Two adjoining retail/office buildings at the corner of West 4th and Fir have sold for a reported $2,900,000. The buildings total 6,180 square feet, and include tenants such as The Right Shoe and Paris Orthotics.

In a $5.8-billion deal that will reshape Canada’s grocery industry, Sobeys Inc. is buying Safeway Inc.’s Canadian division to beef up its western business and take on intensifying competition.

The deal, announced late Wednesday, will solidify Sobeys’ position as the country’s second-largest grocer and put pressure on Loblaw Cos. Ltd., the leading player in the sector, which has struggled to make gains over the past several years.

“The acquisition of Canada Safeway represents an excellent strategic fit, strengthening our presence in Western Canada,” said Paul Sobey, chief executive officer of Sobeys‘ parent company Empire Co. Ltd.

The agreement comes at a time of growing competition in food retailing as discount giant Wal-Mart Canada Corp. rapidly adds more grocery aisles to its stores and U.S. rival Target Corp. opens its first outlets in this country, raising the competitive stakes for everyone.

Read more: http://www.theglobeandmail.com/report-on-business/sobeys-to-buy-safeway-in-58-billion-deal/article12499648/

A 9-storey office building is proposed for the Southeast corner of West Pender and Seymour Streets in Downtown Vancouver. The building will contain approx. 77,000 SF of commercial space.

The property is currently for lease/sale with Colliers. Detail here.

Property Features for 538 West Pender Street

• Targeting LEED® Gold
• “A” Class building
• Latest technology in building systems
• Architect: Musson Cattell Mackey Partnership (MCM)
• Main floor retail
• Penthouse amenity area for use by tenants
• Efficient floor plates

First-quarter drop for Vancouver commercial real estate sales.

The value of commercial real estate sales in the Lower Mainland dropped 40 per cent in the first quarter of 2013 from the same time last year, and was the lowest seen since the first quarter of 2009, the Real Estate Board of Greater Vancouver reported Thursday.

There were 384 commercial real estate sales worth $886 million conducted in the first quarter of this year. Last year’s first quarter, the highest in five years, saw 480 sales.

“Commercial real estate activity eased in the Lower Mainland in the first three months of the year. This comes on the heels of a strong post-recession commercial market over the past few years,” said Sandra Wyant, the real estate board’s president.

A breakdown of the sales shows that there were 91 commercial land sales valued at $322 million, 159 office and retail sales valued at $253 million, 109 industrial land sales valued at $211 million, and 25 multi-family sales valued at $99 million.

A rezoning proposal has been put forward to develop a phased commercial development at 2020 Boundary Road, a site the Northeast corner of Lougheed and Boundary Road in Burnaby. Translink sold the site last year to the Open Road Auto Group for $19.2 Million.

The development will consist of:

• two or three high-end auto dealerships
• a 4-storey fully enclosed glass structured car parkade
• an 8-storey, 85,000 SF office building with underground parking and grade level retail uses
• a total density of 0.77 FAR

The auto dealerships are proposed to be the first phase of the development, with the commercial uses later.