Western Investor September 2012 Section A

Build on the Power of Our Network. Over 350 Offices Worldwide.

www.naicommercial.caCommercial Real Estate Services, Worldwide.

20.03 acres A2 Zoning Currently used as a potato farm Property contains a house + barn Price: Contact Broker $1,600,000

sash sasidharan 604-691-6637 [email protected] don & angie Macdonald 604-534-7974 or 1-800-890-9855

FOR LEASE1,900 sq ft warehouse Abbotsford ...$1,600 mo2,560 sq ft warehouse Abbotsford ...$1,800 mo6,000 sq ft retail Surrey ...................$8,000 mo

FOR SALE1,042 sq ft warehouse Abbotsford .....$188,7002,200 sq ft warehouse Mission$327,0002,628 sq ft warehouse South Surrey .$460,000

LOtS FOR SALE6,000 sq ft commercial lot .................$275,000Six residential lots serviced Langley .$280,000

BUSINESSESRV Sales & Consignment Langley ......$119,000Landscaping/Lawn Care Delta ...........$250,000

mixed use development site neW Westminster

19,633 sf corner 7 tenants $87k pa Hold now build later Build 4 storey strata New revitalized area$1,790,000

BrUce sheldon 604-534-7974 [email protected]

don ellis, ri 604-691-6668 [email protected]

KEN KIERS* 604-534-7974 1-800-890-9855

[email protected] *personal real estate Corp.

KEN KIERS* oR KEN HICKp. 604-534-7974 tF. 1-800-890-9855

[email protected]

FOR SALE- NEW LISTING

SELF STORAGE FACILITYEDMONTON, AB

excellent location!!

438+/- units 3.90+/- ac

63,500+/- sf net rentable

Over 90% occupied

priCe: Contact Broker

Commercial/Industrial LandHighway 1 Access and

Exposure

Adjacent to future FLYING JTruckstop and proposed

Dennys Up to 22+ Acres Total Owner will subdivide to suit Industrial or Commercial uses Full Highway Frontage

AsKinG: Contact listing BrokerUNDER CONTRACT

lAndmArK restAurAnt 200 seAt With strAtA BuildinG $1,275,000.....................................new Westminster

neW strAtA retAil 720 sF Corner reAdy FAll 2013 $320,000.....................................new Westminster

2 storey oFFiCe/retAil/Wrhse 16009 sF lot/13K BldG $2,350,000....................................................Burnaby

3029 TOLMIE ROADABBOTSFORD

FOR SALE COMMERCIAL pROpERTY LANGLEY, BC

MUST SELL!!!!!INDUSTRIAL BUILDING

FREE STANDING LANGLEY

MERRITT, BC oppoRTunITIEs

chris langhaUg 604-534-7974 or 1-800-890-9855 [email protected]

HOT pRICE 53 Unit Townhouse Site 4.1 Ac. R3 M-F zoning Services at street Asking $699,000

3 LIGHT INDUSTRIAL LOTS 0.43 acres each Amazing price $69,900 ea.

HALF ACRE C-3 SERVICE COMMERCIAL LOT

Close to Wal-mart. only $199K trades ?11.4 ACRES DEV. LAND

ADJACENT TO WAL-MART & HWY 5

Ideal for home improvement store, shopping centre, hotel, RV Park & Storage

Now only $3.2 mil ($280k/ac)

15,376 sq.ft. Warehouse/ With some main floor offices

1.2 Acres Paved lot - Fenced 7 year old building excellent condition Ceiling height 18 clear under joists Fully sprinklered Finished offices, washrooms & mezzanine Heavy Power, Fenced and secure yard Extra Yard area Rare!! $2,260,000

5349-273a Street, LangLey, BC Frontage on Fraser Highway Zoned C-3 uses include Dealerships,

Home improvement centre, etc. Re-development to Multi-Family,

Seniors complex Total of 2.57 +/- acres 3 separate titles Property includes 3 service bays and

parts store Secured lot Sold with or without business $3,500,000

$4.29 september 2012 Vol. 27/issue 9vancouver LoWer MaInLanD vancouver IsLanD sectIon

coMMercIaL reaL estate, FrancHIses anD BusIness oPPortunItIes

executive golfers retreat at semiahmoo $1,195,000

Call Mike (604) 288-7473 www.copacrealestate.com

New custom dream home w/nearly 4700 s.f. & quality high end appointments. 3 suites /detached guest Casita w/full bath

Spectacular one of a kind corner location bordering the #1 fairway & #18 hole, across from clubhouse

EXECUTIVE GOLFERS RETREAT at SEMIAHMOO - $1,195,000New custom dream home w/nearly 4700 s.f. & quality high end appointments. 3 suites /detached guest Casita w/

full bath

Spectacular one a kind corner location bordering the #1 fairway & #18 hole, across from clubhouse

0 6 0 3 5 8 1 8 2 9 1 9

0 9

Publications Mail agreeMent 40069240

17 PAYING FOR LAND LIFT Hani Lammam of Cressey: No qualms about Coquitlams policy of making new condo developers ante up

14 PROFITS IN HOUSING Investors forced out of Metro in search of positive cash flow

6 WESTERN PERSPECTIVE9 REITS TARGET RETAIL11 OFFICE BOOM BUILDING

23 CALCULATING CAP RATES25 B.C. REPORT 27 DONE DEALS

A2 Lower Mainland www.westerninvestor.com september 2012 WESTERN INVESTOR

cushmanwakefield.com | 604-683-3111*Personal real estate corPoration. ** sean Ungemach is licensed with sBU realty advisors ltd. and has a contractUal relationshiP with cUshman & wakefield ltd. ***craig haziza is licensed with cah realty inc. and has a contractUal relationshiP with cUshman & wakefield ltd. the information contained herein was oBtained from soUrces which we deem reliaBle, and while thoUght to Be correct, is not gUaranteed By cUshman & wakefield.

109 MHP rental pads on approx. 20 acres, 145 campsites and 4 cabins on 10 acres

Lake front campsite with sandy beach Excellent location with easy highway access Price $9,200,000

Retail investment opportunity Three buildings totalling 43,283 sf on

2.87 acres of land Opportunity to build approx. 9,000 sf

additional office/retail space

Holding income with underlying land value 11,310 sf C-2 corner site Lease to Husky Oil up for renewal in 2013 Asking Price $4,750,000

11,050 sf office/warehouse on 1.6 acres Leased to DHL Canada 7 dock and 13 grade loading doors 19 clear ceilings Asking $1,900,000

3 retail / 1 residential / 1 office units Built in 2009; Lots of parking Near Sullivan Heights High School

and Bell Centre Asking $2,200,000

7,429 sf penthouse floor of The Westminster Building

Close to skytrain, outstanding panoramic views High ceilings, fully updated tele/data systems Asking Price $2,150,000

Corner of Main and 5th Avenue Lot size 8,718 sf (may be combined with

neighbouring site) 6,600 sf building (holding income/demo clause) Price $3,800,000

2,000 feet oceanfront Never before available to purchase Purchase as a whole - Offers considered

on separate titles Asking Price $24,500,000

65 unit opportunity Active development permit Asking $1,995,000

22,300 sf on 6.97 acres Level and graded corner lot Long term lease, strong tenant Rail serviced Asking Price $2,300,000

Two storey retail/residential 100% leased - long term tenants 8,200 sf building Price $2,980,000

Plans in place for a 34 suite project Well located in emerging neighbourhood Asking Price $1,875,000

Ideal for an owner/user as the main and 3rd floor are currently vacant

Approximately 18,000 sf building & basement Excellent street presence Price $4,500,000

Approximately 1,000 sf of office space 8,000 sf warehouse + mezzanine, yard

and parking 2 grade level bay doors Price $1,800,000

Excellent exposure on Lougheed Highway High quality design and construction New building partially leased to liquor store Price $3,150,000

All rooms and lobby newly renovated 5 year lease to the Pantry Restaurant Pub space with liquor license included New Price $4,500,000

High profile medical clinic for sale on Fraser Highway

19 year old business Business and Real Estate for sale at $695,000 Owners will consider a lease back

Shadow anchored by Sobeys Stabilized NOI $184,643 7.4% CAP - 12% cash on cash (LTU: 75%) Asking Price $2,500,000

NOI (year 1) $541,032 escalating to (year 15) $644,014

Tenant - West Coast College of Massage Therapy - 5 colleges across Canada

Asking $9,870,000

Freestanding, well-maintained building (15,126 sf)

NOI: $150,000 CAP - nearly 8%; cash-on-cash 11.7% Price $1,900,000

One block north of East Hastings Street Minutes away from Downtown Vancouver 2.31 acres | 100,856 sf Call listing agents for the asking price

3,200 sf single tenant building Currently tenanted on a month to month basis Great opportunity for owner/occupier

or investor Asking Price $1,085,000

Long term national tenant $312,000 annual income Up to 15,000 sf warehouse space available

$89,036 net operating income 5 residential suites and 3 retail tenants

New net lease Building upgrades Net operating income $142,000 Price $2,582,000

Fully operational travel centre comes with Dennys long term lease

Price includes 3 adjacent development sites 15.9 acres total (includes travel centre parcel) Price reduced $8,950,000

Retail Centre on Lougheed Highway Two buildings totalling 13,732 sf Large 40,000 sf site Asking Price $3,850,000

Located at the edge of downtown Langley with convenient access to the major traffic arteries in the area

Could accommodate an approx. 5,000 sf building Asking price just reduced to $1,250,000

