A two-storey warehouse/office building in the Southeast False Creek area has sold for a reported $5,950,000, or $240 per sq ft. The 24,799 sq ft building, zoned I-1, was built in 1965 and has potential for extensive renovation, addition, or conversion to office use. It had been listed for sale with Cushman Wakefield at $6,300,000.

“VANCOUVER, May 28, 2012 /CNW/ – Trez Capital Mortgage Investment Corporation (the “Company”) announced today that it has filed a final prospectus with the securities regulators in each of the provinces and territories of Canada for the initial public offering of its securities.  A copy of the prospectus is available at www.sedar.com.

The prospectus qualifies the distribution of up to 10,000,000 Class A Shares of the Company at a price of $10 per Class A Share for gross proceeds to the Company of up to $100,000,000.  A syndicate of agents co-led by RBC Dominion Securities Inc., Canaccord Genuity Corp. and CIBC World Markets Inc. and including BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., GMP Securities L.P., Raymond James Ltd., Macquarie Private Wealth Inc., Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated are acting as agents for the public offering and prospective investors may subscribe for Class A Shares through one of such agents.”

Source: Canada Newswire (http://www.newswire.ca/en/story/982047/trez-capital-mortgage-investment-corporation-files-final-prospectus-for-100-million-initial-public-offering)

Commercial market at ‘peak levels’.

The CPP Investment Board paid $63 million for a 50-per-cent stake in 401 West Georgia.

Photograph by: Glenn Baglo, PNG , Vancouver Sun

Metro Vancouver’s commercial real estate market booked a record number of sales over $10 million in the first quarter of 2012, according to new research by the firm RealNet Canada, although the total number of transactions were lower than the last quarter of 2011.

The region saw 24 property sales in excess of $10 million, which exceeded the previous record in 2009 by three transactions.

Paul Richter, RealNet’s national research manager said that is a positive indicator for the market.

“Bigger really shows that there’s extreme confidence in the market,” he said.

Read more: http://www.vancouversun.com/business/Commercial+market+peak+levels/6699489/story.html#ixzz1wPsOUKqy

411 Dunsmuir Street in Downtown Vancouver has sold. Known as the 411 Senior’s Centre for several years, the 4-storey building sold for $8,775,000, or about $266 per sq ft based on a total building area of 33,000 sq ft. The building will be undergoing minor renovations including to the exterior and street level space. The purchaser was a local group. As of last week, the Senior’s Centre Society had moved to 333 Terminal Avenue.

New Westminster learned of office tower decision after election.

The City of New Westminster learned that the Uptown Property Group was pulling out of the civic centre project nine day’s after last fall’s civic election.

Jim Lowrie, the city’s director of engineering, said the Uptown Property Group notified the city of its decision to withdraw from the project on Nov. 28, 2011.