Western Investor June 2012 Section A

www.naicommercial.ca Commercial Real Estate Services, Worldwide.

FOR SALE

SELF-STORAGE FACILITIES

SQ FT WAREHOUSE n !BBOTSFORD $460,000

Vernon, BC

WAREHOUSE UNITS EA SQ FT n -ISSION $339,900 #OMMERCIAL ZONED LOT n !BBOTSFORD $725,000

s UNITS PARKING

FOR LEASE

s SF ACRES

SQ FT WAREHOUSE n !BBOTSFORD $6.50 psf

Penticton, BC

SQ FT RETAIL OFlCE n !LDERGROVE $22.00 psf

s UNITS PARKING

SQ FT WAREHOUSE n ,ANGLEY $6.25 psf

s SF ACRES Price: Contact Broker

RESIDENTIAL BUILDING LOTS n ,ANGLEY $320,00

BRUCE SHELDON – 604-534-7974 bruce@naicommercial.ca

KEN KIERS* OR KEN HICK P. 604-534-7974 TF. 1-800-890-9855 KEN KIERS OR KEN HICK kiers@naicommercial.ca

KEN KIERS* 604-534-7974 1-800-890-9855 kiers@naicommercial.ca

* Personal Real Estate Corp.

11.4 ACRES DEV. LAND ADJACENT TO WALMART, MERRITT

MIXED USE DEVELOPMENT NEW WESTMINSTER

ASKING $1,980,000

s 5P TO !CRES 4OTAL s /WNER WILL SUBDIVIDE TO SUIT s /FFERED AS :ONED AND 3ERVICED s 4RUCK 3TOP )NDUSTRIAL #OMMERCIAL s !CCESS ON TO AND OFF OF (WY s &ULL (IGHWAY &RONTAGE Asking: Contact LIsting Broker

s 19,633 SF SITE LOTS s RES RETAIL UNITS s "UILD NEW STOREY MULTI FAMILY RETAIL s 3UBDIVIDE INTO NEW RES LOT s #ORNER LOT X FT

COURT ORDERED SALE

s )DEAL SITE FOR HOME IMPROVEMENT STORE

STRIP MALL FACTORY OUTLET SHOPPING CENTRE HOTEL 26 PARK INDOOR 26 STORAGE s 2EZONING REQ D TO ACCOMMODATE SOME PROPOSED USES

COQUITLAM

s Now available at $3.2 Mil. K AC WITHOUT FURTHER IMPROVEMENT AND IF SOLD AS ONE TITLE OR PURCHASE IN SMALLER LOT SIZES AT K AC WITH REZONING INTERNAL ROADS AND SERVICING COMPLETED

s 3TRATA 2ETAIL /FlCE s SF UNITS s STALL PARKING s FT SIGN FRONTAGE s !REA REVITALIZATION UNDERWAY REDUCED $599,000 / $132 PSF

DON ELLIS, RI 604-691-6668 donellis@naicommercial.ca

RESORT HOTEL & 1000 ACRES 108 MILE, BC

or 1-800-890-9855 CHRIS LANGHAUG 604-534-7974 langhaug@naicommercial.ca

FOR SALE RV SITE WITH BUSINESS

s 0ROlTABLE SPA HOTEL LAND s !PPROVED FOR UNITS SINGLE FAMILY CONDOS s )NVEST IN RESORT HOTEL WITH EXPANSION OPPORTUNITY OR JUST DEVELOPABLE LAND OR BOTH

39.5 AC RIVERFRONT LAND, SICAMOUS AREA, BC s 3HORT RIVER ACCESS TO 3HUSWAP LAKE s Offers on $898,000 s -OTIVATED SELLER

WANTED: HOTELS/MOTELS 70+ ROOMS IN G.V. - HAVE QUALIFIED BUYERS

MICK MATHEUSIK, M Sc. 1-866-717-6989 mick@naicommercial.ca

s ,OCATED IN ,ANGLEY (IGHWAY FRONTAGE s 0OTENTIAL DEALERSHIP OR (OME )MPROVEMENT #ENTRE s # ZONED ACRES

SQ FT OF BUILDINGS

DON & ANGIE MACDONALD

s s s s s

ALES OFlCE PARTS STORE AND SERVICE BAYS 3 ,ARGE SALES LOTS 3ECURE STORAGE #AN BE SOLD WITH OR WITHOUT BUSINESS 0RIME RE DEVELOPMENT SITE $3,500,000.00

VANCOUVER • LOWER MAINLAND • VANCOUVER ISLAND SECTION

$4.29 JUNE 2012 Vol. 27/Issue 6

9 SHAKING UP THE RACK RATE

Older hotels, motels face fight for survival

â–˛

RESIDENTIAL BUILDING LOTS FOR SALE

Commercial/Industrial Land Highway 1 Access and Exposure Flood Hope Road, BC

Mark Lester of Sotheby’s Canada warns that changes in traffic patterns, demographics force rethink of hotel assets

14 10 DEALS ON WATERFRONT

Photo tour reveals our top 10 waterfront buys across British Columbia 21 HUNTING FOR U.S. “ZOMBIES�

American defaults unearth bargains in reviving commercial market SPECIAL SECTION • A16

LIFESTYLE PROPERTIES

PUBLICATIONS MAIL AGREEMENT 40069240 RETURN UNDELIVERABLE CANADIAN ADDRESSES TO CIRCULATION DEPARTMENT: 102 EAST 4TH AVENUE, VANCOUVER, B.C. V5T 1G2

executive golfer’s retreat at semiahmoo 604-534-7974 or 1-800-890-9855

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

$1,195,000

s ! GOLFER S DREAM HOME SPECTACULAR ONE OF A KIND CORNER LOCATI ON BORDERING THE FAIRWAY AND HOLE ACROSS FROM CLUBHOUSE s 3UPERB QUALITY WITH HIGH END APPOINTMENTS NEW NEARLY S F CUSTOM HOME SUITES DETACHED GUEST #ASITA WITH FULL BATH Call MIKE (604) 288-7473 For yer see www.copacrealestate.com

A2 Lower Mainland FREESTANDING OFFICE BUILDING FOR SALE

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ROGER LEGGATT MAX ZESSEL

COUNTRY PINES MOBILE HOME PARK & GALLAGHER LAKE RESORT

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DON DUNCAN* CHRIS DRIVER*

www.westerninvestor.com JUNE 2012WESTERN INVESTOR

FOR SALE - 12180 RIVERSIDE FREESTANDING INDUSTRIAL 10.18 ACRE INDUSTRIAL SITE BOWEN ISLAND INVESTMENT WAY, RICHMOND TILBURY BUSINESS PARK INVESTMENT OPPORTUNITY

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BOB WATT

FOR SALE: EXCELLENT NEW WESTMINSTER INVESTMENT OPPORTUNITY

2999 GRANDVIEW HIGHWAY, TOFINO ZONED VANCOUVER CAMPGROUND/COMMERCIAL TOTALLING OVER 116 ACRES

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CHRIS DRIVER*/ANDREW LAURIE DON DUNCAN*

CRAIG HAZIZA***

FOR SALE - RARE DOWNTOWN PROPERTY

CORNER PROPERTY, FREESTANDING BUILDING

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RICK EASTMAN* KEVIN VOLZ*

RANDY SWANT* LEE G HESTER*

86,000 SF ON 9 ACRES IN PORT KELLS

FOR SALE - 8391 MAIN STREET, OSOYOOS, BC

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MARK GALLAGHER

BILL HOBBS*

BILL RANDALL*

FOR SALE

MULTI-FAMILY DEVELOPMENT SITE

2790 ALLWOOD STREET OWNER/USER OPPORTUNITY WITH INCOME

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DON DUNCAN* CHRIS DRIVER*

INVESTMENT/OWNER-USER OPPORTUNITY

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BURTON VAN ALSTINE* HUDGE PARMAR*

FOR SALE - 14.376 ACRES ON WOOD LAKE

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ERIC WALKER / ERNIE CORLETT

KYLE WILSON / CRAIG HAZIZA***

DAVID POTTINGER

BILL RANDALL* / NOAH FREEDMAN

HUDGE PARMAR* / MAX ZESSELL

ERIC WALKER / ADAM FRIZZELL

38,253 OFFICE/WAREHOUSE/ TECH FACILITY

FOR SALE 1131 E. HASTINGS STREET

IDEALLY LOCATED FREESTANDING BUILDING

WOOD LAKE DEVELOPMENT SITE

FOR SALE/LEASE 21755 LOUGHEED HWY

LANDMARK WHISTLER INVESTMENT OPPORTUNITY GARFINKELS NIGHT CLUB

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RICK EASTMAN*

KYLE WILSON CRAIG HAZIZA***

ERNIE CORLETT

MARK GALLAGHER HUDGE PARMAR*

BRETT AURA CRAIG BALLANTYNE*

NIC GREEN PHIL HEARN

FOR SALE - 63 ACRE INDUSTRIAL SITE

86.85 ACRE DEVELOPMENT SITE NOT IN ALR

FOR SALE - 32860 MISSION WAY, MISSION

FOR SALE - CAREFREE INVESTMENT STRATA

OFFICE BUILDING FOR SALE

“CENTRE ICE” DOWNTOWN VANCOUVER TENANTED INVESTMENT OPPORTUNITY

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t :BMFUPXO %FOUJTU UFOBOU t "RVBSJVT 1SPGFTTJPOBM #VJMEJOH t 7JFX DPWFOBOU MPDBUJPO t QTG $BQ

BILL HOBBS*

HUDGE PARMAR* MARK GALLAGHER

BILL RANDALL*

ADAM FRIZZELL

LANGLEY DEVELOPMENT SITE

GATEWAY TRAVEL CENTRE, KAMLOOPS, BC

FOR SALE - WILLOW CALE ROAD, PRINCE GEORGE

FOR SALE - HARRISON HIGHLANDS, KENT

ANNE TANNER

ERNIE CORLETT

FOR SALE - 38917 PROGRESS MULTIFAMILY DEVELOPMENT WAY, SQUAMISH, BC SITE

50% LEASED t -PDBUFE OFBS )JHIXBZ UI JOUFSDIBOHF t BDSF TJUF JO $BSWPMUI #VTJOFTT 1BSL t $PNNFSDJBM JOEVTUSJBM BOE IPUFM VTFT QFSNJUUFE t "TLJOH

MICHAEL HARDY BRETT AURA

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BART VANSTAALDUINEN* ERIC WALKER

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BILL RANDALL*

Moving with confidence

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BILL RANDALL*

Cushman & Wakefield Ltd. Suite 700 - 700 West Georgia Street P.O. Box 10023, Pacific Centre Vancouver, BC V7Y 1A1

T: 604.683.3111 www.cushmanwakefield.com www.vancouverlisting.ca

* Personal Real Estate Corporation ***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, it is not guaranteed by Cushman & Wakefield.