43,000 sf industrial building on 2.45 acres Excellent access to Lougheed Highway,

Highway 11 and the Mission Bridge Reduced Sale Price $3,050,000

Prime location in the heart of the financial district

New construction completed in 2011 AAA quality office space on 6th & 7th floors Fully automated underground parking garage

country pines mobile home park and

gallagher lake resort

investment opportunity1993 RIVERSIDE AND 34252 & 34314

MARSHALL ROAD, ABBOTSFORD

for sale - west side gas station on c-2 site

1010 W. kING EDWARD AVE, VANCOUVER

for sale - high exposure corner lot

2221 qUINN STREET, PRINCE GEORGE

for sale - high profile corner property

14377 64TH AVENUE, SURREy

for sale - excellent new westminster investment

opportunity

vancouver development site

2106 MAIN STREET, VANCOUVER

tofino zoned campground/commercial totalling over 116 acres

multi-family residential development site

1150 BAILEy STREET, SqUAMISH

for sale - prince george2001 INDUSTRIAL WAy, PRINCE GEORGE

for sale3345 - 3353 kINGSWAy, VANCOUVER

port coquitlam multifamily development opportunity

2250 & 2280 SHAUGHNESSy STREET

downtown victoria office building for sale838 FORT STREET, VICTORIA

saanichton industrial property for sale

6701 OLDFIELD ROAD, SAANICHTON

for sale/lease21755 LOUGHEED HIGHWAy,

MAPLE RIDGE

for sale - 61 room hotel with restaurant

LOUGHEED HIGHWAy, MAPLE RIDGE

for sale surlang medical clinic

#106 - 19475 FRASER HIGHWAy

for sale9321 96TH STREET, FORT ST. jOHN

15 year sale lease back613 COLUMBIA STREET,

NEW WESTMINSTER

for sale - established long-term tenancy1451 BOWEN ROAD, NANAIMO

full vancouver city block for sale

1909 FRANkLIN & 200 VICTORIA DRIVE

freestanding building in north burnaby

4622 HASTINGS STREET, BURNABy

for lease/sale2835 DOUGLAS STREET, VICTORIA

fully leased mixed use building

11937 227TH STREET, MAPLE RIDGE

for sale - long term government tenancy

2455 MANSFIELD DRIVE, COURTENAy

gateway travel centrekAMLOOPS

for sale mission square centre

MISSION

for sale - 0.78 acre flexible use development site

FRASER HWy & 200TH STREET, LANGLEy

for sale32860 MISSION WAy, MISSION

jameson house offices for sale/lease

VANCOUVER

don duncan * | chris driver* hudge parmar* | burton van alstine* brett aura bill randall* philip cheng

chris driver* | andrew laurie don duncan*

craig haziza*** mark gallagher bill randall* | noah freedman bill randall*

craig haziza*** chris driver* | don duncan*anne tanner | jon buchanan

call 250-410-3000jon buchanan call 250-410-3003

brett aura | craig ballantyne*

brett aura | chris driver* don duncan*

mike hardy | max zessel eric walker andrew laurie | max zessel eric walker | bill hobbs*

robert stokes | boe iravanialastair fergusson

sean ungemach**burton van alstine* | hudge parmar*

anne tannercraig ballantyne* eric walker

bart vanstaalduinen* eric walker

bill randall* | brett aura mike hardy | john bentley bill randall* mark trepp* | boe iravani

PRICE REDUCED


6 0 4 - 6 6 9 - 8 5 0 0 o r 1 - 8 0 0 - 6 6 1 - 6 9 8 8 f a x : 6 0 4 - 6 6 9 - 2 1 5 4 i n f o @ we s t e r n i n ve s t o r. c o m w w w. w e s t e r n i n v e s t o r . c o m 1 0 2 E a s t 4 t h A v e n u e , Va n c o u v e r , B . C . V 5 T 1 G 2

VancouVer lower mainland VancouVer island section contents september 2012

FEATURES17 ON THE COVER Coquitlams shape shifting City may have to forgo industrial land for housing

9 REITS shopping for small-town retail Top targets offer high yields and brand-name anchors11 Office boom building across downtown Score of new towers will change skyline and economics14 Can anyone still make money in housing? Yes, but investors may have to bail out of Vancouver

COLUMNS6 WESTERN PERSPECTIVE25 WHATS HAPPENING IN B.C. 27 DONE DEALS

On the coverHani Lammam, VP of Cressey: building MThree, the tallest condominum tower in Coquitlam, just makes sense.Photo: Kim Stallknecht Photography

221 LOwER maiNLaNd 8-9 sERViCEs 22 sEa-TO-sky/suNsHiNE COasT REgiON2227 VaNCOuVER isLaNd

ADVERTISING DIRECTORy

MORE OPPORTuNITIES iNTERiOR b.C. aLbERTa OTHER pROViNCEs fRaNCHisEs

sEE sECTiON b

LIFESTYLE PROPERTIESs p E C i a L s E C T i O N b 1 6

COMMERCIAL/INDUSTRIAL

VALUE FOR $ GOOD RETURN TENANT COVENANT UPSIDE CAREFREE

CALL Don MunroSUTTON GROUP

WEST COAST REALTY

604-817-7338 [email protected]

COMMERCIAL/INDUSTRIALACREAGES ACREAGES ACREAGESACREAGES ACREAGES

Prime Agricultural and Commercial / Industrial

Real Estate

Lickman Ro

ad

Hwy #1

Prime Agricultural and Commercial / Industrial Prime Agricultural and Commercial / Industrial Prime Agricultural and Commercial / Industrial Prime Agricultural and Commercial / Industrial Prime Agricultural and Commercial / Industrial Prime Agricultural and Commercial / Industrial Prime Agricultural and Commercial / Industrial Prime Agricultural and Commercial / Industrial Prime Agricultural and Commercial / Industrial Prime Agricultural and Commercial / Industrial Prime Agricultural and Commercial / Industrial

SURREY11151 Bolivar St & 13340 112 Ave $2,750,000 2.3 Acres (on corner) Zoned CHI (Highway Commercial)19518 32nd Avenue $3,150,000 4.83 Acres in Campbell Heights Designated Business Of ce Park

LANGLEY 203-20771 Langley Bypass $750,000 +/- 3,864 sq.ft. commercial strata Fully leased Excellent Investment Property

CHILLIWACK

45116 Yale Road 1.376 Acres Excellent location just off Evans Road Exchange Perfect location for your business Currently M2 zoningCall For Price & Additional Information

44085 Yale Road West $1,250,000 1.01 Acres Close proximity to TransCanada Hwy M2 Zoning (sales, manufacturing, distribution,

warehousing, food processing, outside storage allowed)

44109 Yale Road West $1,210,000 0.8 Acres Home and large shop Close proximity to Highway #1 M2 Zoning

8558 Chilliwack Mountain Road $4,600,000 10.687 acre Vacant Industrial Lot Zoned M3 (General Industrial) & M4 (Heavy Industrial) Level lot with a compacted gravel base Great Location! Great Price

7437 253rd Street $1,049,000 4.63 Acres +/- 1,264 sq.ft. 3 bedroom home updated +/- 8 years ago Septic eld re-done +/- 4 years ago Several paddocks and shelters as well as a hog fuel ring 32 x 80 coverall building 78 x 100 shop with 220 volt power 36 x 40.6 barn with 5 stalls and tack room7455 253rd Street NEW REDUCED PRICE $989,000 4.84 Acres +/- 2,928 sq.ft. 6 bdrm one storey with partial basement home renovations +/- 9 years ago 1,160 sq.ft. shop w/ loft and 2 single car garage doors Second dwelling is a split level 4 bedroom home with +/- 1,575 sq.ft. upper oors and +/- 400 sq.ft. basement48th Avenue & 216th Street Open to Offers 45.82 Acres (two parcels) Possible Future Potential?

889 Lefeuvre Road $5,800,000 26.6 Acres Mushroom Farm Shop/Composting Facility Growing Barn & Multi-Use Building27691 Downes Road NEW REDUCED PRICE!!!!! 26 Acres Potential Berry Land?? Large Shop & Barn/Storage7700 240th Street Open to Offers Remodelled!! 16.2 Acre panhandled shaped lot Large +/- 3,253 sq.ft., 3 bedroom rancher +/- 1,126 sq.ft., 2 Bedroom Basement Suite Jetted tubs upstairs & downstairs

ABBOTSFORD5133 Bates Road $1,850,000 Court Ordered Sale 45.194 Acres Private location to build your dream home Used as a Dairy Farm but a great location for blueberry farm or other farming ventures

LANGLEY27465 60th Avenue $1,299,000 5 acres w/ beautifully renovated log home Large paved drive, lots of parking for large trucks Fenced and cross fenced + future rezoning potential

Trophy Farm $9,800,000 550 gallon per minute water supply 12,583 sq.ft. home Warehouse/shop, of ce, barn 100+ acres fenced and cross fenced

Bare Farm Land $3,500,000 +/- 50 Acres prime hayland Terri c location Relatively at farmland & perfect for most crops

24453 60th Avenue $2,600,000 Large 48 Acre parcel (divided from original 77.2 acres) Located on the northern portion of 244583 60th Ave SR-1 zoning & section zoned P2-G

6842 202B Avenue & 6868 202B Ave $1,700,000 Prime Townhouse Development Site Designated +/- 40 UPA with underground or structured parking Excellent View Property close to all Amenities

