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Marcus and Millichap Vancouver Part of $103M North American Resort Retail Portfolio Transaction
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(Posted on Nov 8, 2016 at 03:16PM by Michelle Bogle)
A private real estate consortium between the Imperium Cos., MMG Equity Partners and Blue River Family Office Partners has acquired a seven-property portfolio of trophy retail assets located within luxury resorts across the U.S. and Canada.The portfolio was sold by CNL Lifestyle Properties for $103 million.
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It consists of 423,482 square feet of ground-floor retail, in the mixed-use villages of six ski resorts, including Whistler Creekside Village in British Columbia, and one golf and beach resort.
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The transaction was arranged by Marcus & Millichap.
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“It offered absolute diversification geographically by tenant and use,†says Lori Schneider, Marcus & Millichap executive director of its Institutional Property Advisors division. “It’s rare to assemble this amount of resort retail in one transaction.â€
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The properties included in the portfolio are located in:Â
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• Whistler Creekside Village, British Columbia
• The Village at Mammoth, CaliforniaÂ
• Village at Snowshoe, West Virginia
• Village at Copper, Colorado
• Stratton Mountain Village, Vermont
• Blue Mountain Village, Ontario
• The Village of Baytowne Wharf, FloridaÂ
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According to Lori Schneider, the portfolio is very well suited to the buyers’ investment strategy and no renovations are planned on any of the properties, as they are all impeccable.
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“We are pleased to have acquired this portfolio of high-quality resort villages, the first of several acquisitions of destination real estate amongst the partnership,†said Marcel Navarro with MMG Equity Partners in a press release. “The team did a great job of executing on this complex and unique opportunity.â€Â
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Marcus & Millichap’s brokers of record in the transaction are Kent Williams in California, Richard Bird in Colorado, Jeffrey Nick in Vermont, Ralph Nash in West Virginia, Mark Paterson in Ontario, Kirk Felici in Florida and our very own Rene Palsenbarg, Managing Broker from our Vancouver office.
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For more information and insights into this high-profile retail portfolio transaction, please contact Marcus & Millichap Vancouver to speak with Rene Palsenbarg.
Industrial and Institutional Projects Energizing B.C.’s Okanagan Region
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(Posted on Nov 6, 2016 at 02:00PM by Michelle Bogle)
According to the latest edition of British Columbia’s major projects inventory, the Thompson Okanagan region is home to 110 major projects worth $15 million or more and an aggregate value of $22.8 billion.
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Of these projects, more than 59 of them represent the lion’s share of the value – $14.7 billion or 65%. Many are long-term projects, but some are residential and resort developments with completion dates running through to 2040.
However, when those two groups are factored out, $3 billion remains – mostly infrastructure and institutional projects, such as the new RCMP detachment in Kelowna, the correctional centre at the Osoyoos Indian Band Development Corp.’s Senkulmen Enterprise Park in Oliver, hospital extensions and expansions at Okanagan College and Thompson Rivers University.
However, when those two groups are factored out, $3 billion remains – mostly infrastructure and institutional projects, such as the new RCMP detachment in Kelowna, the correctional centre at the Osoyoos Indian Band Development Corp.’s Senkulmen Enterprise Park in Oliver, hospital extensions and expansions at Okanagan College and Thompson Rivers University.
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As a result, the Okanagan is booming as industrial and institutional projects continue to energize the region. And, along with the large projects, there are also a number of smaller projects underway in the region, like wineries and commercial spaces.
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An increase in building permits supports this growth as well. In fact, building permit volumes in the Thompson Okanagan region have increased to $1.3 billion in 2015 from $897.6 million in 2011. This year, permit issuances rose 35.8% through August versus the same period a year ago to reach $1.1 billion.
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If you are in need of industrial or institutional assets in the Okanagan market, our team at Marcus & Millichap Vancouver can help. To speak with one of our commercial real estate advisors, please contact our office by clicking here or visit our Property Search portal to view active listings across British Columbia.Â
Major Retailers Showing Interest in Vancouver’s River District Project
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(Posted on Nov 2, 2016 at 06:54PM by Michelle Bogle)
Asian Investors are Vying for Kelowna’s Commercial Real Estate Assets
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(Posted on Oct 30, 2016 at 01:00PM by Michelle Bogle)
According to a recent industry report, Kelowna is becoming a desirable alternative to the Lower Mainland for Asian investors looking to avoid the 15% foreign buyer tax and cash in on higher capitalization rates. Over the last 18 months, specifically, the area has seen a spike in Asian investment, including multi-family, winery and golf course assets.
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There are a handful of notable transactions, including the former Monaco multi-family site, which sold for $6.5 million, and the Lake Okanagan Resort sale, a 300-acre property purchased for over $10 million. Asian investors also purchased 25% of the 172 suites sold at the unveiling of Cambridge House Kelowna, a condominium development in the city’s downtown core.
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As a result, Kelowna is currently experiencing a compression on capitalization rates as Asian buyers begin to outbid local investors; however, these cap rates are still much higher and more desirable than that of Vancouver.Â
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As well, there has been an overall decrease in office, industrial, retail and rental property vacancy rates from 2014 to 2015. Tenants are now signing longer lease terms, averaging between five to ten years versus the previous average of three to five years – a definite sign of market assurance.
