Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
Development

Richmond School District Steveston Secondary for $41 Million

The site of the former Steveston secondary in Richmond sold to Polygon Homes for $41,125,000.

“The board is enthusiastic about what this means for our district,” said Donna Sargent, board chair at Richmond School District No. 38. “The sale of these lands provides us with funding that can be used for other capital projects and will ensure the legacy of Steveston will remain within the Richmond community.”

The 13-acre site will be split into eight acres sold to Polygon and five acres reserved for a park. There are no conditions on the sale and any rezoning will be done with the city.

12.58 acre Steveston Secondary Site

12.58 acre Steveston Secondary Site

The secondary school closed in June, 2007 and was merged with the nearby London secondary to become Steveston London secondary in September, 2007.

October 23, 2013by david.taylor@colliers.com
Development, Office

North Vancouver City OK’s Office Block

There is a sizable new office block with a design not like any other on the North Shore coming to central Lonsdale.

City of North Vancouver council voted Monday night to approve a five-storey, 9,600-square-foot retail/office building on the corner of 12th Street and Lonsdale Avenue. The site is currently home to a convenience store, a Vietnamese restaurant, a pizza restaurant as well as a laundromat and hair salon.

12th and LonsdaleThe building’s facade is like most glass curtain wall designs used in office towers, except it is rotated 45 degrees and divided up into a mesh. The outer wall then curves outward and turns into an awning over the sidewalk.

The proposal exceeds the density allowed on the site, however council agreed to amend the official community plan because the building includes “employment generating space,” and because the developer is contributing $172,800 to the city’s community amenity fund.

Read more: http://www.nsnews.com/news/north-vancouver-city-ok-s-office-block-with-striking-design-1.668835#sthash.crKSabUK.dpuf

October 23, 2013by david.taylor@colliers.com
Investment, Retail

Sobey’s Ordered to Sell Two Metro Vancouver Stores

As reported by CBC, the Competition Bureau has ordered Sobey’s Inc. to sell 23 stores in Western Canada before it will approve its $5.8-billion purchase of grocer Safeway Canada.

The Nova Scotia-based supermarket chain says it has agreed to put the supermarkets on the block and it expects to close the acquisition of the Canadian assets of Safeway in early November.

The two affected Metro Vancouver properties are:

Tsawwassen Safeway

Tsawwassen Safeway

Safeway Tsawwassen, 1143 56th Street, Tsawwassen

This is a 4.5 acre site in the heart of Tsawwassen’s commercial area. The property is zoned C-1. It is assessed at $11,977,000.

 

 

New Westminster Thrifty's

New Westminster Thrifty’s

Thrifty Foods Sapperton, 270 East Columbia Street, New Westminster

The Thrifty’s is located as part of Wesgroup’s Brewery District project and does not have redevelopment potential.

 

October 23, 2013by david.taylor@colliers.com

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