The response to our inaugural Feature Deal Newsletter was overwhelming. Thank you to everyone that submitted their deal for consideration.
CRE professionals from across North America shared their wins and how they were able to complete sales for different commercial sectors, including industrial, multifamily and retail. Learn how these individuals were able to close their sales, sometimes despite challenges in this month’s CRE featured deals:
1213 International Blvd, Burlington, ON
2060 Winston Park Dr, Oakville, ON
Type: Industrial & Office Lease
The Colliers team, Matt Albertine, Associate Vice President and David Colley, Senior Vice President leveraged their trusted network of contacts and deep experience in the medical vertical to find the right spaces in Oakville and Burlington for the client.
Completing the transaction within a month, they secured a 188,250 SF off-market industrial opportunity at 1213 International Boulevard with a 15,000 SF office component at 2060 Winston Park Drive, Oakville, one of the most significant office lease transactions in Oakville in the past few years.
4540/4560 Thompson Rd, Richmond, BC
4551/4571 Boundary Rd, Richmond, BC
Type: Land Sale
Size: 3.05 acres
The deal was first sold to an original buyer, however the original buyer was not able to complete on the sale. Allen had to bring in a secondary buyer to take over the first buyer’s contract. This was done via assignment of contract of purchase and sale.
Essentially the land assembly of 3.05 acres was actually sold twice. Sold first as an assignment of contract between the original buyer (assignor) and secondary buyer (assignee), and eventually it was sold between the original 4 sellers on title, and the end buyer (assignee).
This deal was highly complex as there were many moving pieces throughout the entire process which lasted a year.
Century Park, Edmonton, AB
Type: Multi-family Sale
Size: 35 Luxury Condos
A Vancouver investor saw an opportunity to purchase the remaining 35 luxury condos at Century Park in Edmonton for their portfolio. Prime location, at the end of the LRT, a TOD site, minutes to U of A, airport and Downtown.
The Condos were developed by ProCura Real Estate Services and Westbank in 2009 and 2010. Due to the Economic downturn in 2009, several condos were purchased and retained by the developer. ProCura bought out Westbank in 2012, which included 40 acres plus tall the Luxury Condos, seeing the opportunity for a new master plan and a project pipeline to develop another 4000 units at Century Park.
Currently, Century Park has remained the highest performing $ PSF for luxury rentals in Edmonton, and continues to be in strong demand.
12300 Boulevard Albert-Hudon, Montreal, QC
Type: Industrial Sale
Affected by a zoning change the property was no longer permitted for industrial use. Several investors attempted to persuade the city to entertain an industrial usage proposition without success. As a result, the property was discounted (about 50% of market value).
Germando is a broker who does not accept failure and was determined to find a solution. Eventually he was able to source a purchaser who was experienced with grandfathered rights and had successfully closed on properties in the past with similar entitlement issues. Taking several months to prove to the city there was a grandfather right which needed to be respected, the vendor in the end was able to trade his property, and the purchaser acquired a property at an exceptional price.
The deal was sweetened when the closing was postponed by four months allowing the vendor to be mortgage and rent free during that time while the purchaser did not have to carry the property. Meanwhile Germando and his team went out to market to procure a tenant. A great outcome for all parties!
8810 SW Hwy 200, Ocala, FL
Type: Retail Sale
Kingsland Plaza sold to an investment group that intends to bring the center from a class “C-” to a “B+”. Beau Broker, Sr. Director at NAI Heritage, brokered the deal.
Kingsland Plaza is in Ocala Florida home to the New World Equestrian Center. Ocala, Florida is located along the Ocala-Gainesville industrial corridor where Amazon, FedEx, AutoZone, DollarTree and Chewy have distribution centers.
Ocala’s growing population and excellent training programs supply a steady workforce stream for employers. The mild climate, close proximity to universities and international airports, and an available skilled workforce blend together to create the environment new and expanding businesses are naturally attracted to for growth and prosperity.