4%.Â
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• Rents also increased across all regions, with Vancouver’s West End/Downtown area seeing a jump from $1,350 to $1,461.Â
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• In the rest of Vancouver, average rent increased from $1,233 to $1,324.Â
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• Rent increased in Burnaby (October 2015: $1,031, October 2016: $1,105) and New Westminster (October 2015: $933, October 2016: $993).
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For more information regarding the CMHC’s Fall Rental Market Survey 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 associate.
Hungerford Moves Ahead with Innovative Development Partnership for Seniors Housing and Market Rentals
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(Posted on Nov 24, 2016 at 05:09PM by Michelle Bogle)
A unique partnership is moving ahead with plans to deliver a brand new, low-cost 161-unit development under the City of Vancouver’s Rental 100 Program – a program which encourages the development of projects where all residential units are rentals with capped leased rates. The policy is part of the city’s goal to create 5,000 new units of market rental housing by 2021.
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The partnership includes Hungerford Properties, a private developer, along with the non-profit Odd Fellows Low Rental Housing Society, Terra Special Projects, GBL Architects and the City of Vancouver.
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The project will see the redevelopment of 3595 Kingsway from an aging, dilapidated seniors residence into a new, six-storey, mixed-use development, which will provide 44 affordable homes for seniors. It will also deliver 117 rental apartments and commercial units on the ground floor.
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The Odd Fellows Society, which operates without government subsidies, will own its non-market units and Hungerford will retain the market rental homes through a strata arrangement. Odd Fellows residents will be relocated and current residents will have first right of refusal to move back into the new homes. The development partnership allows the project to happen at no cost and no risk to Odd Fellows.
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“It’s been a great partnership and we are happy to be moving forward to replace the building because it’s on its last legs,†says Marie Olsson, the interim CEO for Three Links Care Society that manages Odd Fellows Manor. “The new facility will allow us to continue to provide safe, clean and affordable housing to seniors on a low, fixed income.â€
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Construction will be starting in Spring of 2017, with completion scheduled for 2018.
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For more information on senior housing investment opportunities in the Lower Mainland, please contact our Vancouver office to speak with a commercial real estate advisor.
Reminder: REALTORS Care® Blanket Drive Ends November 21, 2016
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(Posted on Nov 18, 2016 at 02:00PM by Michelle Bogle)
This year, Marcus & Millichap Vancouver is pleased to participate in the 22nd annual REALTORS Care® Blanket Drive, which draws to a close next week.Â
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However, there is still time to donate to this important cause!
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Until Monday, November 21, our commercial real estate office will be collecting warm clothing and blankets, which will be distributed to charities within our community. This is the largest and longest running blanket drive in the Lower Mainland, which helps approximately 20,000 residents keep warm over the winter.
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We are in need of the following items:
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• Gently used or new blankets or sleeping bags
• Warm clothing and coats
• Hats, gloves and scarves
• New socks and underwear
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For more information on how you can support the REALTORS Care® Blanket Drive, please visit www.blanketdrive.ca or contact our office for details.Â
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On behalf of our team here at Marcus & Millichap Vancouver and our community, we thank you for your continued support.
A Closer Look into Kamloops’ Commercial Real Estate Investment Potential
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(Posted on Nov 17, 2016 at 05:00AM by Michelle Bogle)
Downtown Vancouver’s Former Canada Post Building to be Redeveloped
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(Posted on Nov 11, 2016 at 02:00PM by Michelle Bogle)
A formal application has been submitted to the city for the rezoning of the former central Canada Post building in downtown Vancouver. The 2.98-acre site comprises a full city block at 349 West Georgia Street. It was bought by bcIMC in 2013 for $159 million.
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The proposed redevelopment is unique in that it retains the existing heritage building, which was built in 1958, but also adds two residential towers and one office tower above the seven-storey Modernist structure. The three new residential and office skyscrapers are large in scale, reaching 17, 18, and 20 storeys.
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The planned development will add 799 new homes in the downtown core, consisting of 427 market rental units and 327 condos. The proposal also includes a 49-space childcare facility, six levels of parking, as well as 512,000 sq. ft. of office space and 274,000 sq. ft. of retail space.
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According to Musson Cattell Mackey Partnership, the architectural firm that submitted the application, this is an opportunity to “reimagine and redefine this part of our city once again, and the Post Office will be key for this evolution.†Â
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To view the application in its entirety, as well as contextual photos, design rationale and building renderings, please click here. Or, for more information on commercial real estate investment opportunities and developments across the Lower Mainland, please contact our Vancouver office to speak with a broker.
You can also view our featured listings by clicking here.
You can also view our featured listings by clicking here.
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