As we approach the end of summer, a look at transaction activity in Metro Vancouver at the 2/3 mark of the year shows a fairly significant drop compared to this time last year. Research prepared by Colliers International shows the number of transactions of over $3 Million down slightly for retail and apartment properties, and down almost 50% for office buildings (where supply has been scarce) and land (where demand is down after a busy 2012 that saw many large sites acquired).

An article in the Vancouver Sun mentions Realnet research reflects these numbers and shows even greater declines in Calgary and Toronto during the same period.

Perhaps this indicates the market’s collective belief that valuations are peaking for both investment properties and development sites.

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.”

Read more: http://business.financialpost.com/2013/07/24/empire-sells-68-safeway-properties-to-crombie-reit-in-990m-deal/