First Capital Realty has announced the acquisition of The Plaza at New Westminster.  The property consists of 194,000 square feet of gross leaseable area and a 422 stall paid parking garage.  The project is fully integrated with Skytrain and a bus terminal.  Tenants include Safeway, Landmark Theatres, Shoppers Drug Mart, Dollar Tree, CIBC, RBC, Starbucks and A&W.

The acquisition price was approximately $100 million with the potential for furhter performance incentives.

Vancouver’s downtown Bay store to get a major facelift.

VANCOUVER — Downtown Vancouver’s iconic Hudson’s Bay Co. store will undergo a multimillion-dollar facelift inside and out beginning this spring in a bid by the U.S.-owner retailer to become the city’s fashion headquarters.

“It’s going to be absolutely beautiful, world-class,” said Bonnie Brooks, HBC president, of planned renovations to the 86-year-old structure at the intersection of Granville and Georgia Streets.

Located at 9500 Erickson Drive in Burnaby, this 528 residential suite, 21 commercial unit, 4 tower property recently sold for approximately $100,000,000.  Built in 1973, the property currently produces $7,400,000 in gross income per year and sits on 7.5 acres of land.

The 5th Floor at Jameson House, 838 West Hastings Street has been sold for $4,100,000, representing $700 per sq ft. The office floors have been listed for sale for several months. The purchaser is a user that will occupy the space.

Hillside Villa, a 43 unit apartment tower located at Esquimalt and 17th Street has sold for $15,657,000, representing $364,116 per unit, and a 2.5% cap rate. The tower is located on a half acre site.