BILL RANDALL*

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BRETT AURA CRAIG BALLANTYNE*

$0/5&/54 +6/& 7"/$067&3 Â… -08&3 ."*/-"/% Â… 7"/$067&3 *4-"/% 4&$5*0/

FEATURES 9 0/ 5)& $07&3 )PUFM JOEVTUSZ GBDFT PWFSIBVM

On the cover Mark Lester, senior VP at Sotheby’s Canada: owners of older motels and hotels need to face new market realities.

Photo: Kim Stallknecht Photography

41&$*"- 4&$5*0/ Â… " LIFESTYLE PROPERTIES

Traffic changes, competition force asset restructuring

"%7&35*4*/( %*3&$503:

12 $PVSUT MFBOJOH BHBJOTU QSF TBMF CVZFST

Trying to squeeze out of condo deal can be a tough sell

14 5PQ XBUFSGSPOU EFBMT JO # $

Golf plays challenged by immigration, demographics

#64*/&44 0110356/*5*&4

8 4&37*$&4 23 4&" 50 4,: 46/4)*/& $0"45 3&(*0/

24–27 7"/$067&3 *4-"/%

3&"- &45"5&

21 “;PNCJF¢ MPBOT GSJHIUFO "NFSJDBO MFOEFST

360 acres of oceanfront, private island among best buys

17 8IJUF HSFZ BOE JO UIF SPVHI

2–24 -08&3 ."*/-"/% 3&"- &45"5&

Defaults expected as high-priced mortgages come due

#64*/&44 0110356/*5*&4

.03& 0110356/*5*&4 ™

COLUMNS

… */5&3*03 # $ … "-#&35" … 05)&3 1307*/$&4 … '3"/$)*4&4 ™ 4&& 4&$5*0/ #

6 8&45&3/ 1&341&$5*7& 25 8)"5¤4 )"11&/*/( */ # $

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 @ w e s t e r n i n v e 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

BELLINGHAM

B A N K F O R E C LO S U R E S I N C O M E P R O P E RT I E S VA C A N T L A N D Sales of commercial income producing properties have never been lower. Many lenders’ foreclosures are available.

Give us a call and let us know what your needs are. We will find it for you.

RON BENNETT COMMERCIAL REAL ESTATE Ron Bennett

SUTTON GROUP WEST COAST REALTY

(USN Ret.)

CALL

/ Owner - Broker

ACREAGES

7437 253rd Street

s 3 Acres s SQ FT BEDROOM HOME s 5PDATED YEARS AGO s 3EPTIC lELD RE DONE YEARS AGO s 3EVERAL PADDOCKS SHELTERS AND A HOG FUEL RING s X COVERALL BUILDING s X SHOP WITH VOLT POWER s X BARN WITH STALLS AND TACK ROOM 7455 253rd Street

s !CRES s SQ FT BEDROOM ONE STOREY WITH PARTIAL BASEMENT HOME s 2ENOVATIONS YEARS AGO s SQ FT SHOP WITH LOFT AND TWO SINGLE CAR GARAGE DOORS s 3ECOND DWELLING IS A SPLIT LEVEL BEDROOM HOME WITH SQ FT UPPER mOOR AND SQ FT BASEMENT

CHILLIWACK

SURREY/LANGLEY BORDER 1 & 2 - 5492 Production Blvd EACH s SQ FT EACH s ,ARGE OVERHEAD DOOR s AMP PHASE PANEL AMP PANELS s /FlCE FRONT WITH UV lLTERED GLASS MEZZANINE WITH LARGE X WINDOWS LARGE SHOP AREA s &ORCED AIR GAS FURNACE IN SHOP ELECTRIC HEAT IN OFlCE s ,ARGE X WINDOWS IN MEZZANINE s 7ILLING TO SELL 5NITS TOGETHER OR WILL DIVIDE

7640 Nixon Road 3/,$ s !CRES W LOG HOME LARGE SHOP s 0RIVATE LOCATION s "RING ALL OFFERs

256th Street & 48th Avenue NEW PRICE!! s !CRES IN A 'REAT LOCATION s "EAUTIFUL CLEARED LEVEL BUILDING SITE s )MAGINE THE LUXURY OF PLANNING YOUR DREAM FROM SCRATCH VS COMPROMISED BY EXISTING DETAIL s :ONED 25

700 Columbia Valley Road $1,300,000 s 1 Acres s 0RIME &ARM ,AND s "UILD YOUR DREAM HOME HERE

CHILLIWACK

COMMERCIAL/INDUSTRIAL SURREY 11151 Bolivar St & 13340 112 Ave $2,750,000 s .3 Acres (on corner) s :ONED #() (IGHWAY #OMMERCIAL

7700 240th Street /PEN TO /FFERS s 2ECENTLY 2EMODELLED s !CRE PANHANDLED SHAPED LOT s ,ARGE SQ FT BEDROOM RANCHER s SQ FT "EDROOM "ASEMENT 3UITE s *ETTED TUBS UPSTAIRS DOWNSTAIRS

19518 32nd Avenue $3,150,000 s !CRES IN #AMPBELL (EIGHTS s $ESIGNATED "USINESS /FlCE 0Ark

6842 202B Avenue & 6868 202B Ave $1,700,000 s 0RIME 4OWNHOUSE $EVELOPMENT 3ITE s $ESIGNATED 50! WITH UNDERGROUND OR STRUCTURED PARKING s %XCELLENT 6IEW 0ROPERTY CLOSE TO ALL !MENITIES

✓ GOOD RETURN

COMMERCIAL/INDUSTRIAL

51140 Ruddock Road $1,500,000 s !CRES s 0OTENTIAL FOR ,OTS s 02)#% $2!34)#!,,9 2%$5#%$

27691 Downes Road New Reduced Price s !CRES s 0OTENTIAL "ERRY ,AND s ,ARGE 3HOP "ARN 3TORAGE

botsold@intergate.ca

ACREAGES

889 Lefeuvre Road

s !CRES s -USHROOM &ARM s 3HOP #OMPOSTING &ACILITY s 'ROWING "ARN -ULTI 5SE "UILDING

LANGLEY

✓ VALUE FOR $

604-817-7338

Don Munro

ACREAGES

48th Avenue & 216th Street /PEN TO /FFERS s !CRES TWO PARCELS s 0OSSIBLE &UTURE 0OTENTIAL

1-360-671-9440 U www.RonBennett.com

LANGLEY 203-20771 Langley Bypass $750,000 s SQ FT COMMERCIAL STRATA s &ULLY LEASED s %XCELLENT )NVESTMENT 0ROPERTY

✓ TENANT COVENANT

44085 Yale Road West $1,250,000 s !CRES s #LOSE PROXIMITY TO 4RANS#ANADA (WY s - :ONING (SALES MANUFACTURING DISTRIBUTION

WAREHOUSING FOOD PROCESSING OUTSIDE STORAGE ALLOWED 44109 Yale Road West $1,210,000 s !CRES s (OME AND LARGE SHOP s #LOSE PROXIMITY TO (IGHWAY s - :ONING 8558 Chilliwack Mountain Road

s ACRE 6ACANT )NDUSTRIAL ,OT s :ONED - 'ENERAL )NDUSTRIAL - (EAVY )NDUSTRIAL s ,EVEL LOT WITH A COMPACTED GRAVEL BASE s 'REAT ,OCATION 'REAT 0RICE 8495 Aitken Rd, $325,000 s ACRE )NDUSTRIAL 6ACANT ,OT s :ONED - 3ERVICE )NDUSTRIAL s 0ERFECT FOR SMALL BUSINESSES

✓ UPSIDE

✓ CAREFREE

A4 Lower Mainland FORRES PACIFIC PROPERTY MANAGEMENT

www.westerninvestor.com JUNE 2012WESTERN INVESTOR

Macdonald Commercial Real Estate Services Ltd.

ESTATE SALE - NORTH VAN. Prime 10 suite apt. bldg.

BOB SCRAGG 604.290.2906 | bscragg@macrealty.com

YOUR PARTNER FOR SUCCESSFUL REAL ESTATE INVESTING

FOR SALE: 94 UNIT HIRISE APARTMENT BUILDING

PROPERTY MANAGEMENT AND CONSULTING SERVICES FOR THE LOWER MAINLAND AND FRASER VALLEY

3075 Willow, Vancouver $2,298,000 - Cap Rate 4.35% Gross $123,828 Net Income $100,144.

3371 ChesterďŹ eld Ave. See Video: www.youtube.com/user/johnserdar1/videos

SCOTT ETTLES DAYTIME EVENING

SCHOOL FORECLOSURE, FRUITVALE

604 576 4407 604 724 1787

www.forrespacific.com

JOHN SERDAR 604-889-9338 Amex Broadway West Realty Ltd.

settles210@aol.com

MARK HAGEDORN

‡ MULTI-FAMILY,

PRINCE GEORGE:

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FOR SALE: 102 ACRES PRINCE GEORGE

th Ave, BUIDLING FOR SALE / LEASE OFFICE 1275 W.: 75 Vancouver

JOINS

MACDONALD COMMERCIAL Investment Sales & Leasing Team Mark has gained extensive experience in the

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sales and leasing of income producing properties

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during his 25 year real estate career. For 9 years he consulted for several Canadian pension funds leasing and preparing for sale a mixed portfolio of ofÂżce retail and industrial properties. For the

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BUILDING, BURNABY:

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past 15 years Mark has focused on commercial sales and leasing on the 1orth 6hore leas-

GARY WEBB 604.714.4780 | www.rgarywebb.com

ing over 1.75 million square feet of commercial

FOR SALE : INVESTMENT OPPORTUNITY

space involving over 1 75 tenants and closing

FOR SALE: RESTAURANT LAND & BUILDING

many commercial sales transactions.

MARK HAGEDORN 604-714-5524 mhagedorn@macrealty.com

View Mark’s Listings

604.736.5611

www.macdonaldcommercial.com

FOR SALE .

ASED BE LE DETAILS Y A M L FOR CAL

BUILDING AT UBC 81,260 sq.ft. R&D

3800 Wesbrook Mall provides an excellent environment that will support and enhance the intellectual and social development goals of companies involved in R&D. Laboratories, ofďŹ ces, teaching, training, and conference facilities, in support of research and development in a number of key areas. OFFERS

Kris Pope 604-318-5226 FOR LEASE 725 Eaton Way

MAIN ST, VANCOUVER:

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RARE GOLF COURSE OPPORTUNITY FOR SALE | ERIC POON & KELVIN LUK ‡ &KDPSLRQVKLS *ROI &RXUVH ZLWK +RWHO 5HVRUW 3RWHQWLDO 9DQFRXYHU ,VODQG ‡ 3DU \DUGV KROHV &KDPSLRQVKLS *ROI &RXUVH RQ $FUHV ‡ VT IW FOXE KRXVH ZLWK SUR VKRS UHVWDXUDQW ORXQJH DQG EDQTXHW IDFLOLWLHV ED ‡ )XOO VL]H GULYLQJ UDQJH DQG ODUJH SUDFWLFH IDFLOLWLHV UC D ‡ 3UHOLPLQDU\ SODQV IRU D URRPV KRWHO DQG FRQYHQWLRQ FHQWUH RE CE ‡ VT IW FXVWRP EXLOW KRPH RI

Approx 9,200 sq ft warehouse with approx 3,800 sq ft ofďŹ ce space. Attractive rates.

