Investors Group has sold Newton Commerce Centre in Surrey for $7,000,000. The vacant office building, located at 76th Avenue and 130th Street, is a two-storey building built in 2001. The building is 42,500 SF, making the sale $165 per SF.

Loblaw Cos. Ltd., Canada’s largest food retailer, reported a 40-per-cent increase in first-quarter profit and said it plans to compete the initial public offering of its real estate investment trust (REIT) in early to mid-July.

The company, majority-owned by George Weston Ltd., also raised its quarterly dividend by 9 per cent to 24 cents per share. This was the second time in six months that the company raised its dividend.

Loblaw, which also sells clothing, footwear and drugs, reiterated its outlook for 2013 despite increasing competition.

U.S. discount retailer Target Corp. opened its first three Canadian stores in March and plans to have more than 100 by the end of this year.

Read more: http://www.theglobeandmail.com/report-on-business/loblaws-7-billion-reit-offering-planned-for-july/article11649029/

We have sold 425 Twelfth Street in New Westminster. The building is a 34-unit strata titled apartment building that was offered to the market last year. The purchase price was $5,875,000, or $173,000 per unit. We achieved a premium valuation for our client as a result of the buildings age (15 years) relative to the average age of an apartment building in New Westminster (almost 50 years). Contact us for further details.