Granville Villa, a 65-unit apartment building located at West 11th Avenue and Pine Street in the South Granville area of Vancouver has sold for $14,867,000; equating to a 3.3% cap rate, and $228,000 per unit. The 3-storey building was built in 1973 and contains mostly one-bedrooms and bachelor units. The building had been listed for sale for $16,500,000.
1152 Mainland Street, a four storey, brick and beam office building on Mainland near Davie Street has been sold to Mark James for $18,500,000. Known as ‘The Yaletown Building’, the 36,911 SF building is described as “the quintessential Yaletown office building offering 20 foot high ceiling and exposed brick and beam construction”. The building was built in 1912 and is located directly adjacent the Yaletown Canada Line station.
The building had been listed for sale earlier this year.
Sharp Villa Apartments, a 126-unit apartment complex located at the Northeast corner of SE Marine Drive and Fraser Street has sold for $11,750,000, or $93,250 per unit. The 3-storey building is located on a 1.2 acre site and has several retail units on the ground floor.
STELLARTON, N.S. — Empire Company Ltd. announced a plan Wednesday to sell 68 Safeway properties in a sale-leaseback deal with Crombie REIT for $990 million in cash.
The company, which owns the country’s second-largest grocer Sobeys Inc., said the properties involved in the sale are located in British Columbia, Alberta, Saskatchewan and Manitoba.
Metro Vancouver Properties Sold:
In early June, Empire signed an agreement to buy more than 200 grocery stores from Canada Safeway Ltd. in a $5.8-billion deal. At the time, it said that it intended to finance the acquisition with a $1 billion sale-leaseback that it would first offer to Crombie REIT.
“We are pleased to announce this sale leaseback transaction between Sobeys and Crombie REIT,” Empire president and chief executive Paul Sobey said in a statement.
“The sale proceeds will be used by Sobeys to assist in the funding of the Canada Safeway acquisition which provides Sobeys with a much stronger presence in Western Canada and allows them to benefit from increased economies of scale.”
As the West End Community Plan is emerging, we thought it would be interesting to take a look at the largest lots in the West End. There aren’t many large lots; in fact, of privately held properties, there are less than 10 of an acre or more. Here are the 40 largest parcels in the West End, by land area (SF):
All of the above properties are improved with sizable income producing (mostly apartment) properties that won’t likely be redeveloped anytime soon; however, many of these, and many smaller lots (of which there are over 500), will see some activity in the coming years as part of the West End Plan. Here is the City’s depiction of what the West End might look like in 30 years once built out per current policy:
Contact us if you would like to know more about the WECP and where are the opportunities are.