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Larry or Kris 604-689-8226 SEEKING AN INVESTMENT OPPORTUNITY

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PRIME RETAIL INVESTMENT

3 strata title units sold together--control the entire retail component of WANTED INVESTMENT PROPERTY this building. Fully $500,000 to $1.500,000 with close to tenanted at the corner of 12th and arbutus in a 6 cap, retail or strata ofďŹ ce possible, the acclaimed LUZON development. Arbutus Greater Vancouver or Kelowna, quick close corridor, huge development in the immediate for a good property. area coming soon. $2,988,000 Contact Kris Pope at 604-318-5226 Either multi tenant ofďŹ ce or business park with good return and or upside Up to $25,000,000.

Dexter Associates Realty Commercial Real Estate, Your Trusted Advisors “We are focused on achieving the results YOU want.�

FOR SALE: KELOWNA GOLF RANGE - Land, building & business | GARY KHAN ‡ /DQG EXLOGLQJ EXVLQHVV IRU VDOH $SSUR[ DFUHV LQ $/5 ‡ /LVW 3ULFH 5('8&(' GARY KHAN

FOR SALE: LITTLE MOUNTAIN CHILLIWACK - 59 Lot Subdivision | GARY KHAN ‡ ORW VXEGLYLVLRQ /LWWOH 0RXQWDLQ &KLOOLZDFN PRICE REDUCED ‡ /LVW 3ULFH GARY

KHAN

SALES . LEASING . STRATA MANAGEMENT . PROPERTY MANAGEMENT Vancouver 604.736.5611 Fraser Valley 604.590.2444 commercial@macrealty.com

www.macdonaldcommercial.com 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.

Lower Mainland A5

WESTERN INVESTOR JUNE 2012 www.westerninvestor.com

APARTMENT BUILDING SPECIALIST WEST SIDE

BURNABY

NEW WESTMINSTER

8 Units/Cambie Corridor Completely Renovated Gross Income $122,892

22 Units – Near SFU 2 Penthouses with Views Gross Income $260,496

28 Units – Moody Park Fully occupied – great tenants Gross Income $ 238,408

NEW WESTMINSTER

PORT ALBERNI

EAST VANCOUVER

D S O LE OFFERS IPL

MULT 21 Unit Apartment Building Completely Renovated, Views Gross Income $235,885

8 Unit Apartment Building Penthouse with views and decks Gross Income $84,546

43 Units/2 Buildings Close to amenities Gross Income $222,893

Plus many other listings! Please visit our website at www.billgooldrealty.com for more information.

604.263.2823

RETAIL INVESTMENT

RETAIL SALE/LEASE

INDUSTRIAL SALE/LEASE

LOT FOR SALE

1396 Richards Street, Vancouver 30,000 sq ft lot, 2/3 of a city block DD-L1 zoning 150,000 sq ft buildable density Operating business included with sale

1738 West 2nd Avenue, Vancouver 1,086 sq ft retail strata east of Burrard "JS DPOEJUJPOFE t 2VBMJUZ JNQSPWFNFOUT Underground parking Vacant possession

906 Main Street, Vancouver 4,314 sq ft on two levels High exposure corner in trendy location 3FTUPSFE IFSJUBHF CVJMEJOH t )JHI DFJMJOHT (BT t QBSLJOH TUBMMT

1263 Clark Drive, Vancouver 3,063 sq ft showroom/office/warehouse "NQMF QBSLJOH t 1BSUJBMMZ BJS DPOEJUJPOFE Includes 1,300 sq ft office

1186 Granville Street, Vancouver 3,000 sq ft development site 3.5 FSR Parking income High exposure location

Tom Bakker, James Bayley

Conor Finucane, Howard Malchy

James Bayley, Meghan Kennedy

Mitch Ellis, Ryan Saunders

James Bayley, Meghan Kennedy

INVESTMENT STRATA

INVESTMENT STRATA

INDUSTRIAL SALE

INDUSTRIAL SALE/LEASE

EXPOSURE LOT FOR SALE

5850–5852 Fraser Street, Vancouver 1,380 sq ft 2 fully leased strata units Long term stable tenant $599,000

1779–1799 Kingsway, Vancouver 3,005 sq ft ground floor strata High exposure corner location Approx. 6% cap rate Fully leased until Dec 31, 2015

105 - 418 East Kent Ave, Vancouver 2,340 sq ft PGGJDF t 5XP QBSLJOH TUBMMT Grade loading Asking $514,000

239–241 E. 1st Street, North Vancouver Prime Lower Lonsdale location 9,600 sq ft building on 6,000 sq ft lot Lower 4,800 sq ft vacant for sale and/or lease

1161 Kingsway Avenue, Port Coquitlam 39,726 sq ft lot 2,000 sq ft building M-2 industrial zoning Excellent exposure

Conor Finucane

Conor Finucane

Mitch Ellis, Ryan Saunders

Rand Thomson

Phil Gibbons, Steve Caldwell

OWNER/USER INVESTMENT

DEVELOPMENT SITE

INDUSTRIAL SALE

INDUSTRIAL SALE

INVESTMENT OPPORTUNITY

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PRIME DEVELOPMENT SITE

King

17597 55th Avenue, Surrey 11,287 sq ft Tilt up concrete construction High quailty offices Steve Caldwell, Tony Capolongo, Sebastion Espinosa

George Blvd

13061 King George Boulevard, Surrey 5.34 acre site Residential/Industrial per OCP Between Scott Road & Gateway stations NEW PRICE!

203 - 9875 192nd Street, Surrey 1,760 sq ft 21’ high ceilings Excellent access to Highway 1 Heavy 200 amps power

54370 Bridal Falls Road, Chilliwack 14.165 acres Development potential Exposure and access to Highway 1 QIBTF QPXFS t $PWFSFE TUPSBHF BSFBT

904 & 908–990 Victoria St., Kamloops BDSFT t $ [POFE Two buildings on 9 lots UFOBOUT t 1SJNF SFUBJM FYQPTVSF Asking $1,995,000

Rand Thomson, Sebastian Espinosa

Sebastian Espinosa

Rand Thomson, Sebastian Espinosa

Steve Caldwell, Murray Wills

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

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 veriďŹ cation. DTZ Barnicke Vancouver Limited, Real Estate Brokerage 06/2012.

A6 Lower Mainland

www.westerninvestor.com JUNE 2012WESTERN INVESTOR

" ESBJOBHF EJUDI JT OPU B QSJTUJOF TUSFBN he drainage ditch was dug years ago on an Abbotsford farm to help keep floodwaters off valuable crops. Now it takes a vanload of environmental inspectors to tell the farmer if the ditch can be cleared before flood season starts. In some cases the farmer is told he can’t even plow near the ditch.

Such old irrigation channels, that may have never hosted a fish, can also mean that if the current house or barn on the property ever burns down, it can never be replaced if it is less than 30 metres from the ditch.

It is such insanity that led to Fraser Valley farmers protesting in front of the federal Department of Fisheries and Oceans (DFO) headquarters in downtown Vancouver this spring, and to the federal government finally moving to change legislation.

Under the current federal Fisheries Act, no distinction is drawn between the waterways, lakes, and rivers that support Canada’s fisheries and small bodies of water that may not even be home to fish. For example, under the current system, drainage ditches, manmade reservoirs and irrigation channels are subject to the same rules and guidelines as

5

rivers, lakes and oceans that support fish and local fisheries.

However, ditches that aren’t kept clear can flood farmland, raise the water table and degrade the ability to grow crops or graze cattle. To prove the ditch does not contain fish can be a lengthy and costly affair. “In order to prove an absence of fish, the entire length must be sampled for fish since water flowing into fish habitat are also subject to [regulations],� according to the current standard.

At the Vancouver protest, farmers shared stories of digging ditches to drain their land only to be told by the DFO that they can no longer farm within 30 metres of those ditches because they are potential “fish habitat.� Some have been forbidden from dredging their own ditches, leading to floods on their property, raising the water table and stunting the ability to graze cattle and grow crops, farmers said.

But it is not only farmers being hurt. A dormant ditch bisecting a building lot can make the land worthless because of setbacks totalling 60 metres. The current regulations also affect energy projects, logging and recreational development.

And the Federation of Canadian

8&45&3/ 1&341&$5*7&

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FLAGSHIP MAPLE RIDGE For Sale/Lease 1451 sq.ft strata New OďŹƒce Space HANEY PRO: MEDICAL OFFICE BUILDING Maple Ridge 2 units 900 & 1900 sq.ft. For Lease EDGEWOOD Íľ PITT MEADOWS For Sale/Lease 8 unit Strata Building with Tenants from $300K

'BOUBTUJDBMMZ SVO "MM UIF VOJUT BSF CFESPPNT 5IF CVJMEJOH IBT IBE NBOZ VQHSBEFT 1MVNCJOH &MFDUSJDBM 'JYUVSFT FUD 5IF TBNF $BSFUBLFS GPS UIF MBTU :FBST NBLFT JU FBTZ GPS BO PXOFS 4*9 1&3$&/5 $"1 5BLF BEWBOUBHF PG HSPXJOH .BQMF 3JEHF

TURNKEY DENTAL OFFICE Íľ PITT MEADOWS 1400 sq.ft second floor only $14/sq.ft For Lease KEYSTONE BUILDING Íľ PITT MEADOWS 825 sq.ft. retail/oďŹƒce space $22/sq.ft. For Lease

LD O S

353 WATER ST.

LD SO

EW N

/&95 .0/5)

Western Investor tours Vancouver Island opportunities, looks at the economic scale of mixed-use developments and checks out the action in casinos and pubs. Our Investing 101 tells how to avoid real estate scams.

Our regional reporters file from Burnaby, Moose Jaw, Red Deer and Slave Lake. Plus we carry the news needed by western investors.

EDITOR wieditor@biv.com

WHOLESALE BUSINESS VANCOUVER, over 35 years in operation, good location, handling many exclusive products. $48,000 plus stock

LD O S

620 SEYMOUR ST.

Steamrollers Franchise Available Steamrollers Franchise Vancouver.$319K (Davie St.)