CHILLIWACK50915 Ruddock Road $598,000 2.496 Acres Excellent view property close to many amenities +/-2 year old 2 stry home w/ full nished basement Beautiful large master bedroom with rear balcony, 4 pcs ensuite & walk-in closet51140 Ruddock Road $850,000 Potential for 11 Lots! 27.98 Acres Private, yet in close proximity to many amenities

700 Columbia Valley Road $1,300,000 Prime Farm Land, 25.51 Acres Build your dream home here!

50915 Ruddock Road 8558 Chilliwack Mountain Road Lickm

an Road

Lickman Ro

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44085 & 44109 Yale Road West

OFFERS

OFFERS

A4 Lower Mainland www.westerninvestor.com september 2012 WESTERN INVESTORWESTERN INVESTOR september 2012 www.westerninvestor.com Lower Mainland A5

Located in Downtown Prince George - near transit 94 units/11 Bchlr /35 1-Bdrm/47 2-Bdrm Recently fire damaged & vacated. Insurance money available for buyer to repair or seller will deliver the bldg ready for occupancy

b capar t m en t b ui l ding s .c o m

Highprofilelocation,closetotransit 75,000sq.ft.total 40,000sq.ft.availableimmediately LeaseRate$12/sq.ft.(longterm) Forsale$17M

27256 Fraser Hwy, Aldergrove

Burnaby, BC

Prince George, BC

3-Bdr owners suite with private lakefront balcony 140-Seatlakefrontrestaurant,currentlyleased

31-Guestsuitesinexcellentcondition/ 2-Bedroom managers suite Saltwateroutdoorswimmingpool

AskingPrice$3.29M

94 Unit Hirise Apartment Bldg. For Sale

Designated-Residential&Commercial Servicesavailable Superinvestment Gravelopportunitywhileholding

$2,500,000$1,700,000

102 Acres Prince George For Sale Office Building For Sale / Lease

Par72,6616yards,18holesChampionshipGolfCourseon159Acres 12,000sq.ft.clubhousewithpro-shop,restaurant,loungeandbanquetfacilities Fullsizedrivingrangeandlargepracticefacilities Preliminaryplansfora200roomhotelandconventioncentre 8,000sq.ft.custombuilthome

ERIC POON / KELVIN LUK 604.736.5611

Rare Golf Course Opportunity For Sale | Vancouver Island

Rare Opportunity - South Granville Apt Building For Sale

14Suites/1-Studio&13-1Bdr List Price: $5,288,0005,088,000 GARY KHAN / DAVID FITZGERALD /BRUCE LONG604.736.5611

BRUCE LONG 604.312.2000 DAVID FITZGERALD 604.714.5522

Unbelie

vable G

reat

Invest

ment

Centralcommercialfrontageintown centre on main street. Building6,500sqft/Lot66X120 Canbere-configuredinto3units(2,000SF) all w/ street frontage. Mixeduseredevelopmentpotential Guaranteed 3-yrleasetoyieldnear6%yield ListPrice:$750,000

MACDONALD COMMERCIALREAL ESTATE SERVICES LTD.

www.macdonaldcommercial.com

Sparkling Commercial Investment Waiting for you 6% cap

BOB SCR AGG 604.290.2906 [email protected]

Lakefront Resort Motel For Sale, Penticton, BC

CHRIS MIDMORE 604.714.4786KELVIN LUK 604.714.4766

Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission subject to prior sale or lease, change in price or terms and withdrawal without notice.

SolidConcrete5,000SFoffice/retailbuilding on 3/4 of an acre at a busy intersection

Zoningpermitsadditionaldevelopmentupto 25,000SF Idealforowner/user

AskingPrice$2,388,000

South Surrey Office/Retail Building For Sale

3221 140th Street, South Surrey, BC

Vancouver 604.736.5611Fraser Valley [email protected]

SALES . LEASING . STRATA MANAGEMENT . PROPERTY MANAGEMENT

Land,building&businessforsale.Approx.10acresinALR. List Price: $1,650,000$1,450,000GARY KHAN604.714.4799

42-suitebuildingonlargercornersite/7%caprate ListPrice:$3,880,000 DAN SCHULZ 778.999.5758

Kelowna Golf Range For Sale - Land, Building & Business

42 Unit Apartment Building For Sale - Kamloops, BC

YOUR PARTNER FOR SUCCESSFUL REAL ESTATE INVESTING

PROPERTY MANAGEMENT AND CONSULTING SERVICES FOR THE

LOWER MAINLAND AND FRASER VALLEY

SCOTT ETTLESDAYTIME 604 576 4407EVENING 604 724 1787

[email protected]

FORRES PACIFICPROPERTY

MANAGEMENT

CHILLIWACK AVIATION PARK UNITS FOR SALE/RENT

FOR INFORMATION CALL: 604-793-5938www.chilliwackaviationpark.ca

RARE OPPORTUNITY

Established & Profitable

Health Food StoreIn Downtown Chilliwack

Owner retiringAsking $450,000Serious buyers

Call John 604-846-7666


PRIME DEVELOPMENT SITE

860 Dominion Ave., Port Coquitlam7.13 acres Proposed M3 Industrial zoning Great potential Located in

mixed-use development area

Steve Caldwell

Although the information contained within is from sources believed to be reliable, no warranty or representation is made as to its accuracy being subject to errors, omissions, conditions, prior lease, withdrawal or other changes without notice and same should not be relied upon without independent veri cation. DTZ Barnicke Vancouver Limited, Real Estate Brokerage 08/2012.

For more information on our available properties and range of commercial real estate services please contact us today. Tel: (604) 684 7117 www.dtzvancouver.com

INVESTMENT PROPERTY

2780 Arbutus Street, Vancouver5,791 sq ft building on 9,375 sq ft lotKey corner location Stable long term

Income Care free management

Don Mussenden

RETAIL INVESTMENT

1088 Seymour, Vancouver1,182 sq ft Downtown location

Tenanted - 5 year leaseHigh exposure corner

James Bayley, Meghan Kennedy

RETAIL INVESTMENT

1738 West 2nd Avenue, Vancouver1,086 sq ft retail strata east of Burrard

Underground parking Approx. 5% cap rate Leased until April 30, 2015

Conor Finucane, Howard Malchy

INVESTMENT STRATA

17791799 Kingsway, Vancouver3,005 sq ft ground floor strata

Approx. 6% cap rateFully leased until Dec 31, 2015

Conor Finucane

EXPOSURE LOT FOR SALE

1161 Kingsway Ave., Port Coquitlam39,726 sq ft lot Excellent exposure

2,000 sq ft buildingM-2 industrial zoning

Phil Gibbons, Steve Caldwell

INVESTMENT OPPORTUNITY

904, 908990 Victoria St., Kamloops1.377 acres C-4 zoned

$216,000 gross rents Two buildings on 9 lots Asking $1,995,000

Steve Caldwell, Murray Wills

INDUSTRIAL SALE

54370 Bridal Falls Rd., Chilliwack14.165 acres Development potentialExposure and access to Highway 13 phase power Covered storage

Rand Thomson, Sebastian Espinosa


12682 82nd Avenue, Surrey24,700 sq ft on 1.19 acres

Fully leased generating $180,870 per annum Asking $3,400,000

Tony Capolongo, Sebastian Espinosa

INDUSTRIAL SALE

17597 55th Avenue, Surrey11,287 sq ft strata warehouse

Includes 4,047 sq ft of high quality office area Priced below replacement

Tony Capolongo, Sebastian Espinosa

DEVELOPMENT SITE

13061 King George Blvd., Surrey5.34 acre site Between Scott Road

& Gateway stations Residential/Industrial per OCP NEW PRICE!

Rand Thomson, Sebastian Espinosa

RETAIL SALE/LEASE

906 Main Street, Vancouver4,314 sq ft on two levels Restored

heritage building Exposure corner in trendy location 5 parking stalls

James Bayley, Meghan Kennedy

STRATA OFFICE SALE/LEASE

3410 Lougheed Hwy, Vancouver5526,696 sq ft Attractive pricingQuality concrete office constructionClose to SkyTrain/Broadway Tech

Anthony Lux, Don Mussenden

44%

SOL

D

King George Blvd

DEVELOPMENT OPPORTUNITY

2450 Ticehurst Lane & Gately Avenue, Port Coquitlam

32,381 sq ft site River frontage 48,571.5 sq ft of buildable density

James Bayley, Chris McIntyre


17511771 Savage Road, RichmondTwo buildings totalling 110,340 sq ft

on 5.483 acres Fully leased to 5 tenants Over 6% return

Conor Finucane, Casey Bell

PRIC

E RE

DUCE

D

MULTIPLE OFF

ERS

43 Units/2 BuildingsClose to amenities

Gross Income $222,893

PORT ALBERNI

28 Units Moody ParkFully occupied great tenants

Gross Income $ 238,408

NEW WESTMINSTER

16 Unit Apartment BuildingGross Income $111,744Potential Cap Rate 6.34%

ABBOTSFORD

58 Unit/Concrete HighriseExtensive Renovations


KELOWNA

21 Unit Apartment BuildingCompletely Renovated, Views


NEW WESTMINSTER

17 Units/Mount PleasantPenthouse/Laundry


EAST VANCOUVER

APARTMENT BUILDING SPECIALIST

SOLD

WESTERN INVESTOR september 2012 www.westerninvestor.com Lower Mainland A7A6 Lower Mainland/Business Opportunities september 2012 WESTERN INVESTORPublisher Cheryl Carter Editor Frank OBrien Con-

tributing Writers, David Eger, Dave Husdal, Geoff Kirbyson, Glen Korstrom, Joel McKay, Peter Mitham, Luke Warren, Copy Editor Noa Glouberman Production Manager Rob Benac Production Natalie Reynolds, Tanya Van Advertising Sales Christine Campbell, Gary Takahashi, David Witherspoon Advertising Sales Coordinator Angela Foster Accounts Receivable Yvonne Posch Circulation Veera Irani, Newsstands Globe Distribution Services Printed in Canada at Kodiak. Western Investor is published monthly by BIV Media Limited Partnership VANCOUVER HEAD OFFICE: 102 East 4th Avenue, Vancouver, B.C. V5T 1G2 Subscriptions and Advertising Sales Tel: 604-669-8500 Fax: 604-669-2154 Canada/U.S. toll-free: 1-800-661-6988. Canadian publications mail product sales agreement #40069240, GST #105655567. Copyright 2002. While every effort is made to ensure the accuracy of articles and advertising that appear in each edition of Western Investor, the publisher may not be held responsible for any errors or omissions that may from time to time occur. No part of this publication may be quoted or reprinted in any medium without the express written permission of BIV Media Limited Partnership.

