Here’s a quick look at the largest commercial real estate transactions that took place in Metro Vancouver for 2015.
1. Westin Bayshore ($270 MM)
The sale of the Westin Bayshore hotel in the Coal Harbour area of Downtown Vancouver was the largest deal in Vancouver in 2015. The 511-room hotel sits on a prime 2.4 hectare site, some of which can likely be redeveloped to include residential. The fact that the buyer was Concord Pacific came as little surprise in the marketplace; they are one of Vancouver’s largest and most well-capitalized development companies, and have an obvious history of transforming urban waterfront properties. It is only the 6th property in Vancouver to trade for over $200 Million, a benchmark will likely be surpassed by other deals in 2016 (see below).
2. Fairmont Hotel Vancouver ($180 MM)
Another hotel deal is near the top of the list. Larco’s acquisition of the historic Hotel Vancouver was one of the more talked about deals in 2015. The 556-room, 20-storey hotel was built in 1939 and occupies one corner of Vancouver’s (unofficial) centre-ice at West Georgia and Burrard Street. The building occupies 1.6 acres and generates a significant amount of its income from the prime retail on the Burrard and Georgia frontages.
3. Lougheed Village ($165 MM)
One of Vancouver’s largest deals in 2012 (at $80MM) turns out to also be one of the largest deals upon resale in 2015. As reported in BIV just a couple of weeks ago, Starlight Properties bought the large-scale apartment property for $165,000,000. “Lougheed Village has 528-suites in two 24-storey and two eight-storey concrete towers. The 7.3-acre parcel, close to the Burnaby-Coquitlam border and a SkyTrain station, also contains 50,000 square feet of retail space.“
4. Ackroyd Plaza ($102 MM)
In one of Vancouver’s largest retail deals of the year, Ackroyd Plaza, a 6.8 acre strip retail centre at Ackroyd Road and No. 3 Road in Richmond, has sold to a local investor. Major tenants include PriceSmart Foods, White Spot, Boston Pizza and a BC Liquor Store. The development potential was summarized back when the sale was first reported in September 2015.
5. 4750 Kingsway ($100 MM)
Concord Pacific’s makes the list again with their deal with Sears Canada, which was for multiple properties, but the Metrotown Sears property is the key strategic acquisition. Sears will lease back the property, but future development potential includes multiple commercial and residential towers.
Recent speculation surrounding possible sales of the Molson Brewery, Royal Centre and the Bentall Centre indicate that 2016 could be a massive year for transaction volume in Vancouver. Stay tuned.