MOTEL 30 rooms well established, good location, building in excellent condition. $1,165,000

Wired Monk Individual Franchise Opportunity Wired Monk ......................................... $99K, $160K,

GAS STATION, building land equipment included, all updated 3.5 ac land 5 legal lots. $1,288,000

Wired Monk New Franchises - Vancouver ................................ $262K-$350K depending on location

PRINT SHOP – building & business with equipment, 26 yrs in business, well established $699,000

Sandwich Tree master franchise opportunity $235K

Please call

Cell: 604-961-5665 richard@expertrealty.ca www.expertrealty.ca

LD O S

LD O S

1523 E. PENDER ST.

• SIX STOREY PLUS LOWER LEVEL, COMMERCIAL OFFICE AND RETAIL BUILDING • PROMINENT CORNER GASTOWN LOCATION AT WATER AND CARRALL ST. • CHARACTER INVESTMENT PROPERTY IN GASTOWN • LOT SIZE: 13,647 SF (APPROX) • ZONING: HA - 2 LIST PRICE: PLEASE CONTACT THE EXCLUSIVE LISTING AGENT

350 & 356 CARRALL ST. • EXCELLENT GASTOWN RETAIL UNIT • PRIME OWNER OCCUPIER/INVESTMENT OPPORTUNITY • NEWLY RE-DEVELOPED MIXED-USE BUILDING • LARGE RETAIL DISPLAY WINDOWS • UNIT SIZE: 1,808.34 SF (APPROX., AS PER STRATA PLAN) • ZONING: HA - 2 LIST PRICE: PLEASE CONTACT THE LISTING AGENT

RICHARD PODGURSKI

RE/MAX Masters Realty

604-312-6488

21 WATER ST. - THE PACKING HOUSE

Franchise Opportunity Blenz Master Franchise in Vancouver, Vancouver Island, Ontario & Alberta Blenz Franchises ......... $139,900, $188K, $297,800 - $488,800

RESTAURANT, 27 years in business. Building, land and equipment included $788,000

“Your Commercial Connection for Maple Ridge, Pitt Meadows RE/Max Lifestyles Realty

ADVERTISING DEADLINE JULY 2012 issue: June 11, 2012

FRANK O’BRIEN

Adrian Keenan

$BMM GPS ZPVS PXO QSJWBUF TIPXJOH 3& ."9 $FOUSBM "M ,BCBOJ #VSOBCZ

Municipalities says municipal employees are forced to spend costly time filling out forms and waiting for federal approvals when city workers try to perform routine services, such as repairing storm-water drains.

Fortunately, Ottawa appears ready to act. Federal Fisheries Minister Keith Ashfield has announced plans to amend the Fisheries Act and related policy that currently governs “all bodies of water where fish live – or could live.� Said Ashfield: “That does not make sense to us, and frankly we don’t think it makes sense to the majority of Canadians.�

We say amen to that.

Publisher Cheryl Carter Editor Frank O’Brien Contributing Writer Dave Husdal, Geoff Kirbyson, Glen Korstrom, Joel McKay, Peter Mitham, Kevan O’Brien 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 1G2Subscriptions and Advertising Sales Tel: 604-669-8500 Fax: 604-669-2154 Canada/U.S. toll-free: 1-800661-6988. 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.

EW N

www.matthewmoadebi.com www.vancouverfranchise.ca

Matthew Moadebi 604-329-6771 (Cell) m.m7430@gmail.com

LD O S

611 POWELL ST.

57 E. CORDOVA Main level live/work unit

PARIS ANNEX COMMERCIAL RETAIL/OFFICE UNITS • GOOD CEILING HEIGHTS • LARGE RETAIL DISPLAY WINDOWS • NEWLY RE DEVELOPED CONCRETE CONSTRUCTION • UNIT SIZE: FROM 925.70 SF TO 1,111.91 SF (APPROX., AS PER STRATA PLAN) • ZONING: DD (DOWNTOWN DISTRICT)

LIST PRICE:

EW N

Casa Del Sole CafĂŠ...............................................$160,000

FROM $389,000

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

ROBERT THAM s MARC SAUL s Corbel Commercial Inc. www.corbelcommercial.com U Tel: 604.609.0882 U Fax: 604.609.0886 U Info@corbelcommercial.com 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 veriďŹ ed. All measurements quoted herein are approximate.

Lower Mainland A7

WESTERN INVESTOR JUNE 2012 www.westerninvestor.com

FEATURED LISTING FOR SALE – 3660 Viking Way, Richmond

FOR SALE – 1999 Nelson Street, Vancouver

s SF SINGLE TENANT BUILDING s LEASED TO 1UANTUM -URRAY ,0 s ,ARGE ACRE SITE

s ,OCATED WEST OF $ENMAN 3TREET ONE BLOCK FROM 3TANLEY 0ARK s &OUR STOREY PLUS PENTHOUSE CONCRETE APARTMENT BUILDING s 4REMENDOUS UPSIDE OPPORTUNITY ON RENTAL RATES s 2ARE OPPORTUNITY TO ACQUIRE A PREMIER MULTI FAMILY ASSET

.BSL )BOOBI 3PC (SFFS FOR SALE – 308 Forbes Ave, North Vancouver s HIGHLY MAINTAINED RENTAL SUITES s -AJOR RENOVATION COMPLETED IN s 0ANORAMIC VIEWS OF "URRARD )NLET s 0ROMINENT LOCATION IN A HIGHLY DESIRABLE MARKET s 3ECURED UNDERGROUND PARKING

.BSL )BOOBI 3PC (SFFS SOLD – Hillside Villa 1740 Esquimalt Avenue, W. Vancouver

LD O S

s s s s

3PC (SFFS $ISJT 8JFTFS .BSL )BOOBI

3PC (SFFS $ISJT 8JFTFS FOR SALE – 201 Edson Street, Saskatoon IT SU E O- EAS T L ILD R BU LE O SA

s LEASED TO 'REAT 7EST $ISTRIBUTION ,TD s 4ENANT RECENTLY RENEWED FOR A FURTHER l VE YRS s ,EASE HAS CONTRACTUAL RENTAL ESCALATIONS s ACRE SITE LOCATED IN 3ASKATOON S #. )NDUSTRIAL 0ARK

.BSL )BOOBI 3PC (SFFS FOR LEASE – 11125 124th Street, Surrey

,ARGEST MULTI FAMILY TRANSACTION IN 7EST 6AN SINCE STOREY APARTMENT BUILDING SUITES PENTHOUSE UNITS 3PECTACULAR VIEWS OF WATER MOUNTAINS 2ECORD SETTING CAP RATE PRICE PER DOOR ACHIEVED ON THIS SALE

SOLD – 340 St. James Street, Victoria

LD O S

s SUITES IN PRESTIGIOUS *AMES "AY s /FF MARKET TRANSACTION s #AP 2ATE

$ISJT 8JFTFS 3PC (SFFS

FOR LEASE – 1 Eight St., New Westminster

s TO SF OF SERVICE INDUSTRIAL SPACE s %XCELLENT PARKING AND ACCESS TO 3KY4RAIN s %XPOSURE TO +ING 'EORGE "OULEVARD

s 0REMIER SF #LASS ! OFl CE SPACE END COMPLETION s ,%%$ 'OLD ENERGY EFl CIENT OFl CE BLDG W LARGE m EXIBLE m OOR PLATES s !DJACENT .EW 7ESTMINSTER 3KY4RAIN STATION s !BUNDANT PARKING AMENITIES SPECTACULAR VIEWS

.JDIBFM 'BSSFMM +PIO &BLJO FOR SALE – 13056 114th Avenue, Surrey

%BSSFMM )VSTU FOR SALE – Village Square, Bowen Island s /PPORTUNITY TO ACQUIRE THE MARQUEE COMMERCIAL PROPERTY s SF OF COMMERCIAL SPACE AND RESIDENTIAL RENTAL UNITS s #ORNER LOCATION WITH HIGH EXPOSURE TO FERRY TRAFl C s (IGH OCCUPANCY AND ATTRACTIVE CASH m OW YIELD

s ACRES OF INDUSTRIAL ZONED LAND s 3IGNALLED ACCESS TO NEW 3OUTH &RASER 0ERIMETER 2OAD AND +ING 'EORGE "LVD • BDSF

+PIO &BLJO .JDIBFM 'BSSFMM #BM "UXBM FOR SALE – Abbotsford Industrial Land s 2ARE SERVICED LAND s :ONED )NDUSTRIAL s

AND ACRE SITES s ,OCATED AT -T ,EHMAN 2D "ROOKSIDE !VE s /PTIONAL BUILD TO SUIT SALE OR LEASE

.JDIBFM 'BSSFMM +PIO &BLJO FOR SALE – 9532 194A Street, Surrey E D IC CE PRDU RE

.BSL )BOOBI 3PC (SFFS FOR SALE – 1102 Commercial Drive, Vancouver s 2ARE OPPORTUNITY TO SECURE A CORNER LOCATION s %NTIRE PROPERTY LEASED TO A SINGLE TENANT WITH TRIPLE NET LEASE s "ELOW MARKET RENTS WITH OPPORTUNITY TO REPOSITION THE 0ROPERTY s ,EASE HAS h$EMOLITION 3UBSTANTIAL 2ENOVATIONv CLAUSE

.BSL )BOOBI 3PC (SFFS FOR SALE – 5133 & 5137 50TH Street, Chetwynd s 'WILLIM 'ARDENS %XECUTIVE 3UITES s FULLY FURNISHED SUITES s OCCUPIED WITH WAITING LIST s #OMPLETE RENOVATIONS CONDO QUALITY s #AP 2ATE

s ACRE LOT WITH SF BUILDING ON GROUND m OOR s TON CRANE HEAVY POWER s SF ND m OOR OFl CE s

+PIO &BLJO .JDIBFM 'BSSFMM FOR SALE – 2342 Windsor Street, Abbotsford

FOR SALE – Pantec Mini Storage - Bellingham, Washington s ACRES INCLUDING A ACRE VACANT PARCEL FOR FUTURE DEVELOPMENT OF SF COMMERCIAL BUILDING s .UMBER OF 5NITS s "TLJOH 1SJDF 64%

s SQUARE FOOT BUILDING ON ACRES s LOADING DOORS s LEASED FOR YEARS s "TLJOH QFS TRVBSF GPPU

+PIO &BLJO .JDIBFM 'BSSFMM FOR SALE – 701 East Cordova Street, Vancouver s 3& 7AREHOUSE -EZZANINE 3TORAGE s !CRE 3ITE s 3ITE #OVERAGE s %XCELLENT 3IGNAGE /PPORTUNITIES s +PIO -FDLZ 4USVBO 4BEEMFS

FOR SALE – 880 Belgrave Way, Delta s -ANUFACTURING $ISTRIBUTION "UILDING s SF s /WNER 5SER )NVESTOR /PPORTUNITY

3ZBO ,FSS .JDIBFM (JMM 3PCFSU -FWJOF 3PCFSU (SJUUFO FOR SALE – 2405 – 2427 Crescent Way, Abbotsford s !CRES s 0ERMITS IN PLACE FOR A UNIT -ULTI &AMILY DEVELOPMENT s !BILITY TO BUILD A SIX STOREY UNIT DEVELOPMENT s .EXT TO NEW - !BBOTSFORD #OLLEGIATE 3CHOOL s

%PVHMBT - .D.VSSBZ #BM "UXBM

$ISJT 8JFTFS

3PCFSU (SJUUFO 1BUSJDJB -JECFUUFS FOR SALE/LEASE – 1455-1475 East Georgia St., Vancouver E D IC CE R P DU RE

s n SF OF /Fl CE 7AREHOUSE AVAILABLE s ) ,IGHT )NDUSTRIAL ZONING s $OCK AND 'RADE LOADING s

+PIO -FDLZ 4USVBO 4BEEMFS FOR SALE – 144 Lonsdale Avenue, North Vancouver E D IC CE PRDU RE

s ,OCATED IN LOWER ,ONSDALE NEIGHBORHOOD s SF LOT s

.BUU 5IPNBT ,ZMF #MZUI FOR SALE 20963 Lougheed Highway, Maple Ridge s &ULLY LEASED MOBILE HOME PARK s 3TRONG OCCUPANCY PROVIDES SECURE CASH m OW TO INVESTORS s ACRE SITE DESIGNATED 5RBAN 2ESIDENTIAL IN /#0

3PC (SFFS $ISJT 8JFTFS Avison Young Commercial Real Estate (B.C.) Inc.