Common sense comes from small towns

D uring this summer s Vancouver Folk Festival, city police were writing tickets for up to $250 for people caught smoking cigarettes in the oceanside park where the annual event was held. Light up in 1,000-acre Stanley Park and you could meet the same fate.

And dont even think of having a beer before you drive in B.C., which has the toughest anti-drinking-and-driving laws in the country. Some are now calling for an outright ban on any alcohol before driving.

It does appear that the nanny state is expanding so fast, it has overtaken sanity. So, it was with some surprise when, dur-ing a visit to the B.C. Interior this summer, we came upon some pockets of common sense.

In Revelstoke, for example, city council is backing away from proposed restrictions on smoking in public places, including parks and beaches. Mayor David

Raven said the changes are meant to soften smoking bans that were, heavy handed and too intrusive into our rights and free-doms.

In Trail, a champion has also stepped forward to question B.C.s drinking/driving regulations.

As in many small towns, driving is not an option in Trail. With no public transit after 6 p.m. and only one taxi, residents must drive to most evening events.

Zero tolerance is kill-ing social clubs and fundraisers and put-ting a big strain on the community, said Trail realtor Jack McConnachie, who has complained directly to the B.C. premier.

Trail Rotary cancelled its largest fundraiser because everyone is too scared to go out, he said. The event traditionally raises up to $15,000 for community ser-vices. Even the beer garden at the annual Silver City Days was shut down, resulting in a loss of about $20,000 in donations for local athletics. Drinking-and-driving laws

have gone too far, McConnachie said.Rebellion against the nanny state

includes more than small-town complain-ers.

Recently, Boston-based professor Michael Siegel, an anti-smoking advo-cate who has fought successfully for U.S. smoking bans, conceded the regulations have become overzealous.

Once we leave the firm ground of science, we could be viewed as zealots fanatics trying to eliminate smoking any-where and everywhere, said Siegel.

Well drink to that.

NEXT MONTH Western Investor presents a report on the economy and the potential of Northern B.C. We visit the Northwest Territories and the path of the planned pipelines. Our regional reporters file from Churchill, Cold Lake, Fort Saskatchewan and Terrace.

FRANK [email protected]

ADVERTISING DEADLINE OCTOBER 2012 issue: September 10, 2012

Western perspective

September 2012 Western Investor\A western perspective / frank

HEAD = Common sense comes from small towns

During this summers Vancouver Folk Festival, city police were writing tickets for up to $250 for people caught smoking cigarettes in the ocean side park where the annual event was held. Light up in 1,000-acre Stanley Park and you could meet the same fate.

And dont even think of having a beer before you drive in B.C., which has the toughest anti-drinking and driving laws in the country. Some are now calling for an outright ban on any alcohol before driving.

It does appear that the nanny state is expanding so fast that it has overtaken sanity.So it was with some surprise when, during a visit to the B.C. interior this summer, we came upon

some pockets of common sense.In Revelstoke, for example, City Council is backing away from proposed restrictions on smoking

in public places, including parks and beaches. Mayor David Raven said the changes are meant to soften smoking bans that, he said, were, heavy-handed and too intrusive into our rights and freedoms.

In Trail, a champion has also stepped forward to question B.C.s drinking/driving regulations. The new rules allow police to seize vehicles and issue driving bans for drivers who register even minute amounts of alcohol.

As in many small towns, driving is not an option in Trail. With no public transit after 6 p.m. and only one taxi, residents must drive to most evening events.

Zero tolerance is killing social clubs and fundraisers and putting a big strain on the community, said Trail realtor Jack McConnachie, who has complained directly to the B.C. Premier.

Trail Rotary cancelled its largest fundraiser because everyone is too scared to go, he said. The event traditionally raises up to $15,000 for community services. Even the beer garden at the towns annual Silver City Days was shut down, resulting in a loss of about $20,000 in donations for local athletics. Drinking and driving laws have gone too far, McConnachie said.

Rebellion against the nanny state includes more than small town complainers. Recently, Boston-based professor Dr. Michael Siegel, an anti-smoking advocate who has fought successfully for U.S. smok-ing bans, concedes the regulations have gone too far. Banning smoking in large outdoor areas, such as Vancouvers Stanley Park are not needed, he said, because there is no evidence that fleeting second-hand smoke in an open space is harmful.

Once we leave the firm ground of science, we could be viewed as zealots fanatics trying to eliminate smoking anywhere and everywhere, said Dr. Siegel.

Well drink to that.

NEXT MONTH

Western Investor presents an in-depth report on the economy and the potential of Northern B.C. We visit the Northwest Territories and follow the path of the planned pipelines. Our regional reporters file from Churchill, Cold Lake, Fort Saskatchewan and Terrace. Plus we present the news and commentary needed by western investors.

Frank OBrien

Contact: John, C NamDirect: (604) 805-9131 Fax: (604) 931-1209Email: [email protected] Banker Westburn Burnaby, BC Canada WESTBURN

Prince George B.C. Price $9.5mFull service Hotel w/120units 2.5m room sales + restaurant /lounge, 9%+ cap

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FOR SALE 308 Forbes Avenue, North Vancouver 47 modern, well maintained rental suites Major renovation completed in 2008 Panoramic views of Burrard Inlet Prominent lower Lonsdale location Secured underground parking

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FOR SALE/LEASE 2907 3rd Avenue, Port Alberni Zellers building available for lease June 2013 Demising options available Abundant parking Over 4 acres of land including 100,000 sf of big-box retail

space Amanda Vissia

FOR LEASE 320 Ewen Avenue, New Westminster Paved and fenced yard allowing for outside storage Will consider tenancies from 4 to 8 acres Excellent access to Annacis Island and Hwy 91/91A Very exible Heavy Industrial zoning

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FOR SALE 3838 & 3862 West 50th Avenue, Vancouver Rare - West Side development sites Across from Point Grey Golf & Country Club Two (2) individual lots, each is 132 feet x 297 feet Single-Family Subdivision Potential

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SOLD 277 Arrowstone Drive, Kamloops 35 unit rental apartment building Off market transaction Signi cant upside in rents Rare opportunity to acquire a South Kamloops

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FOR SALE 6955 120th Street, Delta 9,472 sf building on a 24,175 sf lot Excellent exposure I mproved with retail bank on main oor & of ce space on

2nd oorMatt Walker / Mona Khandan

FOR SALE 5118 Joyce Street, Vancouver 16,374 sf of fully improved strata of ce space 2 full oors Available April 1, 2014

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Mark Hannah / Rob Greer

FOR SALE 1102 Commercial Drive, Vancouver Rare opportunity to secure a corner location Entire property leased to a single tenant with triple net lease Below market rents with opportunity to reposition the property Lease has Demolition/Substantial Renovation clause

FOR SALE 5133 & 5137 50TH Street, Chetwynd Gwillim Gardens Executive Suites 60 fully furnished suites 100% occupied with waiting list Complete renovations, condo quality 9.6% Cap Rate Chris Wieser

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FOR SALE 3600 Viking Way, Richmond 46,241 sf single-tenant building 100% leased to Quantum Murray LP Large 3.094 acre site


FOR SALE Village Square, Bowen Island Opportunity to acquire the marquee commercial property 24,098 sf of commercial space and 27 residential rental units Corner location with high-exposure to ferry traf c High occupancy and attractive cash ow yield


SOLD 9532 194A Street, Surrey 0.445 acre lot with 10,687 sf building on ground oor 3 ton crane & heavy power 2040 sf 2nd oor of ce

John Eakin / Michael Farrell

SOLD

Matt Thomas / Kyle Blyth

FOR SALE 144 Lonsdale Avenue, North Vancouver Located in lower Lonsdale neighbourhood 3,250 sf lot Currently tenanted with potential to increase income $1,288,000

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FOR SALE 701 East Cordova Street, Vancouver 11,668 SF Warehouse/Mezzanine Storage 0.33 Acre Site 44 % Site Coverage Excellent signage opportunities $2,350,000 John Lecky / Struan Saddler

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FOR SALE 2405 2427 Crescent Way, Abbotsford 1.53 Acres Permits in place for a 83 unit Multi-Family development Ability to build a six storey, 101 unit development Next to new $38M Abbotsford Collegiate School $1,998,000

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UNDER

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SOLD

Darrell Hurst

FOR LEASE 1 Eighth Street, New Westminster Premier 144,000 sf Class A of ce and retail space,

year end -- 2013 completion LEED Gold, energy ef cient of ce bldg w/ large exible oor plates Adjacent New Westminster SkyTrain station Abundant parking, amenities & spectacular views

A8 Lower Mainland/Services www.westerninvestor.com september 2012 WESTERN INVESTOR

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WESTERN INVESTOR september 2012 www.westerninvestor.com A9

The rebound in commercial real estate markets over the past two years is making B.C. secondary markets a desired hunting ground for real estate investment trusts (REITs), which are looking everywhere from Courtenay to the Kootenays for deals primarily retail prop-erties.