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Foreign investment continues to be a hot topic across the province of British Columbia. For more insight, please feel free to contact our Vancouver office to speak with an associate.
Now Hiring: Commercial Real Estate Investment Sales Associates in Vancouver
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(Posted on Oct 28, 2016 at 01:00PM by Michelle Bogle)
Since opening our office in Vancouver earlier this year, Marcus & Millichap has been growing at an exponential rate in conjunction with the burgeoning commercial real estate industry in the Lower Mainland.Â
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And, burgeoning it is. In Q2 2016 alone, there were $3.75 billion in real estate transactions, making it the sixth straight quarter of growth in Vancouver. Out of that $3.75 billion, 875 transactions in the quarter were $1 million and above. And, the number of deals also jumped – from just 596 in Q1 2016 to 44% more in Q2.Â
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No matter which way you crunch the numbers, our market is red hot – which is why now is an amazing time to start your career as a Commercial Real Estate Investment Sales Associate with Marcus & Millichap Vancouver.Â
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In this role, you will be responsible for:
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•   Researching potential clients and properties
•   Attending networking and industry events
•   Building relationships with potential clients and referral sources
•   Marketing properties to potential buyers using external/internal platforms
•   Fielding offers on listed properties from interested buyers
•   Working with attorneys, bankers and third parties to coordinate a smooth closingÂ
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This is a unique opportunity to work and learn from the best in the industry. After all, we are a company founded by brokers, run by brokers and lead by brokers – even our CEO was a Marcus & Millichap broker. We know what works and teach that in our hands-on training and mentorship program, where you’ll gain real-world experience to propel you into a long-time, successful career in commercial real estate investment sales.
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To learn more this exciting opportunity, please see our job posting here for full position details and how you can apply.Â
6 Reasons It’s Time to Find a New Office
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(Posted on Oct 26, 2016 at 01:00PM by Michelle Bogle)
Deciding to move your office doesn’t always come down to expanding or downsizing – it’s so much bigger than that.Choosing an office location is as much a part of your overall business strategy as is setting your yearly goals and objectives – it’s a process that must fit your company’s fiscal, human resources, brand and cultural objectives. Simply put, it’s an important factor in the overall success of your venture.
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Having said that, here are six reasons why it might be time to find a new office:
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Your operations have outgrown your current space
Whether you have five employees or 500, your office must comfortably accommodate all of your workforce. And, if you’ve been fortunate to experience growth throughout your operations, then you likely need more space – and fast.Â
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As a general rule of thumb, most industries allocate approximately 175 of rentable square feet (RSF) per employee or perhaps even more. If you have 50 employees, you should designate at least a minimum of 8750 RSF for your new office space.
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Your office space is too large
On the flip side, you may find that you have too much office space, which can put a strain on your bottom line, as well as your employees’ productivity and morale. If you find yourself in this situation and have no plans of expanding your operations in the near future, it might time to consider a downsize.Â
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You’re having issues with building management
Just like with a residential rental property, a bad landlord or building manager can really hurt your overall experience. If you find that your current office is in disrepair, neglected or constantly having issues, like with the HVAC system, washrooms and elevators, it might be time to move on to greener pastures. After all, if you and your employees are frustrated with these issues, you clients are likely picking up on them too.Â
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Your office is stuck in another era
Thanks to a change in work styles, mobile technology and the growing presence of Millennials in the workplace, offices are changing – and for the better. Closed off layouts are now a thing of the past with open floor plans and collaborative areas springing up in their place.Â
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And, prospective employees are on the look-out for these types of office spaces – which is why it might be time to consider an office move, so you can create a vibrant workplace environment and culture that attracts and retains talent and clients too.Â
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Your location is poor
Choosing the location of your office is likely more difficult than selecting a neighbourhood to live in because you have more people to factor into the equation – like your management team, employees, vendors, clients and maybe even your competition. And, perhaps, when you first selected your site location, it made sense for you and your business. But, what if your business objectives have changed? If your current location is hindering these goals and objectives, it may be time to consider a move to a better location.
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You are tired of paying monthly office rental expenditures
In terms of investment potential, rental office spaces offer businesses zero gains – the only players that benefit are the landlord or asset owner. If you are tired of paying monthly office rental costs, it might be time to consider another option: strata office.Â
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This asset class is becoming increasingly popular with smaller professional services firms or self-employed entrepreneurs who are seeking an alternative from rental spaces that offer zero gains. Low interest rates, strong price-per-square-foot growth, increasing lease rates and opportunities to build equity are all key perks of strata office.
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If you can relate to the six reasons listed above, then perhaps it’s time you get serious about planning your next office relocation. And, at Marcus & Millichap Vancouver, we can help.Â
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We have several highly skilled office and industrial asset specialists on our team who can help you understand your space requirements and find you an office location that suits your needs and your bottom line.Â
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To learn more, please contact us here or visit our Property Search portal for active commercial real estate listings across British Columbia.
