A highly coveted office building and adjacent development site has sold to Peterson Group for $41,000,000. The property, located at the corner of Granville and West 10th Avenue, was owned by BMO and offered for sale by BMO through Form Retail in the spring of 2015.

The offering included the 5-storey, 45,000 SF office building built in 1973 on the corner anchored by BMO, and the adjacent 16,000 SF parking lot, which can be developed under the current RM-3 zoning. It was anticipated that BMO would enter into a 10-year leaseback as part of the deal.

A 45-unit Richmond apartment complex known as Cook Place Apartments has sold for $11,700,000 to a local investor. The price represents $260,000 per unit and a cap rate of 3.3%. The property is ideally situated near the City Centre area of Richmond, just one and half blocks East of Richmond Centre Mall and a short walk to the Canada Line.

The building itself is a 3-storey woodframe building built in 1979, with underground parking. There are 30 Two-Bedroom units and 15 One-Bedroom units. Rents were approximately 10% under market. The property was listed with an asking price of $11,888,000.

Here’s a building that had sold in 2012 that recently resold for a substantial gain. The 43 unit, 8-storey concrete building located at West 5th Ave and Alma sold for $14,495,000 or $337,093 per unit, representing a 12% price appreciation from 2012 when the building sold for $12,800,000.

Reliance Properties has applied to the City of Vancouver for permission to develop the Northeast corner of Bidwell and Davie with a 22-storey secured market rental building with commercial retail units at grade. The site is 12,970 SF and is zoned C5-A, therefore it does not require rezoning but is a conditional approval that requires the decision of the Development Permit Board. The West End Community Plan includes design guidelines that facilitated this proposal, which includes:

• 108 residential units (all secured market rental);
• total gross floor area of 102,927 SF, including 5,000 SF of commercial retail;
• Total density of 7.4 FSR
• 77 underground parking spaces on 4 levels
• Replacement of 12 existing rental units and older commercial space

More information on the development application can be found here.

A Kerrisdale retail building that was previously on the market for $4,980,000 has sold for $5,090,000. More commonly known to locals as the old Finn’s of Kerrisdale, the 5,081 SF building at 2159 West 41st Avenue sold for over $1,000 per SF to Yuan Fan International Group Inc. The property is zoned C-2 and is located in the heart of Kerrisdale’s 41st Ave retail stretch. This is not a record value for a Kerrisdale investment property; several buildings have traded for well over $1,000 per SF in the past few years.

A leasing brochure indicates that the new owner plans to renovate the building. Half of the retail has already been leased and the other unit is available for lease for $50.00 per SF.