A8 Lower Mainland/Services COMMERCIAL MORTGAGES LEAKY CONDO FINANCING BUSINESS LOANS Acquisitions, Expansion, Equipment & A/R

www.paramountďŹ nancial.biz Marking our 15th YEAR in business !

N O RT H VA N C O U V E R

CONSTRUCTION

Lynnmour/ Main & Mt. Hwy 1469 Rupert Small OfďŹ ces 2nd oor walkup 2 private and common areas, new ooring, new paint, mtn views! Great space Spotless $995

s SUBDIVISION CONSTRUCTION s BUILDING ENVELOPE s CONCRETE ASPHALT SEALING s STRUCTURAL REPAIR s ROOlNG WATERPROOlNG s PARKING LOTS PARKADES

Full Building Repairs, Upgrades & Remediation

604-552-4392

ROARON project construction & infrastructure maintenance

ALSO: Industrial, Multi-Residential & Construction

www.westerninvestor.com JUNE 2012WESTERN INVESTOR

Call Now: 604.888.7818 or Email: ROGER ROARON COM

www.roaron.com

FOR LEASE

1469 Rupert Street 3000’ Whse Ground level loading Very Clean storage $9.50 & nnn Hi Ceiling. Overhead door IMMEDIATELY

DIANA MANDER www.mandergroup.com 604-657-4508 NORTHSHORE

POWELL RIVER INVESTMENT O P P O RT U N I T I E S Multi-use Light Industrial Property

1.3 acres with 16 storage bays, ofďŹ ce, 21’x41’ shop/bay with 3 phase power. Fully fenced, easy highway access, good exposure, room for expansion, just minutes south of Powell River. $349,900

In-Town Oceanfront Industrial Property

Multi-purpose Development Property; 97 acres gently sloping land + approx 19 acres of foreshore with deep water access. $3,100,000

www.peoplestrust.com PRAIRIE REGION

BRITISH COLUMBIA REGION

Brian D. Kennedy 604-331-2211

Dennis K. Aitken 403-205-8203

PRAIRIE REGION

BRITISH COLUMBIA REGION

Jonathan P. Wong 604-331-2218

Daniel Stewart 403-205-8202

When it comes to Commercial Development He’s the Best Rainmaker in the West Mortgage Alliance Commercial Canada - is pleased to announce the appointment of Michael Lee as our Commercial Mortgage Broker in Western Canada. Backed by Canada’s largest mortgage broker network, Michael brings his years of experience and experĆ&#x;se to the Mortgage Alliance Commercial team and to his clients.

Michael’s perseverance and passion for helping his clients obtain the Ďnancing they require makes him a key strategic partner who simply “get’s the deal done.�

Start making your commercial ventures a reality today. Call Michael Lee and discover the talents and resources that he and Mortgage Alliance Commercial can bring to the table today.

MICHAEL LEE, AMP, B.COMM Commercial Mortgage Broker Tel:

604-565-6370

Toll Free: 1-877-848-6370

mlee@macommercialcanada.com Corp. Oĸce: #310, 130 Brew Street, Port Moody, BC V3H 0E3 An independently owned and operated franchise of the Mortgage Alliance Network

www.westerninvestor.com

For all your real estate ďŹ nancing needs

1-800-661-6988

MORTGAGE FINANCING

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MagniďŹ cent Waterfront Acreage

245 acres west sloping land approx. 2700’ waterfront; incredible panoramic views; in ALR $3,100,000

Incredible Location!

132 acres just past downtown core; select areas provide stunning ocean & island views; in ALR $849,000

Ideal Agri-Business Opportunity

102 acres fairly level land; many possibilities; easy access; in ALR $569,900

Great Investment Property

30 acre wooded parcel zoned M3 Industrial; easy access; services available $349,000

For information on these properties or other Powell River investments

CONTACT US TODAY

A9

WESTERN INVESTOR JUNE 2012 www.westerninvestor.com

COVER Hotel and motel owners face a seismic shift in matching outdated properties to modern realities

3FUIJOLJOH PS TJOLJOH PETER MITHAM WESTERN INVESTOR rian McCauley, president of Concert Properties Ltd., jokes about buying up the competition as he discusses Concert’s recent acquisition of the 146-room Queen Victoria Hotel on Douglas Street, across the road from the Royal British Columbia Museum and steps from Victorias’s scenic Inner Harbour.

Photo: James Cullin

Though his company has a stake in the Victoria Marriott Inner Harbour, Concert is perhaps better known in the capital city as a residential developer thanks to its construction of the adjacent Astoria and Belvedere condo towers.

McCauley turns serious as he says the company’s familiarity with both sides of the local real estate market is what prompted the acquisition of the Queen Victoria. “Victoria is slightly over-hoteled; certainly, we’re seeing that in the rate battle that’s going on in Victoria right now,� he said. “So for us it made sense to acquire that building for the potential conversion for rental apartments.�

Built in the late 1960s, the concrete structure was adaptable. In addition, with approximately 118 rooms equipped with kitchens, the property had much of the infrastructure that would allow its conversion to residential use or extendedstay accommodation. “We are also in the seniors’ housing business with our Tapestry brand, so one of the things we’re looking at is ... an opportunity we could attract some seniors [to] a rental apartment with some limited services,� McCauley said. “It’s pretty well appointed for either a rental building or even a mid-market seniors’ building.�

Photo: Kim Stallknecht Photography

#

Colliers to convert 40-year-old 146-room Queen Victoria Hotel into rental suites.

Mark Lester of Sotheby’s Canada: “those [old boarded-up] motels along the side of the highway [as] you drive up in the Fraser Canyon? I don’t see a lot of market for those.�

Concert’s strategy isn’t unusual, according to Colliers International’s 2012 Canadian Hotel Investment Report. “The recycling of hotel assets to alternate uses will likely continue, particularly in large urban markets as older assets become obsolete,� the report’s authors wrote. “Developments such as residential condominiums continue to be favoured by developers, particularly in primary markets.�

Colliers may be focusing on the capital’s lucrative rental market rather than condos, but it’s just one of a number of purchasers eyeing aging but solid properties for upgrades.

1100 Burrard Holdings Ltd., a joint venture of local investors Kalla Holdings Ltd. and Primex Investments Ltd., picked up the 55-year-old Burrard Motor Inn for $8 million in 2010. The partners originally envisioned transforming the 72-room property into rental apartments but opted instead for a $3 million upgrade to infrastructure and rooms. “We thought we could do a funky, boutique, hipster hotel that no one else has done in this town because of the courtyard,� Tony Kalla, manager of the Burrard, said shortly after opening. “We thought there was some upside to the hotel business on the property.�

Opportunities to acquire and redevelop older properties aren’t limited to major centres.

3FOPWBUJPOT

Northland Properties Corp.’s acquisition of the Sutton Place hotels in Edmonton and Vancouver last year for $197 million set the stage for renovations. Restaurants at both properties will receive makeovers and a significant upgrade is planned for La Grande Residence, the extended-stay tower adjacent to the Vancouver property.

Meanwhile, further south on Burrard Street,

3FJOWFOUJPO

Mark Lester, founder and leader of the specialized assets group at Sotheby’s International Realty Canada, said many existing owners are approaching retirement age and looking to sell – not because the opportunities don’t exist but because it’s time to hand ownership to someone who can evolve properties to serve

a new generation. “It’s not doom and gloom. But a lot of these people are tired,� Lester explained. “There’s been a real shift – in terms of what the demographic dynamic is, and the financial dynamic, of a lot of these operations.�

Corbett Lake Country Inn in the Nicola Valley near Merritt is a case in point.

The inn is one of those prime assets that are destinations rather than a wayside stop accommodating overnight travellers. Lester doesn’t see a strong market for the motels, whose purpose disappeared with improvements in road travel. The destination properties boasting amenities – such as a good fishing lake, like Corbett, or opportunities for family-oriented activities and development – are the ones appealing to investors. “Those motels that are along the side of the highway – you drive up the Fraser Canyon and how many of those are boarded up? I don’t see a lot of market for those types of properties,�

Lester said. “But the resort properties that have nice, amenity-based locations – those are the

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(Campgrounds have seen a similar transition, with owners either upgrading amenities or selling to developers with a vision for more intensive development. Osoyoos, for example, has seen the number of campsites halve in recent years as resort-style vacation accommodations have been developed.)

The inn at Corbett Lake has enjoyed a consistent business model over the past 40 years, Lester said, but a fishing resort in the southern Interior no longer cuts it. The inn needs to reinvent itself, a job the existing owners are willing to hand to someone else. “They’re past the point where they want to put money into it to reinvent it, so it needs someone else to reinvent it,� Lester said.

The lodge was recently upgraded, and Lester hopes to attract 21 purchasers seeking either building sites or one of the nine existing cabins at prices from $149,000 and up. With the right combination of investors, the property stands to see the same sort of revival as a Vancouver Island property Lester recently sold. The new owners cleaned it up, repositioned it and they are now enjoying decent cash flow from it. “These things have to be reinvented every once in a while,� Lester said.

Without reinvention, many older properties will languish because of fierce competition among vacation destinations. A strong loonie means stateside destinations are as affordable

JUNE 2012 WESTERN INVESTOR

as they’ve been in a lifetime, and low real estate values have made a second home in the U.S. an attractive proposition for many. “I’ve talked to the operators of a lot o f these places and they say, ‘We’re competing against Hawaii and Phoenix’ [and various other spots],� Lester said. “If you have a place up in 100 Mile House, the amount of money it costs you to drive up there and back ... that could be a ticket to Hawaii.�

6 4 USBGGJD EPXO

Conversely, other properties are struggling because a weak U.S. dollar and the strained financial circumstances of families in the U.S. mean Canada is a less attractive destination.

