Bentall Kennedy, on behalf of  the Bentall Kennedy Prime Canadian Property Fund and some other of its pension fund clients, has purchased Bentall 5 for approximately $400 Million, representing almost $700 per sq ft, and a cap rate below 5%. The Vendor in the transaction, the German bank Deka Immobilien GmbH, had purchased the tower just three years ago for $297 Million.

Paul Zemla, Chief Investment Officer for Bentall Kennedy’s Canadian operations told PR newswire: “Following direct discussions with Deka, we were very pleased to pursue this “AAA” office asset. Our knowledge and comfort with Bentall V, which we developed and have managed since its inception, combined with the very attractive long term prospects for the Vancouver office market made this a unique opportunity for our clients”.

The tower, completed in 2002 and expanded in 2007, contains approximately 580,000 sq ft of AAA office and retail space.

This deal represents a new benchmark for valuations of AAA office buildings in Vancouver.

Villa Leah Apartments in Port Moody has sold for $6,600,000. The 32-unit lowrise walkup apartment building located near the city centre of Port Moody was extensively renovated prior to the sale. The price per unit is $206,000.

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.