While properties in the Lower Mainland are an essential component in the portfolios of all the major investors, the lack of supply that keeps asset values strong and cash flow steady also limits the opportunities for buyers to acquire additional properties.

Winnipeg-based Temple REIT picked up the 126-room Inn at the Quay hotel in New Westminster this spring for $17.3 million, but it was the one hotel deal by a REIT in a province that was home to several such trans-actions primarily in northern B.C. at the height of last decades real estate boom.

I know more would like to be here, said Tom Andrews, senior vice-president with Colliers International Hotels in Vancouver, regarding REIT involvement in the B.C. hotel market.

The opportunities to purchase hotel assets are few and far between, however.

Meanwhile, strong demand for multi-family properties in the Lower Mainland has pushed most of these assets out of the range of consid-eration for REITs, whose investors want to see healthy dividends on a regular basis.

While many multi-family REITs came to

B.C. during the mid-2000s in search of stable investments, steady appreciation in property values means theres now greater upside in selling the sites and recouping the accumulated value. The cash is being redeployed in markets where capitalization rates a measure of the buyers return on investment are higher.

They would love to be here, said David Goodman, a veteran apartment broker and principal of HQ Real Estate Services Inc. in Vancouver. [But] our numbers just arent compelling enough. They seem to be coalescing around Alberta and Ontario, where the yields are five, six, seven [per cent], as opposed to three, four, five [per cent in B.C.].

Goodman points to REITs such as Calgary-based Boardwalk REIT and Torontos TransGlobe Apartment REIT, which recently went private, among those that have

FEATURE Small-town malls overtake apartment buildings as potential income-producing investments

pETER miThAm

WESTERN INVESTOR

sold B.C. holdings. Boardwalks attention is now on higher-yielding opportunities in Alberta and Ontario.

Toronto-based Canadian Apartment Properties REIT is now the biggest REIT in the provinces multi-family market, but Goodman pointed out that its stayed in the game thanks to an aggressive upgrades strategy.

They go in and if they buy at a four cap, its really their intention to get it up to a 5.5 cap in about 18 months. But they spend a for-tune they refurbish, rehabilitate, retrofit.

Small-town retail Opportunities exist both in prices and respectable cap rates in the hinterland, where a number of retail assets have been snapped up this year. Secondary markets hit their stride during the recovery and now offer cash flow in spades.

Retail hits REIT radar

Lower Mainland/Services

RioCan Real Estate investment Trust bought the Chahko mika mall in Nelson, B.C., for $31 million and a capitalization rate of 6.7 per cent.

Phot

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ipCa

m R

EIT

RioCan REIT bought Chahko Mika Mall in Nelson for $31 million and a cap rate of 6.7 per cent, for example, while Primaris Retail REIT paid $45.2 million for Driftwood Mall in Courtenay. Both companies have sizeable portfolios in B.C., with Primaris also owning malls in Kamloops, Kelowna and Nanaimo.

While retirees favour these communities, many are also home to universities Kelowna and Nanaimo, for instance and are regional centres with a large catchment area.

The hotbed of Okanagan retail activity, Westbank, has also seen activity, with Artis REIT boosting its ownership position in two local retail properties Westbank Hub Shopping Centre and Westbank Hub Centre North.

Investment options are limited compared to what they were prior to the recession, explained Brady Fleguel, a principal at Vancouver appraisal firm Burgess Cawley Sullivan & Associates Ltd. Theres not a lot of [retail] being built right now. Its a scarcity combined with being a bit of a safe-haven.

The lack of new assets combined with a reluctance on the part of current owners to sell means cap rates have started to come down, but theyre still above whats avail-able in urban centres and double what big-city multi-family properties offer.

Fleguel pegged retail cap rates in second-ary markets at approximately 6 per cent, while prime properties can be a percentage point below.

Were now seeing a compression of cap rates such that secondary and tertiary assets are trading for yields that are almost on par with the good stuff, he said.

Retail is likely to remain on REIT menus so long as returns remain higher than other classes of assets.u

Contact Kris Pope at 604-318-5226

We are focused on achieving the results YOU want.

FOR SALE

Dexter Associates Realty Commercial Real Estate, Your Trusted Advisors

BUILDING AT UBC3800 Wesbrook Mall provides an excellent environment that will support and enhance the intellectual and social development goals of companies involved in R&D. Laboratories, offi ces, teaching, training, and conference facilities, in support of research and development in a number of key areas. OFFERS

Kris Pope 604-318-5226Kris Pope 604-318-5226

SEEKING AN INVESTMENT OPPORTUNITYEither multi tenant offi ce or business park with good return and or upside Up to $25,000,000.

WANTED INVESTMENT PROPERTY $500,000 to $1,500,000 with close to a 6 cap, retail or strata offi ce possible, Greater Vancouver or Kelowna, quick close for a good property.

PRIME RETAIL INVESTMENT 3 strata title units sold together---con-trol the entire retail component of this building. Partially

tenanted at the corner of 12th and Arbutus in the acclaimed LUZON development. Arbutus corridor. Huge development happening in the immediate area. $2,988,000

81,260 sq.ft. R&DMA

Y BE LEASED

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AUTOMOTIVE SHOP FOR LEASE CLARK DRIVE, VANCOUVER 4 or 5 bays plus offi ce (3,000 to 3,600), 3 or 5 year lease with up to 20 years. High profi le with many auto shops nearby, good clean buildingAsking $16.67 plus $6.40 op & taxes


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Todays Date: August 7, 2012

FINAL

vancouver.caNOTICE OF INVITATION TO OFFERFOR SALE: 1327 Marine Drive, Ambleside Village West Vancouver Nine-unit commercial/retail buildingSales packages available for pick-up at:

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Offer submission deadline: Friday, October 5, 2012 at 4:30 pm PT

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STAND ALONE HERITAGE OFFICE BUILDING FOR SALE prestigious Class A with modern amenities for a professional service. Good for Architect, Lawyer, International Trade Offi ce/Consulate etc. Easy to access to D/T Vancouver & YVR. ....................$4,585,000

PARTIALLY RENOVATED BUNGALOW on 70ft X 145 ft. lot in Vancouvers PRIME SHAUGH-NESSY Location! Finish renovating or build your dream home! Close to all amenities and easy access to Vancouver International Airport. ...........................Asking $2,250,000

PHASE DEVELOPMENT SITE in fastest grow-ing Surrey Central with +/- 600 units in 3 tow-ers in one city block. Equity investors or joint venture partners are welcome. Open discus-sion with signed NDA in place $18,000,000

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Bill Summers

LAND ASSEMBLY DEVELOPMENT INCOME PROPERTIES

www.danpreston.caPersonal Real Estate Corporation

SENIOR'S DEVELOPMENT SITE SALE: $1,990,000

Foundation in place, tendered plans, permits, ready to complete. 88 units.

NEW WEST/BURNABY MIXED DEVELOPMENT39 Apartment Units, 7 Townhouse Units$2,850,000 OCP & Area approved plan.Joint Venture Opportunities Considered.

WHISTLER REVENUE TOWNHOUSE $408,8003 bed - 3 bath - $2,400 per month income

36 units on acres - site redevelopment potential

www.danpreston.ca

FLAGSHIP PROFESSIONAL Maple Ridge Core SALE OR LEASE 3 STRATA UNITS Office & Retail 900 to 1500 sq.ft. From $20/sq.ft. Lease NNN

HANEY PROFESSIONAL: Medical Office Building. FOR LEASE $16/sq.ft. Central Maple Ridge: Bio Lab Anchor 2 units 980 & 1489 sq.ft.

EDGEWOOD: CENTRAL PITT MEADOWS9 unit strata building. Occupied units for sale. Investment opportunity from $300K. Office & Re-tail lease frm $14 sq.ft.

KEYSTONE: Harris Road Pitt Meadows SALE/LEASE 2 Units 825 & 954 sq.ft. retail/office from $22/sq.ft. Great Exposure & Parking.

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AdriAn KeenAn 604-312-6488

www.AdrianKeenan.com

www.SelkirkCentre.com Maple Ridge Fully Leasedwww.VantageHeights.ca Mission Investment

Chilliwack200 View lot Development

40 acres in 2 separate parcels 10 mins from Chilliwack, currently zoned R3 for up to 200 view lots overlooking Falls Championship Golf Course and Fraser Valley. Part of a larger residential and proposed resort project, HUGE UPSIDE POTENTIAL.

Will consider Sale or JV partnership with great terms or Trade for Real-Estate in the Greater Vancouver area $2.95 million


A10 Lower Mainland www.westerninvestor.com september 2012 WESTERN INVESTORWESTERN INVESTOR september 2012 www.westerninvestor.com A11

A s Vancouvers downtown office vacancy rate drops to a four-year low and Class AAA vacancies plunge below 1 per cent a fresh building boom could deliver nearly three million square feet of space by 2017. This would equal at least a 10-year supply at current absorption rates.