U.S. visitor entries were down 4.7 per cent in 2011, with the overall decline since 2005 totalling 27.5 per cent. “Some [properties] have probably run their course,� McCauley said of the Victoria market a short ferry ride north of Seattle. “With the deals that are being offered in the States and the value of real estate south of the border, there’s a lot of people that may have taken extended-stay holidays out on the coast in the past that are now going to Phoenix or places in the south.�

Still, some intrepid developers haven’t lost confidence in B.C.’s appeal to international travellers.

Holborn Group, for example, is reviving plans for an Arthur Erickson-designed 58-storey tower mixing a hotel – once touted as a Ritz Carlton – and private residences on Georgia Street.◆

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A12 Lower Mainland

www.westerninvestor.com JUNE 2012WESTERN INVESTOR

making a decision whether to purchase a unit.�

The court found that a reasonable purchaser would have seen the construction date as an estimate and it would not have influenced a reasonable purchaser in making such a decision. It appeared this represented a levelling of the ground forREDMA-based disputes, and developers will have an increased likelihood of holding purchasers to the bargain made before the condominium was built.

This more developer-friendly approach continued in another British the road ahead more difficult Columbia Supreme Court for would-be defaulting purdecision, Bosa Properties chasers. In 2011, the Supreme (Edgemont) Inc. v. Ban (Bosa), Court of Canada considered this January. This decision adds the issue of “materiality� to the line of cases relating to under legislation similar, but the legal effect of an inacnot identical, to REDMA in curate estimated completion Sharbern Holdings Ltd. v. date included in the disclosure Vancouver Airport Centre statement for the project. The Ltd. (Sharbern). The hurdle twist in this case is that the purfor materiality set out in this chaser alleged a right to rescind decision was considerably because the development was higher than the standard in completed early.

Sandcastle.

Associate Chief Justice CRAIG FERRIS Cullen attempted to reconcile the previous case law and concluded that an $PNQMFUJPO EBUFT Last summer a trial judge in British Columbia incorrect estimated completion date does not, analyzed REDMA utilizing the higher thresh- without more, provide the purchaser with a old for materiality from Sharbern and, in reach- right to rescind ing his decision, distinguished Sandcastle. The t h e p u r c h a s e court had dealt with the question of whether it a g r e e m e n t . was a misstatement of a material fact where a Rather, he held disclosure statement estimated construction of that the “key the condominium development to be complete concept, howevin September 2009 when the development was er, is materiality, not completed until December 2009 with occu- which, in the context of REDMA, is a function of the value, price and use of the condominipancy in January 2010.

Relying on Sandcastle, the purchaser argued um. Delay manifestly affects those criteria and that the estimated construction completion date would be in the mind of a reasonable person was a material fact and that it had been mis- as such; acceleration is qualitatively different stated in the disclosure statement. He argued than delay and would not similarly influence that this should result in an order that his agree- the mind of a reasonable person.�

Bosa ultimately stands for the concept that ment to purchase the condominium unit was each time an estimated completion date is unenforceable.

The court disagreed and followed Sharbern found to be inaccurate, the court will need to in finding that it had to be “satisfied that there consider whether the inaccuracy was “materiwas a substantial likelihood that the undis- al.� In doing so, the court will need to consider closed delay in completion would have had whether the delay has affected the “value, price actual significance to a reasonable purchaser in and use� of the condominium. Accordingly, a

B.C. courts swing in favour of developers when disgruntled buyers try to squeeze out of a deal

3FTDJOEJOH B QSF TBMF "

ccording to CMHC stats, the value of housing starts in the province is increasing this year compared with 2011. Developers and purchasers in British Columbia have reason to celebrate this continued boom. They also have reason to be cautious. Disputes can arise between purchasers and developers about many contractual issues, and there are a number of recent cases that developers should be aware of during the traditionally strong spring selling season.

There is an ever-expanding body of case law arising from purchasers of pre-built condominiums attempting to use their rescission rights provided under the Real Estate Development Marketing Act (REDMA) to avoid completing their condominium purchases. REDMA, among other things, sets out the requirements for a disclosure statement and provides that contracts entered into where there has been non-compliance with certain REDMA provisions are unenforceable.

Originally the courts took a very purchaser-friendly approach to interpretation of this legislation. In 2010, the British Columbia Court of Appeal affirmed the trial decision in Chameleon Talent Inc. v. Sandcastle Holdings Ltd. (Sandcastle). Sandcastle has been interpreted as being a highly purchaserfriendly decision that set a very low standard for the test of what constituted a “material� fact, which if misstated gave rise to the ability of a purchaser to seek an order that the contract for purchase of the condominium unit was unenforceable.

However, more recent cases in theSupreme Court of Canada and B.C. courts have presented a more even-handed approach, making

3&"- &45"5& */7&45*/(

purchaser looking at his or her options will not be able to simply point to a missed comple tion date and say it is “material.� Instead, evidence will need to be given concerning how the “value, price and use� were affected i n the particular circumstance of the case. Bosa represents a tougher road ahead for would-be defaulting purchasers.

&OGPSDJOH DPOUSBDUT

However, that is not to say that developers do not need to be wary. In October 2011 the B.C. Court of Appeal in Sethna v. 350 Kingsway Development Ltd. reminded developers that the focus on REDMA compliance must not distract a developer from focusing on more basic contractual compliance, which can also create enforceability issues.

The trial court found that two purchasers were able to terminate their agreements to purchase condominium units because the developer had not met the original construction completion date.

The execution of a receipt and acknowledgment of disclosure statement amendment setting a new construction completion date, a s well as other actions, which were argued to be affirmations of the contract, were held not to be bars to the purchasers’ right to terminate.

This decision is a reminder that a developer must strictl y comply with it s contractual obligations under an agreement to sell a condominium, and “substantial compliance� is not enough to ensure enforceability of that agreement. Ultimately, these cases are cautionary tales for both developers and purchasers alike, highlighting the nature of their obligations, both contractually and under REDMA.◆

“The purchaser alleged a right to rescind because the development was completed early.�

Craig Ferris is a litigator at Lawson Lundell LLP, Vancouver, and acts for clients in commercial and business disputes, including those in the real estate sector. He has appeared in al levels of court in British Columbia and Alberta as well as the Supreme Court of Canada. He can be reached at 604-685-3456.

-PXFS .BJOMBOE Ray Veenbaas 0257

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Potholes, Cracks, Joints, Grinding, Leveling

Traffic Signs, Bollards, Speed Bumps

Parkade Membrane Repairs

Licensed, Bonded & Insured

Traffic Deck Systems

24 Hour Turn Around Service

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KING

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UĂŠKELOWNAĂŠĂˆ{ĂŠĂ•Â˜ÂˆĂŒĂŠ œ˜`ÂœĂ‰Ă€iĂŒ>ˆÂ?°ÊÊ

ÂœĂ€iĂŠ>Ă€i>°ÊŸLĂ•ÂˆÂ?`ĂŠĂŒÂœĂŠĂƒĂ•ÂˆĂŒÂ˝ĂŠ$11,750,000

UĂŠWILLIAMS LAKEÆÊ*ÂœĂ€ĂŒvÂœÂ?ˆœ\Ê£™äÊ °Ê >V iÂ˜Ă˘ÂˆiĂŠfĂ“]Çxä]äää]ĂŠ{ÇÊ >“iĂ€ÂœÂ˜ĂŠ fÂŁ]ĂŽxä]äää]ĂŠxÓÇÊ-°Ê >V iÂ˜Ă˘ÂˆiĂŠfĂ“]ĂŽxä]äää]ĂŠxĂŠ LĂ•ÂˆÂ?`ˆ˜}Ăƒ]ʓi`ˆ>Â˜ĂŠĂžÂˆiÂ?`ĂŠĂ‡Â°Ă“ĂˆĂŠÂŻĂŠ ÂœĂ€iĂŠ œ˜}ĂŠ ĂŒiĂ€Â“ĂŠĂŒi˜>Â˜ĂŒĂƒÂ°

OfďŹ ce: 604-576-8666

UĂŠQUESNELÆÊ/ ĂŠ,>˜V…ÆÊ* 抣x‡ÓΙ‡{™Ç]ĂŠ ĂˆĂŽxĂŠ>VĂ€iĂƒĂ†ĂŠ+Ă•>ÀÀÞ]ĂŠ/ˆ“LiĂ€]ĂŠ }Ă€ÂˆVĂ•Â?ĂŒĂ•Ă€i]ĂŠ ˆÂ?Â?]ĂŠ >ĂŒĂŒÂ?i]ĂŠ ÂœĂ€ĂƒiĂƒ]ĂŠ œ“iĂŠĂ€>˜VÂ…]ĂŠÂœÂ˜ĂŠĂ€>ˆÂ?ĂŠ ĂƒÂŤĂ•Ă€ĂŠ$6,000,000

Toll-free: 1-800-991-1852

w w w.kingser vices.ca

email: sales@kingservices.ca

PETER SEED 604-691-6608 peter@naicommercial.ca

Lindsey Gauthier

NEED NOW!!!

BUY IN CHILLIWACK

$3 - $15 MILLION SHOPPING CENTRES

NOW IS THE TIME!

Personal Real Estate Corporation lgauthier@sutton.com

604-798-2977

EXCLUSIVE LISTINGS EXCLUSIVE LISTINGS AUTO RECYCLER

1 ACRE 2 LEGALS

GREAT

BUSINE

SS!

Car Deale

Locatiorsnhip !

HOT INDUSTRIAL PROPERTY

MECHANIC SHOPmakes money $$$$$$

This

business

Here is the opportunity to own one of the fastest growing business in the lower mainland. Rare and hard to find established turnkey auto recycler. Owners have been doing this business for over 25 years. Large inventory of high end salvage and a customer database of over 3000.

11,992 sq.ft. Building, 1.001 Acres of Land. Great for a Car Lot!!! 5 Bays, Showroom, Offices, Great Exposure with lots of parking. The 2 lots are zoned CS1(Service Commercial). This is a great corner lot with huge potential.

12,566 sq.ft. Building and 31,279 sq.ft. Lot. Busy industrial area of Chilliwack with highway exposure.

Beautifully maintained property with 5 Tenants. This building is only 6 years old and on a corner lot.

LOCATION, LOCATION, LOCATION!!!!!

AMAZING OPPORTUNITY!!!! $2,2000,000

Established Automotive Shop with a large lot. Well-kept property in a busy area of Chilliwack on Sardis side of the freeway. This well established business that has a dedicated Clientele and is located on a main arterial road with traffic and walk-by exposure. C2 Zoning, large freestanding building with 7 bays including a RV bay, ample parking, office space and classroom located on the second floor. building is over 5,000 sq.ft. with 2 floors and the purchase includes the Business, Building and Land.

$1,850,000

$2,125,000

$1,650,000

RESTAURANTS RESTAURANTS FORFOR SALE SALE GREAT DOWNTOWN LOCATION

TOWN FAVORITE

FRANCHISE OWNER WANTED

BUSY DOWNTOWN RESTAURANT

Gorgeous stand-alone restaurant with in tenant d l i h over $800,000 $80 improvements. Excellent value on this restaurant with a good repeat customer base. Located in a busy Shopping Centre with Safeway, Envision Bank, HSBC, Liquor Store, Laundromat and more. 5,605sq.ft. of leasable space including all the chattels. This is a must see!!!!