Investors Eye Vancouver’s Hospitality Assets as Hotel Revenues Continue to Climb
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(Posted on Oct 18, 2016 at 05:49PM by Michelle Bogle)
Over the last year, British Columbia has become the top spot in Western Canada for travellers from the U.S. and beyond. Visitors are being lured to the province by the low Canadian dollar, which has generated increased demand for hotel rooms and healthy profits for operators. Â
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In fact, according to Business in Vancouver, downtown Vancouver hotels are exceeding expectations for revenue growth. Average daily rates rose from $201 to $221 a night over the past year and will likely rise again in 2017 to $235 a night. Currently, occupancies are sitting in the range of 79%.Â
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As a result, investors are keeping a close watch on hospitality opportunities since they offer a safe haven for their capital and boast consistent returns.Â
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Among the most notable recent transaction was Oxford Properties Group’s sale of the Fairmont Vancouver Airport to InnVest REIT – a deal that officially closed last month for $90 million. If more transactions follow suit, the outlook for Vancouver’s hotel market can only continue to remain positive into the upcoming new year.
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At Marcus & Millichap Vancouver, we currently have a number of active commercial real estate listings for hospitality assets across B.C. To view these properties, please visit our Property Search portal for more information or contact our office to speak with a broker.
Associate Spotlight: Ehab Nasieef, National Office and Industrial Properties Group
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(Posted on Oct 5, 2016 at 01:39PM by Michelle Bogle)
Ehab Nasieef is a Commercial Real Estate Investment Broker with Marcus & Millichap Vancouver – a position he has held since April 2015. His sole asset focus is related to investment sales of offices and industrial properties within the Greater Vancouver Area.
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Ehab brings over 15 years of combined experience in Finance, Sales, Marketing and Project Management. Prior to joining Marcus & Millichap, he held various positions with several companies in Saudi Arabia with a focus in Real Estate Development, Project Management, Telecommunication and Finance.Â
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Ehab is also a proud graduate from the University of Southern California, where he received his degree in Electrical and Electronics Engineering in 1998.
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For more information about Ehab Nasieef, please click here to view his profile, as well as his commercial real estate blog.
To contact him to directly to discuss your national office or industrial property investment needs, please contact Ehab by phone at (604) 675-5256 or by email.Â
To contact him to directly to discuss your national office or industrial property investment needs, please contact Ehab by phone at (604) 675-5256 or by email.Â
Could Foreign Residential Tax Increase Interest in Vancouver’s Commercial Assets?
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(Posted on Oct 3, 2016 at 07:29PM by Michelle Bogle)
With so much news coverage about the recent 15% foreign tax placed on Vancouver residential properties, much speculation has shifted towards commercial assets and the probability of foreign investors cashing in on office, retail and industrial properties – especially as these assets are reaching all-time high numbers.Â
The plausibly of this happening is quite promising. Since the tax was instituted, home sales and price growth have cooled, particularly for luxury real estate.
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Commercial real estate, on the other hand, is hot. Transactions climbed to $7.14 billion (CDN) in the first half of 2016 – almost double the year previous and nearly triple compared to the same period of 2014.
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Another consideration is the supposed housing bubble risk that Vancouver is harbouring. According to a report by Swiss bank UBS, Vancouver's bubble risk is unmatched on the planet, thanks to the boom in foreign investment and loose monetary policy.
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Some might smell disaster; others might smell opportunity. Either way, our commercial advisors are keeping a close eye on B.C.’s provincial government and the real estate sector across the Lower Mainland.
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To learn more, please contact our Vancouver office to speak with a broker.
Spotlight on Vancouver’s Senior Housing Market
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(Posted on Sep 29, 2016 at 02:22AM by Michelle Bogle)
While Vancouver is a very young, vibrant city, it is also home to a significant aging population in search of senior housing options that suit their needs for care, independence, services and community. And, this population is aging fast, much like other senior populations across the country, which is bolstering a great demand for quality senior housing options from coast-to-coast.
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According to Statistics Canada, 2015 estimates show that, for the first time, there were more Canadians aged 65 and up than children ages 0 to 14. Nearly 16.1% were at least 65-years-old, compared to the 16% of children ages 0 to 14 years.Â
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That number isn’t looking to decline either. Based on population projections by Statistics Canada, the share of individuals aged 65 years and older will continue to increase and account for 20.1% of the population in 2024, while the share of children aged 0 to 14 years should account for just 16.3%.
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For investors looking to expand into the senior housing sector, the timing is right – especially in Vancouver, where many seniors are looking to sell their million dollar homes and transition into luxury residences, offering a range of senior care options, services and activities.Â
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But, to get into this unique market, you need the expertise of an experienced investment specialist – like our team at Marcus & Millichap Vancouver.Â
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We offer highly effective research, advisory, financing and transaction services tailored to meet the needs of each seniors housing property type. Our associates are well-versed in all assets, including seniors’ apartments, assisted living facilities, independent living facilities, skilled nursing facilities and continuing care retirement communities.
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To learn more about our services and expertise, please contact our office to speak with a broker. Or, to view current investment opportunities, please see our featured commercial property listings here.
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