The downtowns effective overall avail-ability rate is 5.9 per cent, according to a survey by Avison Young, which noted that more than 111,000 square feet was leased up during the first half of this year.

The Class AAA sector, where the new projects are concentrated, has only a 0.8 per cent vacancy. How tight is the top-tier mar-ket? The largest block of vacant offices is just 14,800 square feet at the new Jameson House tower on West Hastings Street.

According to Cushman & Wakefield, the downtown Vancouver office vacancy rate has hovered around 3.6 per cent for prime space over the past two quarters and finding Class AAA space downtown has become next to impossible.

The result is pent-up demand that is now fuelling an office building boom that includes plans for an unprecedented number of new office projects in the city over the next few years.

The product in our market today that we consider AAA-quality buildings only have that rank because theres no benchmark above that, said Mark Chambers, Cushman &

Wakefields senior vice-president of office leasing.

I think the market is screaming for a building like the Telus Garden one, which will be LEED platinum and have all the new building technologies, such as raised floor systems, opening windows and different heating and ventilation systems.

Maury Dubuque, Colliers International senior vice-president of office leasing, agreed.

He said a balanced office real estate market has a vacancy rate of between 8 per cent and 10 per cent. So one thats near 3.5 per cent strongly favours landlords.

We track eight Class AAA buildings in Vancouver, and they will be, on average, 24

FEATURE Score of new towers meet screaming demand for contemporary space in downtown core

GLEN KORSTROM/BIV/WI STAFF

WESTERN INVESTOR

years old when some of the new downtown buildings hit the market, Dubuque said. The old design of perimeter offices and support staff in the interior without access to natural light those days are all long gone.

He added that being a short walk from public transit and SkyTrain is increasingly prized.

Fresh demand There were Vancouver office building booms during the 1980s and 1990s, and Dubuque believes the city is embarking on another one.

Many office projects, such as the one the Aquilini Group plans to build next to Rogers Arena and the PCI Groups development at

Office boom building

Lower Mainland

LEFT: Rendering shows Credit Suisse AG proposal for a Class AAA 400,000-square-foot office tower on West Pender Street. RIGHT: The top-class 35-storey Oxford Properties MNP tower on West Hastings Street should be at grade by year-end.

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Marine Drive and Cambie Street, are mixed use, with office being a smaller component than residential.

Aquilini, in fact, plans to build three tow-ers, with the first two having a mix of offices and residential. In all, they will compose 290,760 square feet of prime office space.

Others, such as the McCarthy Tetrault-anchored project that Bentall Kennedy is building at 745 Thurlow Street, with 365,000 square feet, are all office space except for some retail at street level.

Construction on Oxford Properties MNP tower should be at grade by year-end. The 35-storey, 275,000-square-foot building at 1021 West Hastings is anchored by account-ing firm MNP LLP. The LEED-rated high-rise will complete by 2014.

Also scheduled for a mid-2014 opening, Telus Garden already has much of its 465,000 square feet booked. Telus has claimed 212,000 square feet and has an option on the top floor. A law firm has pre-leased 67,000 square feet over three floors in the Georgia Street tower.

Cadillac Fairview is redeveloping the aging Sears store at Pacific Centre on Granville Street into a mixed-use building with 280,000 square feet of offices. It is to complete by 2014.

Other projects remain proposed but appear likely to proceed in the next two years. These include Credit Suisse AG and Swiss RealGroup Canadas planned 400,000-square-foot tower on West Pender Street.

Jim Pattison Development with Reliance Properties is expected to pull the trigger on its Burrard Gateway complex that includes 200,000 square feet of office space.

In all, 20 future office projects in Vancouver are in various stages of develop-ment or rezoning.u

September 2012 Western InvestorA office report / 12 blocks / glen and frankPullquote: Developers could deliver nearly three million square feet by 2017.CUTLINE = Rendering shows Credit Suisse AG proposal for a 400,000 square-foot office tower on West Pender Street.Photo: Selwyn Dodd ArchitectsPhoto: Oxford Properties HEAD = Office boom buildingLead = Score of new towers meet screaming demand for modern spaceGLEN KORSTROM/BIV/WI STAFFWESTERN INVESTORAs Vancouvers downtown office vacancy rate drop to a four-year low and Class AAA vacancies plunge below 1 per cent a fresh building boom could deliver nearly three million square feet of

E. & O. E.: All information contained herein is from sources we deem reliable, and we have no reason to doubt its accuracy; however, no guarantee or responsibility is assumed thereof, and it shall not form any part of future contracts. Properties are submitted subject to errors and omissions and all information should be carefully verified. All measurements quoted herein are approximate.

ROBERT THAM MARC SAUL Corbel Commercial Inc. www.corbelcommercial.com Tel: 604.609.0882 Fax: 604.609.0886 [email protected]

604 55 E CORDOVA ST. corner Live/Work Penthouse strata fLoor to ceiLing WindoWs W/ exceLLent vieWs Parking avaiLaBLe Large Patio With the PotentiaL of having

a rooftoP deck unit siZe: 1,996 sq.ft (aPProx., as Per strata PLan) Zoning: ha-2 (gastoWn historic area)LIST PRICE: $1,990,000

PARIS ANNEX COMMERCIAL RETAIL/OFFICE UNITS good ceiLing heights Large retaiL disPLay WindoWs neWLy re-deveLoPed concrete construction unit siZe: froM 941.84 sf to 2,044.06 sf (aPProx., as Per strata PLan) Zoning: dd (doWntoWn district)LIST PRICE: FROM $389,000

1428 W HASTINGS ST. DOCKSIDE LIVE/WORK TOWNHOME BeautifuLLy finished Live/Work unit

in coaL harBour iMPressive Layout With 2 fuLL WashrooMs and 1

haLf WashrooM 2 Parking staLLs unit siZe: 1,315 sf (aPProx., as Per strata PLan)LIST PRICE: $ 988,000

608 W PENDER ST./515 SEYMOUR ST. the MaLones doWntoWn & caMBie (seyMour)

hosteL. 40 guest rooM hosteL (74 Beds), a 125 seat restaurant & a 180 seat PuB W/ an off saLes Lounge.

Located on the corner of West Pender st. and seyMour st.

excePtionaL oPPortunity for investors, oWner- oPerators and deveLoPers

LIST PRICE: $ 8,500,000

SOL

D

353 WATER ST.

SOL

D

21 WATER ST. - The Packing House 1523 E. PENDER ST.

SOL

D

611 POWELL ST.

SOL

D

350, 356 & 360 CARRALL ST.

SOL

D

NEW

NEW

NEW

NEW


411 3rd Avenue - $3,288,000. 9051 sf heritAge mAnsion converted into 10 licensed suites + 1 unauthorized caretaker suite all on huge 16,975 sf lot in the prestigious New Westminster neighbourhood of Queens Park. Home has updated wiring, plumbing, fire code provisions & 5 year old shake roof & features hardwood floors, leaded & stained glass windows, original woodwork & more! Great rents, low expenses, 4.24% cap rate. Future development potential.

AdvAntAge reAlty

dAve vAllee P.R.E.C. Team Dave Vallee 601.526.2888 [email protected] www.teamdavevallee.com

rAre oPPortunity!

Each office independently owned & operated

To view listings please visit:

www.6717000.com/biz Crest Realty (Westside)

Les Twarog (604)671-7000

1428 W 7th Ave., Vancouver, B.C.

Kitsilano RestauRant2685 Arbutus St. (at 11th) Price $199,000- 2685 Arbutus - Gramercy Grill- 1800 s/f - 60 seats + 24 on patio- Sales - $1Mil, $50K Net- American cuisine, Est. 12 yrs- Priced for quick sale Bring Offers Mixed use Building337/339 E Hastings (Near Main) Price: $1,388,000- 337/339 E Hastings, 3 lvl, 6166 s/f- 24 years old - Concrete Block Const.- Fully rented at $6800/mo net- 3 parking stalls at rear, sec. gated

davie RestauRant1175 Davie St. (Near Thurlow)Price: $199,000 (sales: $50k/mo)- Laziza Modern Mediterranean- newly established (Jan 2012)- West End loc. 1500 s/f w/48 seat - 8yr lease + 5yr option, $7250/mo all in

CoMMeRCial stRata units102/103/104 1625 Hornby (at beacH)Total 943 s/f (3 S/Ls) Price: $829,8001740 4311 Hazelbridge Way, rmdWas used as a clothing store, was rented @ $1700/mo. Strata Fees $400/mo. Lowest priced unit in Parker Place Mall. Price: $169,000

Sept 2012

RETAIL33,119 sq ft sfw ground floor- 3000sq ft $15.00+$4.60- 1475sq ft $15.00+$4.602316 McCallum ground floor-2260sq ft $13.00+$4.60

OFFICE2309 McCallum-2461sq ft$15.00+$7.50-1250sq ft $12.00+$7.12

WAREHOUSE NEW2044 sq ft 58000 sq ft$4.75 5.75 sq ft + cam

WAREHOUSETownline 3900 sq ft$5.00 sq ftGross rent

WAREHOUSE Newer TILT-up2044-58000sq ft $4.75-$5.75 sq ft net

JOHN KLASSEN / BILL BARTLEmAN604-859-2341 RE/mAX Little Oak Abbotsford

LEASED

3.14 acres 397 feet of Water Front Zoned Commercial Four (C-4) views of Georgia Straight

$3.5 M $2.2 M

WANTEDWINERY IN ALBERTA OR

BRITISH COLUMBIA

MINIMUM 50 ACRES

OF LAND.