70-75 seat restaurant with building and land.

Extensive Reno’s have been made to keep the dining room and patio up to date. This casual dining restaurant is a town favorite and has been successful for years. This is in a great location with a great customer flow since 1986.

Profitable franchise restaurant priced right for the net income, nice restaurant with Banquet room that seats 230, a conference room that seats 50, a patio that seat 60, and the restaurant with 120 seats. Great opportunity to get into the Pantry Team!

100 Seat Restaurant in Agassiz with excellent income for sale. New Reno’s, full kitchen, A/C, fully licensed, room for a 60 seat patio addition Situated in the heart of town close to the school, Business Centre, and shopping. This is a great opportunity to purchase the building and land, or just the business.

$199,000

$589,000

Priced to Sell!!

MLSÂŽH3100137

EXCLUSIVE

$175,000 MLSÂŽH3120114

$279,900 Business MLSÂŽH3100319 $670,000 Building and Land MLSÂŽH3100305

INVESTMENT PROPERTIES AND LAND FOR SALE INVESTMENT PROPERTIES AND LAND FOR SALE 1.58 ACRES OF M2 ZONED

14.685 UNDEVELOPED LAND

A rare find! Next to the railway tracks Large lot best suited for industry and with access to Highway #1. M4 sites industrial sales activities relying in consists of land which, owing to its part on open storage and display. A relatively remote location with respect wide variety of uses are permitted to commercial and residential areas is including Warehousing, Light Manubest suited for industrial activities. facturing, Food Processing, Service Industrial, Convenience Commercial, The following uses are permitted: Warehousing, Light Manufacturing, Accessory Office and Sales, AccService Industrial, Food Processing, essory Dwelling Unit, and Open StorGeneral Manufacturing, Resource Use, age. House already on the property Heavy Industry, Accessory Office and for rental income or an office for your business. Prime area with lots of Sales, Open Storage, Convenience Commercial, mobile home or manuroom to build, with road frontage, rail spur, and located in the heart of factured home. Municipal water and sanitary services are at the road.

Chilliwack.

$1,250,000 MLSÂŽH3120026

$3,600,000

EXCLUSIVE

EXCELLENT LOCATION! HERE

OWNER WANTS IT SOLD! BUILD

1.66 Acres in 2 Titles, zoned M2 in an absolutely prime location.

Highway #1 exposure, access from Yale Road, or Chalmer Place (cul-desac). Set in the heart of the industrial area with easy access to the City and National transportation routes.

Zoning allows for wide variety of uses. This property is in a desirable arterial route on Yale Road located between Evans Road and Lickman overpass. The area is booming in new development, and is the place to be for an industrial business.

$1,799,900 MLSÂŽH3100190

5 SUITE APARTMENT

CED

REDU

Convenience Store, Gym, Tanning, Ice Cream, Hot Food and residential suite with a bare lot attached. This is a great business monopolizing the small town of Rosedale has everything from A-Z. Well established and very clean. This is a one stop place to get everything you need. 2 Titles, which includes a large fenced empty lot perfect for parking, or building potential. Great corner locations with a cross walk for convenient walking or vehicular traffic. This is perfect purchase for a mom and pop or family operation. $10,000 Selling Bonus! Just reduced by $40,000

$539,000

MLSÂŽH3100373

Just collect the rent on this rarely vacant little investment property. Managed by a property management company so you just collect your money and info each month. 4- One bedroom units and 1-three bedroom unit Apartment. Two story multi-family apartment with lots of updates, such as newer torch on roof, new boiler, new hot water tanks, new appliances. Located in a single family residential area, so it is Non-conforming zoned property. This multi-family apartment has a full unfinished basement, covered and un covered parking, and yard in the rear. Very well kept and maintained building and property.

$459,000 MLSÂŽH3100371

Motel/Pub/Restaurant

HUGE EXPOSURE ON MAIN DRAG

3 STRATA UNIT BUILDING

CHURCH OR PRIVATE SCHOOL

3 Titled properties. 2,713 Acres with a Restaurant, 2 level 12 suite apartment, 50 seat Pub with 50 seat Patio, Office with a 3 bedroom, 2 bathroom Residence with unfinished basement. Motel with 7 kitchenette units, and 4 bedroom 2 bathroom Penthouse. 2 Level Motel with 10 units, and a Cooks Residence with 2 bedrooms 1 bathroom.

Strip Mall completely renovated with new addition and façade. 2 separate strata units 5,866, & 5,802 sq.ft. Units.

78 surface parking units, with 2 separate road entrances.

This has great road exposure, and visibility on a main arterial road in Chilliwack.

LOCATION LOCATION LOCTATION

3-1,000sq.ft. Units that can be sold together or separately. The visibility and walk by traffic is phenomenal. This is a great opportunity to purchase the entire strata building, or just buy 1 or 2 units. This has a stylish exterior and has been completely renovated to new.

3 Titled properties with 2 empty lots for sale. These properties are the old supreme courthouse and parking lots.

Opportunity to renovate the large space suit. The site is 36,238sq.ft, and the building is 18,000sq.ft. This is in a great area for a private school, or church. Lots of space, and a beautiful old piece of history with this purchase.

$890,000

$1,490,000 -$1,679,000 MLSÂŽH31200120-122

$575,000 or $195,000 each MLSÂŽH3000403/405/407

$1,190,000

MLSÂŽH3120089

Lindsey Gauthier Personal Real Estate Corp.

MLSÂŽH3100183

GauthierTeam.com

showplace realty ltd.

A14 Lower Mainland

www.westerninvestor.com JUNE 2012WESTERN INVESTOR

FEATURE Top 10 waterfront deals in B.C. include court-ordered commercial sales, prime vacation property

4DSFBNJOH EFBMT PO XBUFSGSPOU

Cariboo: 26.9-acre waterfront property with 1,450 feet of frontage on Cluculz Lake, close to Prince George and Burns Lake. Accessible by road, it has power to the lot line and is not in Agricultural Land Reserve. Zoned for residential. Listing with Doucette Realty Ltd. Price: $295,000.

Sunshine Coast: Two-storey luxury home in the exclusive Welcome Wynd community at Halfmoon Bay. This 2,031-square-foot house includes .73 acres of waterfront and moorage for a 21-foot boat. Originally priced at $1.6 million. Listed with Prudential Sussex Realty. Price: $1.29 million.

Desolation Sound: 9.8 acres of oceanfront on Cortez Island, located between Campbell River on Vancouver Island and the Mainland coast. The property is 9.88 acres with 450 feet of oceanfront. Listed $86,000 below assessed value

by LandQuest Realty.

Price: $169,000.

FRANK O’BRIEN WESTERN INVESTOR t is no secret that British Columbia’s recreational real estate sector was hammered by the 2008 recession, but it is how deeply undervalued waterfront real estate remains that surprises many veteran realtors and developers.

*

“Prices of waterfront property are well below replacement costs in many instances,” said Mark Lester, senior vice-president at Sotheby’s Canada. Lester, who specializes in unique properties, recently listed a 360-acre

oceanfront property near Pacific Rim Park on the west coast of Vancouver Island for $20 million below what it was priced at just four years ago.

“There are some screaming deals on waterfront,” agreed Richard Osborne, a veteran realtor with New Westminster-based LandQuest Realty Inc., who said oceanfront and lakefront parcels are now priced close to decade lows. Ten acres of lakefront in the Cariboo can be bought for less than the price of a studio apartment in Metro Vancouver, he noted.

Li Read of Sea to Sky Premier Properties

has been selling Gulf Island real estate for decades; she just shakes her head at the prices being seen for trophy waterfront properties today. When she talked toWestern Investor in May, Read was preparing to show a spectacular 26-acre oceanfront property with a Frank Lloyd Wright-inspired, architect-designed mini-mansion. “This property would have sold for $12 million in 2005,” she said. Now it is listed, and open to offers, at $7.5 million.

Commercial realtors list off properties, including fishing lodges and former oceanfront logging camps, that have been dramatically reduced. “Prices are off 20 per cent, even 40

per cent from the peak,” said Ed Handja of Coast Realty Ltd., a specialist in oceanfront real estate. Among his listings: an entire island in the southern Gulf for less than $1 million, or less than the price of an average detached house in Vancouver.

In discussions with such realtors and others, and poring over recent listings, Western Investor has compiled what we believe could be the top 10 waterfront deals on the B.C. mar ket this spring. The criteria included no leasehold properties and they all have to be active listings with recent price reductions.

Enjoy the tour.◆

-PXFS .BJOMBOE ED HANDJA PERSONAL REAL ESTATE CORP. & SHELLEY MCKAY Your Ê"Vi> vÀ ÌÊ/i>

SPECIALIZING IN COMMERCIAL INVESTMENT SALES FOR OVER 23 YEARS

Specializing in Unique Coastal Real Estate in British Columbia

`\ÊÓxä ÓnÇ ä䣣ÊUÊ- i iÞ\ÊÓxä nÎä {{ÎxÊ/ Ê Àii\Ê£ nää xÈÎ ÇÎÓÓ i` > ` >JLV Vi> vÀ Ì°V ÊEÊà i iÞ V >ÞJLV Vi> vÀ Ì°V

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

Strategic Investment

Restaurant For Sale ING IST L NEW 703 FLOATPLANE OPERATION Located on the British Columbia coast, this fl oatplane operation is an established, profi table and well-situated business with an excellent asset base.

Domestic and International Licenses, share sale.

$1,350,000

MONTAGUE HARBOUR MARINA One of the most popular marinas in the Gulf Islands in one of the most protected harbours on the south coast. Long established full service facility with consistent clientele, amazing potential for growth, a general store, 50-seat restaurant, .38acre and .32acre upland areas and 2 foreshore leases totaling 2.63 acres. The only private marina on Galiano Island! $1,620,000

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

2,400sf, 80+ seat, fully licensed Asking $128,000

Office/Industrial For Lease 2nd Floor 1691 East Pender

WINTER HARBOUR MARINA & RV A diverse commercial resort operation in a premier northwest coast Vancouver Island fi shing destination! Includes 3 adjacent oceanfront lots, boat launch, 20 oceanfront/ocean view RV sites, a large foreshore lease, substantial standing dock and pier, 500ft dock providing protected moorage, resort lodgings and a 2bdrm cabin. $699,000

+1 1 /1, Ê"**",/1 / Rafts and growing equipment included. Productive growth sites in well-protected locations.

UÊÓä³Ê>VÀià of beach and deep water lease on West Redonda Island plus 1-acre oceanfront with cabin. Includes producing stock. $499,000 UÊ{°Ç Ê>VÀiÊÜ>ÌiÀÊ ÌÊ i>Ãi and °ÇÊ>VÀiÊ beach lease on south end of Cortes Island. $120,000

www.bcoceanfront.com

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

Available immediately.

