A two-storey warehouse/office building in the Southeast False Creek area has sold for a reported $5,950,000, or $240 per sq ft. The 24,799 sq ft building, zoned I-1, was built in 1965 and has potential for extensive renovation, addition, or conversion to office use. It had been listed for sale with Cushman Wakefield at $6,300,000.

“VANCOUVER, May 28, 2012 /CNW/ – Trez Capital Mortgage Investment Corporation (the “Company”) announced today that it has filed a final prospectus with the securities regulators in each of the provinces and territories of Canada for the initial public offering of its securities.  A copy of the prospectus is available at www.sedar.com.

The prospectus qualifies the distribution of up to 10,000,000 Class A Shares of the Company at a price of $10 per Class A Share for gross proceeds to the Company of up to $100,000,000.  A syndicate of agents co-led by RBC Dominion Securities Inc., Canaccord Genuity Corp. and CIBC World Markets Inc. and including BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., GMP Securities L.P., Raymond James Ltd., Macquarie Private Wealth Inc., Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated are acting as agents for the public offering and prospective investors may subscribe for Class A Shares through one of such agents.”

Source: Canada Newswire (http://www.newswire.ca/en/story/982047/trez-capital-mortgage-investment-corporation-files-final-prospectus-for-100-million-initial-public-offering)

City sends Harbourside to hearing.

The controversial Harbourside development south of the North Shore Automall will go to an official public hearing in June following a Monday night decision by City of North Vancouver council.

Council voted 5-2 in favour of moving the project forward to a formal official community plan amendment process, after the developers made changes to the original plan and council gathered public feedback in March.

Commercial market at ‘peak levels’.

The CPP Investment Board paid $63 million for a 50-per-cent stake in 401 West Georgia.

Photograph by: Glenn Baglo, PNG , Vancouver Sun

Metro Vancouver’s commercial real estate market booked a record number of sales over $10 million in the first quarter of 2012, according to new research by the firm RealNet Canada, although the total number of transactions were lower than the last quarter of 2011.

The region saw 24 property sales in excess of $10 million, which exceeded the previous record in 2009 by three transactions.

Paul Richter, RealNet’s national research manager said that is a positive indicator for the market.

“Bigger really shows that there’s extreme confidence in the market,” he said.

Read more: http://www.vancouversun.com/business/Commercial+market+peak+levels/6699489/story.html#ixzz1wPsOUKqy

Three downtown Vancouver towers to focus on rental units over market condos.

 

Aquilini Developments says a three-highrise tower development near Rogers Arena ‘is probably the largest rental project [in Vancouver] in the last 30 years.’

Three new highrise towers planned beside Rogers Arena will feature several hundred rental units as their residential component instead of condominiums.

“It’s in the heart of the downtown core and we thought it would be a great rental project,” said David Negrin, president of Aquilini Developments and Construction, on Wednesday. “We’re taking some risk, but feel there’s a real requirement for rentals in downtown Vancouver.”

Read more: http://www.vancouversun.com/business/Three+downtown+Vancouver+towers+focus+rental+units+over+market+condos/6704420/story.html#ixzz1wPqwhw3x