CAMPBELL RIVER, BC

www.AlbertaInvestor.com

WANTED: APARTMENT BUILDINGS

AND MULTI-FAMILY SITES IN BC & ALBERTA

WE ARE LOOKING TO PRESENT YOUR REAL ESTATE PROJECTS TO CHINESE INVESTORS

Bring Alberta and British Columbia Investment Opportunities to the Chinese Market Place

JERRY RACZKOWSKI780-932-2121 [email protected]

RE/MAX REAL ESTATE 10510 121 St., T5N 1L4 Edmonton, AB

INVESTMENT OPPORTUNITIES

M E H R A N MOALLEM B.Elec. Cert. MarketingBusiness and Commercial Consultant

MOALLEMMOALLEMBusiness and Commercial Consultant


RE/MAX CRESTCOMMERCIAL DIVISION

PROPERTY & BUSINESS

BUSINESSES

Industrial space in S. Burnaby Over 1500 sqft in 5 year old prime central location ful-ly improved to suit most needs ( offi ce warehouse w/ loading overhead door) 5% ROI

Fast food Downtown Vancouver Location Location Location. in business for many years right across the Stadium. Seller will train. A must see. ....................................................... $99kRetail space fully improved 1238 sqft many uses, ideal for medical, dental or ...Dunbar Vancouver ........................$859k Industrial space 7000 sqft space & land, 2 offi ces, auto & body shop, hoist, paint room Lynmore North Vancouver ............$1,998kDennys Great opportunity 5000 sq ft, 12 years, located at busiest shopping centre in the area Greater Vancouver .................... $499kIndustrial retail with property 5000 sqft & woodworking/ cabinet business Port Coquitlam ....................$1.3 MillionGift/convenience store @ Marriott Hotel3 years old, great income, easy to operate, high profi t margin. ...........................$129kIndoor Amusement park 7500 sqft 3 years Great income, spent over $750K. Laser, bump car, ball room and more. Surrey ......$469k

Grocery Store - Coquitlam, .............$59k

Restaurant & Property waterfront Downtown Vancouver .........$1.690 Million

Fresh Slice Pizza at Coquitlam Center mall, fi nancing available ..........................$249k

Hair Salon - Vancouver West. 4 chairs static room 40 years ..........................$59k

Fast Food Mediterranean at UBC food court great income .....................................$99k

Ladies shoe Store & bags - Downtown Vancouver .......................................$29k

Blenz Coffee Shop - Downtown Vancouver .....................................$549k

Print Shop. Commercial scale - GreaterVancouver .....................................$395k

Make-up Manufacturing. Net income of $350k - Greater Vancouver ..$2.2 million

Mill work & Woodworking business fully equipped - North Vancouver .........$300k

Food Court Fast Food - Richmond Lansdowne Mall. Make an offer! ..........$59k

www.Bonded Business Brokers.com

FOR LEASE: Freestanding retail building in prime location on Luckakuck Way with excellent exposure to the Trans Canada Hwy. Same site as Value Village and MJM Furniture and Mr. Mikes. 60 x 120 (7,200 sq.ft.) building with 18 + ceiling and 18 wide roll-up loading door at rear (Currently occupied by End of the Roll). Available September 1st. 2012.Asking $12.75/sq.ft. NET (+ net3 costs $2.75/sq.ft.)

CHILLIWACK RETAIL BUILDING#3 45150 Luckakuck Way

fraser elliott [email protected] RE/MAX Progroup Realty

fraser elliott [email protected]

RE/MAX Progroup Realty

Two tenants (Fields, IDA Pharmacy).

Net Income: $54,000 p.a. +/-Asking: $745,000 (7.25% Cap)

FOR SALE: 8,800 Sq.Ft. buiLding in cEntRE OF Lumby

Subs

cribe

www.westerninvestor.com

CALL NOW 1-800-661-6988


Committed to Canada. Connected to the World.

SURREY Mall 3 acres 6% cap $16 Million

Richmond Mall Alexandra & Hazelbridge $7.8 Million

whitE Rock Towncentre highrise site $14.4 Million

www.naibusinesses.ca

alf sanderson delon cheung 604-691-6646

alf@naicommercial .ca604-691-6654

delon@naicommercial .ca

RV REntAL & SALES wEStERn cAnAdA neW lIsTIng Well established RV business, consistently profitable. Experienced staff and management. Online reservation system overseeing a fleet of over 300 rental motor homes. .......................$11,000,000

VAncoUVER iSLAnd RESoRt & SPA Profitable resort, lodge and spa offering world class dining and spectacular ocean views. Situated on 8.56 acres of oceanfront property with future development potential. ......................... $PoA

hALcYon hot SPRinGS ViLLAGE & SPA Year round outdoor playground with spectacular facilities. Profitable resort & spa business with natural hot springs. 35 acres with 800m water frontage and strata chalets. Business and property. $15,900,000

cUStom miLLwoRk (Van Island) neW lIsTIng Over 20 yrs in commercial millwork and custom door manufacturing. Averaging $5M in revenue Top of the range equipment. ...................................................... $1.95m inc equipmEtAL FABRicAtion (Lower Mainland) neW lIsTIng In business for over 20 yrs. Traditional metal processing and installation company. Sales average $5.4m ....................................................... $2,490,000 inc working cap

coFFEE FRAnchiSE (Lower Mainland) neW lIsTIng Well known coffee franchise with two high traffic locations. Easy to manage. Combined sales approx $1m. Turnkey operation ..............................................................................$499,000 both

VAncoUVER dinnER cRUiSE BUSinESS REDUCEDIn business for over 15 years operating two yachts from Downtown Vancouver. Nets $310,000 ..............................$1.85m inc yachts

LowER mAinLAnd AUtoBodY ShoP neW lIsTIng 30 years in business. ICBC Valet accreditation since 2008. Well maintained paint booth with oven. Long lease on 3600sq.ft shop ......................................................................$249,000 inc equip

SUccESSFUL cAFE REStAURAnt reduced Hugely popular cafe in downtown Squamish. Approx $620K annual revenue. Rent only $1,100/mth. Easy to operate. Turnkey operation......................................................................$249,000 inc equip

Ted WeIbelzahl 604-514-6825 or 1-800-890-9855 [email protected]

COMMERCIAL STRATA FOR SALELAngLEy FRASER HIgHwAy FROnTAgE COMMERCIAL STRATA UnITS - 2 TO CHOOSE FROM 2160 sq. ft. ready for your improvements HVAC and sprinklers to an open plan wAS $635,000 now ASkinG $605,000 2617 sq. ft. Income from current lease until 2013 wAS $749,000 now ASkinG $710,000 InVESTMEnT InDUSTRIAL STRATA FOR SALE102/103 26730 56 AVE LAngLEy 6% CAP on ask. Good tenant with new 5 year lease 4908 +/- sq. ft. footprint with 1560 sq. ft.

office and 1560 sq. ft mezzanine Asking: $689,900

#3 27250 58 CR. LAngLEy 6% CAP on ask. International Tenant New 3 year lease with options 2000 sq. ft. footprint with 1000 sq. ft. office and

1000 sq. ft. warehouse down, and 1000 sq. ft. office and showroom up

Asking: $465,000

RETAIL STRIp InVESTMEnT DOwnTOwn LAngLEy 5 CRUs 10,484 sq. ft. rentable

on a 14,636 sq. ft. lot Strategic corner location PROFORMA NOI $147,312 or 5.9% CAP on ask Owner may guarantee income for 1 year to allow

further lease up Asking: $2,500,000

JESKE CORpORATE CEnTRE Executive Office Suites FOR REnT Individual Private

Executive offices 24/7 secure access Sizes from individual (134 sq. ft.)

to multi person (256 sq. ft.)

www.naicommercial.caCommercial Real Estate Services, Worldwide.

BRIDAL & EVENING WEAR BOUTIQUE (Lower Mainland) Profitable & long established business. Great location. Nets $200K+ . .......................................$449,000 + inv NEW LISTING FAST FOOD FRANCHISEE (North Vancouver) Mall location $320K Gross ........................................ $228K + InvVINEYARD - OKANAGAN B.C. Established 58 acres Vineyard ............................................. $4.3MilMOTEL, PUB LIQUOR STORE - FRASER VALLEY Profitable - $3.2M rev ........................................................... $3.6Mil

elIzabeTh WoznIczko604-691-6648 [email protected]

MIchael MarckWorT [email protected]

EqUiPmEnt REntALS (Metro Vancouver) Long established Very Profitable Fully managed $2.3mil annual sales .................................... Shares $3.0milGARAGE dooR REPAiRS & SERVicE (Lwr Mnld) Established 22 years Home based & easy to run Mostly residential services 85% repeat customers Nets $110,000 to a family of two ............... Shares $219,900doLLAR StoRE FRAnchiSE (Fraser Valley) Established in 2001 Premier location in a large mall 4,000sf store $795,000 annual sales ......... $188,000 + inv

Ted sTellakIs 604-691-6692 [email protected]

