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.

Target announces B.C. store locations.

The U.S. Department store chain Target announced today it intends to open dozens of stores in Canada and 18 in B.C. by March or April of next year.

Target intends to announce additional locations over the next several months, the company said in a press release today. They include:

• Abbotsford – Abbotsford Power Centre

• Burnaby – Metropolis at Metrotown

• Chilliwack – Cottonwood Mall

• Coquitlam – Coquitlam Centre

• Delta – Scottsdale Mall

• Langley – Willowbrook Shopping Centre

• Maple Ridge – Haney Place Mall

• Surrey – Surrey Place/Central City

Read more: http://www.vancouversun.com/business/commercial-real-estate/Target+announces+store+locations/6679559/story.html#ixzz1vuyAKbR7

Barclay Mansion, a 40-unit apartment building in the West End has been sold by John Gee, Colliers for $10,300,000, or $258,000 per unit. The purchaser was a local investor.

Constructed in 1962 by a well-known local developer, Barclay Mansion is improved with a nine-storey concrete high-rise offering eight bachelors and thirty-two one bedrooms, and approximately 23,000 square feet of net rentable area.