La Carina Apartments, a 12-storey 37-unit building located at 1937 Pendrell Street in the West End of Vancouver has sold for $13,500,000, representing $365,000 per unit.
The vendor and purchaser were both private investors.
Reliance Properties has acquired The Pemberton Building, 744 West Hastings Street in Downtown Vancouver, B.C. The building is a 65,000 sq ft, 8-storey C-Class office building built in 1912.
The purchase price was $19,000,000, representing $291 per sq ft.
Ted Mildon and Derek May of Colliers acted on behalf of the Vendor and Purchaser in the transaction.
745 Thurlow, a 22-storey office tower at Thurlow and Alberni
British Columbia Investment Management Corporation (bcIMC) has announced plans for the construction of its newest office building, 745 Thurlow, a 400,000 square foot, AAA office tower to be built to LEED Gold standard, in downtown Vancouver.
The project has secured it’s lead anchor tenant, McCarthy Tetrault, who currently occupies 75,000 sq ft at 777 Thurlow St.
The project is scheduled to complete in 2015, with demolition of the existing structure to commence in early 2012.
Values for freehold office buildings and strata office space remain stable in North Vancouver, with steady growth exhibited over the past several years, a trend expected to continue with new supply generally limited to a handful of sites.
This market is predominantly characterized by owner occupiers. The average sales value over the past five years in this market is $350 / SF. Newly built buidlings and strata space in the core areas of lower and mid-Lonsdale have achieved values approaching $500 / SF, with older product in business park or industrial areas reaching below $300 / SF.
Investment activity in this market has been relatively confined to strata sales since the acquisition of the Westmar Building (233 West 1st Avenue) by Upcountry Group in September 2009. Since the acquisition, Upcountry has strata-titled the building and rebranded it ‘The Lookout‘ with 31 units, ranging in size from 538 to 25,000 SF. Several units are still available in the building, averaging approximately $450-550 / SF.
Allied REIT has entered into an agreement to purchase the Sun Tower, located at 100 West Pender Street in the trendy Crosstown area of Vancouver.
The Sun Tower is a heritage building with a gross leasable area of 81,590 square feet. The building was fully renovated and leased up in 2009.