COURT ORDERED SALES160 Acre Development Site, Abbotsford BC One legal quarter section totalling 160 acres Zoned LU/R-1(Limited Use Resource/Residential) PRicE: $3,900,000459.1 Acre Development Site, Cranbrook BC Zoned CD-1 & UH-R allowing for low & medium density residential Surrounding Gary Player designed golf course PRicE: $22,300,0001.37 Acre Residential, Coquitlam BC One legal parcel totaling 1.37 acres Zoned RS-2 Close to all amenities PRicE: $1,225,000116.53 Acre Development Site, Invermere BC Triple Zoned R-1, A-1, & SH-3 (various uses) PRicE: $1,499,000INDUSTRIAL & DEVELOPMENT SITES43,560 sq.ft. Industrial waterfront Site, new westminster, BC Zoned M-2 (Heavy Industrial) Five contiguous water lots 330 feet of riverfront PRicE: $950,0001.04 Acre Light Industrial Site, Squamish BC Excellent exposure site within the Squamish Business Park Preloaded site with plans available and access to Highway 99. Zoned I-1 (Light Industrial) PRicE: $850,00015.1 Acre Development Site, north Vancouver One legal parcel totaling 15.1 acres Zoned RS1 & PRO (one unit per 43,056 sq.ft.) PRicE: $5,250,000 23.3 Acre Agricultural Site, Delta BC One legal parcel totalling 23.3 acres Zoned A-1 (Agricultural) Easy access to Highways 99, 91, & 10 REdUcEd!: $2,200,00027.6 Acre Agricultural Site, Langley BC One legal parcel totalling 27.6 acres Zoned Ru-5 (Rural Floodplain) Adjacent to Nathan Creek dyke REdUcEd!: $2,000,000

Tobiano golf Course, Kamloops BC Court Ordered Sale! Fully operational Golf course and

clubhouse Ranked best public course

in BC & 10th overall in Canada pRICE: $5,500,000

gary haukeland or j.d. Murray604-683-7535 [email protected] [email protected]

10,105 sq. ft. Office Building, Abbotsford BC Court Ordered Sale! 3 storey office building totaling 10,105 sq. ft. 25 underground parking stalls & 7

surface spaces REDUCED: $2,400,000rIck luI 604-644-6182 [email protected]

PeTer seed 604-691-6608 [email protected]

GRAnd PRAiRiE Mixed O/R $130,000 stabilized N, 9% Cap

kAmLooPS 254 Royal Ave 45 units $2.6 m

kELownA 64 Unit Condo/retail. Core area. build to suit $11.75 m

PRincE GEoRGE 118 Acre, 4 M Meters gravel, (abuts airport) $3,200,000

1063 Great St., 5 acres, 17,500 s.f. $2.8 m

PRincE GEoRGE 3 Separate Apts. 12-16 units

SUncoR/mcdonALdS diSP. 4 sites 13,000 s.f. to 40,000 s.f.

qUESnEL 1.7 Acre, 3 nationals, 19,500 s.f., $281,500 $4,700,000, 6%

RAmAdA VALEmoUnt 70 Rooms, all amenities, share sale, 9% Cap Rate

wiLLiAmS LAkE Portfolio $467,049, NOI, $6,225,000, Cap 7.50%, 5 Buildings

kAmLooPS 34 SUitE APARtmEnt Bd Gross Income $265,000, NOI $210,000 Good tenants and well maintained Price $2,750,000kAmLooPS moBiLE homE PARk Gross Rev. $177,000, NOI $134,000 Asking $1,800,000moBiLE homE PARk, mERRitt Gross Rev. $182,688, Net Income of $113,118 Good expansion potential Price $1,775,000RV & mini StoRAGE, cRAnBRook 4.65 Acres, expansion options to double

number of units Gross Revenue $189,700, Net $152,600 Price $1,650,000mini StoRAGE BUSinESS, mERRitt 147 Storage Units, 9% cap rate Gross Revenue $154,500, Net $117,000 Price $1,300,00012 SUitE APARtmEnt Bd, kAmLooPS Gross Income $121,800,000, Net $95,813 Price $1,300,000

A14 www.westerninvestor.com september 2012 WESTERN INVESTOR

Vancouver housing prices have plunged 22 per cent from the peak seen last year, and sales in the Metro market were down 18 per cent in July from a year earlier. Mythical foreign buyers have apparently vanished, and capi-talization rates for rental properties have fallen to record lows.

Its tougher to make a buck in housing these days, said one Vancouver realtor after adjusting the price down on a West 17th Avenue duplex to just under the average neighbourhood house price of $2.2 million.

Vancouvers West Side, the national poster child for real estate specu-lation, has cooled. In July there were 1,037 new list-ings for detached houses in the area but only 51 sales. In all, just 11 per cent of homes listed on MLS sold in July the slowest pace for that month in 10 years compared with 16 per cent a year ago, says the Real Estate Board of Greater Vancouver.

Pity the poor real estate flipper, once a key player in Vancouvers condo market. Those who bought six months or a year ago have seen prices drop or plateau, and few believe they will correct upward any time soon.

Its not just the toney West Side seeing a downturn.

The Lower Mainland is in a buyers mar-ket, confirmed Helmut Pastrick, chief economist with BC Central 1 Credit Union,

suggesting flat or declining price levels over the next two years.

Central 1 quotes real estate board figures that suggest the big price correction has already happened, and average prices will see just a further 0.6 per cent drop this year. The credit union forecasts that the peak to troughprice drop will only be about 5 per cent, but recent numbers make that appear optimistic.

No one really knows exactly where or how deep the trough is.

Condo marketSome condo developers are not waiting to find out. They are offering buyer incentives and watching pre-sale trends closely to decide whether to pull the trigger on new product.

On a whole, new [con-dominium] prices havent really moved a whole lot either way. Pricing is always sticky as develop-

ers are very reluctant to publicly discount, said Jeff Hancock, senior manager with MPC Intelligence Inc., which publishes the definitive Metro Vancouver Condo Market Opportunities Report.

We have seen some downward pressure in some submarkets, but overall average prices havent really moved too much. What has changed is the size of units being offered, typically smaller, and an increase in unad-vertised incentives and more price negotiat-ing.

Hancock said that if the autumn market falls flat, some of the 6,000 new condos planned to begin marketing this year may be

FEATURE Cautious lenders, tighter mortgage rules and falling prices challenge Metro investors

FRAnk ObRiEn

WeSTerN INVeSTOr

postponed. The resale condo market is equally shaky.For those hoping to sell their condo

in the next 12 months, the outlook is not good. The bad news is that there will be fewer buyers in the market. The good news is that prices are holding for now in most markets. If you have to sell, sell now, said Frank Schliewinsky of market analyst Strategics.

But Strategics is not forecasting a condo collapse in Metro Vancouver, estimating that prices for resale highrise condos will drop only 1 per cent over the next year, to a still-lofty $518,000.

Tougher to make a buck in housing

If you have to sell, sell now.

Lower Mainland

b.C. housing prices are down from a year ago especially in Vancouver but some secondary markets such as Chilliwack, shown here, are bucking the trend.

Phot

o: G

reyf

riars

Rea

lty/

Engl

ewoo

d Vi

llage

expect low-rise condo prices to remain where they are now, at an average of $325,000, Strategics concludes.

Whimper, not a bangThat appears to be the only concern in Vancouver real estate circles: not a crash, just less chance to see equity gains.

real estate analyst Ozzie Jurock, who will present his 20th annual real estate Outlook conference September 15 in Vancouver, is also bearish on the short-term housing market in Metro Vancouver.

Jurock says a correction is natural after the unprecedented 34 per cent increase in Metro

Darren McCartney 604-892-4875 [email protected]

RE/MAX Sea to SkyReal EstateSquamish

COURT ORDERED

SALE 98 Unit Multi-Family Site

125,710 buildable square feet

82 condos; 16 townhomes

Oceanfront view site

Foundation and site servicing

Restaurant For Sale

For more details: Success Realty & Insurance Ltd.

JoRdan Eng (604) 728-0883 [email protected]

WE HAVE BUYERS FOR YOUR PROPERTY "BUY-SELL-DEAL

WITH SUCCESS"

SPECIALIZING IN COMMERCIAL INVESTMENT SALES FOR OVER 23 YEARS

2nd Floor 1691 East Pender

Flexible zoning. Office/warehouse, light manufacturing 5,715 sf. $6.82 /sf.

Available immediately. Near corner of Commercial & Hastings.

office/Industrial For Lease

Chinatown Investment Prop

Historic Chinatown416 Main Street

Growth potential in emerging area. High exposure & foot traffic.

Established tenantasking $1,225,000

West End Denman St Location. Well established, with excellent street exposure.

2,400sf, 80+ seat, fully licensedasking $128,000

5600 sf on two levels.

Variety of allowable uses

Growing residential area

Reasonable rents

SOLD

REtaIL FoR LEaSE

WESTERN INVESTOR september 2012 www.westerninvestor.com A15house prices over the past three years.

It is strange, we call it a good market when buyers are wrestling over listings and presenting multiple bids and we call it a bad market when prices are stable and there is a good selection, he said.

Jurock believes Vancouver-area house prices will continue to increase but not in a straight line over the next 10 years and beyond.

All of the experts agreed it would be nearly impossible buy a condo and rent it out in Vancouver and achieve positive cash flow. Making it harder for small residential investors is new federal mortgage rules that require a minimum 20 per cent down pay-ment on investment properties, up from 5 per cent, and shorter amortizations.

Rental investors The rental apartment market is even tougher for small investors. The average price of an apartment building in Vancouver this year is $227,000 per door, up 28 per cent from a year ago, according to David Goodman, a multi-family sp

Western Investor September 2012 Section A

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