Burnaby NewsLeader – First Station Square tower in Burnaby sells out in hours.

The first tower at the Station Square redevelopment sold out in three-and-a-half hours Saturday.

Some of the 269 units had already been sold to family and friends of the developers over the last few weeks and the lineup for buyers for the remaining units started at 6:30 a.m. that day, according to Greg Zayadi, director of residential sales and marketing for Anthem Properties, which is developing the project with Beedie Living.

Read more: http://www.burnabynewsleader.com/news/175297501.html

Allied Properties REIT has acquired two office buildings located at 1040 Hamilton Street and 1286 Homer Street for a combined total of $42 Million. The seller in the transaction was MDC Properties. The purchase price represents $605/SF and an implied cap rate of 6.2% on stabilized income.

This purchase will bring Allied’s portfolio in Vancouver to 5 office buildings totalling 300,000 SF. From the press release:

1040 Hamilton Street, Vancouver

“Located on the south side of Hamilton and extending through to and having frontage on Mainland Street, this property is comprised of 44,667 square feet of GLA. Built in 1920 as for a paper company, the building was redeveloped for office and retail use in 1988. Management believes that municipal approval can be obtained to add an additional 20,000 square feet of GLA to the building and that such an addition is structurally feasible.”

1286 Homer Street, Vancouver

“Located on the south side of the Homer and extending through to and having frontage on Hamilton, this property is comprised of 24,723 square feet of GLA. Built in 1910 for warehouse purposes, the building was redeveloped for office and retail use in 1989. Management believes that municipal approval can be obtained to add an additional 10,000 square feet of GLA to the building and that such an addition is structurally feasible”.

Source: Press release: http://finance.yahoo.com/news/allied-properties-real-estate-investment-210743702.html