Near corner of Commercial & Hastings.

Lonsdale Ave, North Van. Income property, 4 stores, underground parking Asking $4,150,000

Chinatown Investment Prop 416 Main Street LD

SO

Growth potential in emerging area.

High exposure & foot traffic.

Established tenant Asking $1,225,000

For more details: Success Realty & Insurance Ltd.

JORDAN ENG (604) 728-0883 jordaneng@telus.net

A15

WESTERN INVESTOR JUNE 2012 www.westerninvestor.com

Ucluelot, Vancouver Island: Former Wyndandsea Resort, 360 acres of oceanfront. Planned Saltspring Island: this oceanfront home with separate guest house is in the Harbour for 18-hole Jack Nicklaus-designed golf course; zoned for 925 homes. Now a court-ordered moorage area. Totally renovated. Close to the village of Ganges. Price was recently cut sale. Valued at $36 million in 2008. Listed with Sotheby’s Canada. Price: $13.95 million. by $60,000. Listed by Li Read of Sea to Sky Premier Properties. Price: $729,000.

Ocean Falls: 1,728-square-foot, three-bedroom house on waterfront fully serviced with city water, power and sewer.

“The buyer just wants it sold.” Listed with LandQuest Realty.

Price: $76,000.

Sunshine Coast: Jolly Roger Inn at Secret Cove. Sited on one-acre waterfront lot, the inn includes an 85-seat restaurant and bar and a two-bedroom suite.

Listed by LandQuest Realty.

Price (open to offers): $799,000.

Sunshine Coast: This 32-acre former logging camp is in Sechelt Inlet with 2,200 feet of southwest-facing oceanfront. It comes with 13 buildings, including five cottages, a large guesthouse, a fully equipped kitchen and two bunkhouses. There is also a dock and moorage facilities. The price has been substantially reduced. Listed through Coast Realty.

Price: $1.49 million.

f

Queen Charlotte Islands: a “trophy fishing lodge” on 17 acres, includes 2,000 feet oceanfront.

Fully equipped main lodge, a caretaker’s house, outbuildings and docks. Price reduced by $400,000. Listed by LandQuest Realty.

Price: $1.49 million.

,

Southern Gulf Islands: the 3.3-acre Leech Island off the coast of Nanaimo includes a two-bedroom cottage and is fully powered and has running water, plus decks and a boat dock. Originally valued in excess of $1.1 million, the price has been reduced. Listed by Ed Handja of Coast Realty. Price: $997,500.

-PXFS .BJOMBOE SPECIALIZED ASSETS GROUP - Court Ordered Sales in Ucluelet, BC

FOR SALE DEVELOPMENT SITE VICTORIA FOR SALE 1.74 ACRE 168 UNITS ...................$12.95M 2 LIQUOR STORES FOR SALE SALES $4M & $2.7M .....CALL FOR DETAILS 2 LIQUOR PRIMARIES DOWNTOWN VANCOUVER PRICED Ν $1.1M & $1.8M TWO 3 ACRE WATERFRONT PROPERTIES IN POWELL RIVER AT THUNDER BAY ESTATES ...................................... FROM $349,000 EACH INDUSTRIAL PROPERTY DELTA, BC IͳI ZONE, 11,680 SF BUILDING ON ½ ACRE ...................................................$1.699M SEYMOUR RESTAURANT FOR SALE 2400 SF ............................. REDUCED TO $350,000 WEST 4TH AVE RESTAURANT FOR SALE 2000 SF ......................................$460,000

WYNDANSEA RESORT LANDS

$13,950,000

360 Acres with extensive waterfront - serviced and approved for a comprehensive development. Immediate revenue potential.

Priced below assessed value.

Mark Lester & Alan Johnson SPECIALIZED ASSETS GROUP T: 604.632.3345 / 604.632.3346

SpecializedAssets.com

WEST 4 AVE RESTAURANT FOR SALE 1800 SF .................................................. $250,000

ISLAND WEST RESORT

$2,900,000

Located directly on Ucluelet Harbour, this property includes a motel, RV park, 84-slip marina, marine pub, tackle shop & store, and rental lodge. Great redevelopment potential.

Specialized Assets U N I Q U E R E A L E S TAT E

LASER & ESTHETIC BUSINESS FOR SALE GREAT REVENUE, MINIMAL MANAGEMENT ....................................NEW PRICE $75,000 SUB LEASE 3400 SF 61 WEST 7TH AVE ........................... $11.25/SF + OPERATING

Alex Yuen (PREC)

Dir: 604.338.1800 Off: 604.926.6718

alex@alexyuen.ca

A16 Recreational Real Estate LIFESTYLE PROPERTIES sss

www.westerninvestor.com JUNE 2012WESTERN INVESTOR

s

“The Source” for Oceanfront, Lakefront, Islands, Ranches, Resorts & Land in BC at:

www.landquest.com Èä{ ÈÈ{ ÇÈÎäÊUÊ£ nÈÈ xxn Ê­xÓÈή SHOAL HARBOUR MARINA SIDNEY, BC

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40 ACRE LAKE FRONT ESTATE LAC LA HACHE

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MAUDE ISLAND RETREAT QUEEN CHARLOTTE ISLANDS

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GREEN LAKE WATERFRONT

UÊ ÓÊ>VÀiÊ Ì UÊ Ó{ä½Ê vÊ«À iÊà ÕÌ Êv>V }Ê7 UÊ -> `ÞÊ ÜÊL> ÊÜ>ÌiÀvÀ ÌÊ UÊ ÎÊLi`À ÃÊ> `ÊÎÊL>Ì À à UÊ ,iVi Ì ÞÊV « iÌi`ÊÀi Û>Ì UÊ fx ]äääÊ #ARSON $ORWARD CARSON LANDQUEST COM

THE BEST LAND DEAL IN THE EAST KOOTENAYS – SPUR VALLEY, BC

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YOU’VE FOUND IT: THE BEST LAKEFRONT DEAL IN BC

RV SITES FROM $39,900 HOPE, BC

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SHUSWAP LAKEVIEW ACREAGE SCOTCH CREEK, BC

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SHUSWAP LAKE DEVELOPMENT LANDS

NOVA SCOTIA WINERY/VINEYARD ANNAPOLIS VALLEY

CARIBOO OUTBACK

26 ACRES - EASTERN HILLSIDES DEV. PROPERTY - CHILLIWACK

LARSEN CATTLE RANCH LEMON CREEK, BC

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7.5 ACRE OCEANFRONT, 15 RESIDENCES - SUNSHINE COAST

SQUIRREL COVE TRADING COMPANY CORTES ISLE - DESOLATION SOUND

GRAPEVINE PUB & BISTRO, BURNS LAKE, NORTHERN BC

RECREATIONAL WATERFRONT LOTSBURNS LAKE, NORTHWEST BC

THE NEW 108 RESORT CARIBOO REGION OF BC

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FRASER VALLEY LUMBER YARD & HARDWARE STORE

HORSE LAKE WATERFRONT!!!!

COMMERCIALLY ZONED WITH RV SITES – TULAMEEN, BC

294 ACRE NICOLA LAKE DEVELOPMENT OPPORTUNITY

PRIME FARM LAND – FRASER VALLEY

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UÊ ÌÌi Ì Ê`iÛi «iÀÉ ÛiÃÌ ÀÃtttÊÓ {Ê >VÀiÃÊ Ê iÀÀ ÌÊ °ÊÓ°xÊ ÕÀÃÊvÀ Ê6> UÊ VÀi` L iÊÛ iÜÃÊ vÊ V >Ê > iÊ> `Ê ÃÊ UÊ *À Ûi ÊLÕÞiÀÊ`i > `Ê UÊ i à ÌÞÊ vÊÈÓÊÌ ÀiiÊL`À ÊiµÕ Û> i ÌÃÊ ÀÊ V L iÊÜÉÊÀi > }ÊV Ê7 Ê ÌÃÊ> `Ê VÀi>ÃiÊÌ Ê£änÊÊ$2,950,000Ê 3AM (ODSON SAM LANDQUEST COM

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Recreational Real Estate LIFESTYLE PROPERTIES A17

WESTERN INVESTOR JUNE 2012 www.westerninvestor.com

RECREATION FEATURE Demographics, immigration among trends affecting golf course real estate plays

years ago never opened. Silver Spray didn’t happen in East Sooke. Nor did the Centre Mountain project in Metchosin, which was to see 265 units in three resort lodges clustered around a Robert Trent Jones Jr.-designed course. The Greg Norman-designed Cliffs Over Maple Bay was supposed to open in the Duncan area in 2006; we’re still waiting. The Jack Nicklaus-designed Wyndandsea Resort at Ucluelot is abandoned and up for sale.

Farther up-Island, a 27-hole course remains a dream at Union Bay. Ditto for Raven Ridge, a championship course touted as part of a 364-hectare development next to Courtenay’s Crown Isle.

(SFZ XIJUF B TJHOBM WI STAFF WESTERN INVESTOR visit to most golf courses this spring shows that the predominate player is white, grey haired and male, among the signals why golf course real estate is such a great bargain this year.

Immigrants to Canada tend not to come from golfing cultures, notes Stephen Johnson, president of Global Golf Advisors, Canada’s largest golf consulting company. The future looks as flat as an easy putt, he says. “We don’t see the golf industry as having a big decline, but we don’t see it having a significant increase, either.” The silver lining belongs to the consumer: “What’s happening with the industry,” Johnston said, “is everyone is having to change their pricing model.”

That is a bit of an understatement, especially when it comes to golf course real estate. Once among the highest-priced recreational real estate in Western Canada, prices are now well below the peak levels of nearly a decade ago.

Canada’s National Golf Owners Association notes that golf participation has been declining since 2003. It cautioned, “The trends for the game going into 2016 suggest British Columbia could lose a significant amount of golfers who are playing the game if nothing is done.” It is not just in B.C.; the downward trend is being seen right across North America.

But for the 5.5 million regular golfers in Canada – about 80 per cent male – this is the season for finding great deals. A survey of B.C. golf course owners found that most are consid-

Photo: Cathy Lukovich/ Tourism BC

"

Even venerable courses such as the Victoria Golf Club have seen a slowdown in membership applications. “Everyone is having to change their pricing model.”

ering discounted golf rounds, travel packages and lower membership fees. And cheaper real estate.

An example is the Bear Mountain Golf Resort near Victoria, considered one of Canada’s premier courses.

Now, after a major financial restructuring, building lots right on the 18th green will be listed from around $330,000 this spring, at least 25 per cent below what similar land sold for five years ago.

Some resale condominiums at Bear Mountain are being listed below $300,000, with quartershare fractional condos at $49,900, an indication that some owners may have face a major handicap.

(PMG HMVU

“There’s definitely an oversupply of courses,” said Scott Kolb, general manager of the venerable Victoria Golf Club. His is the only private club in Victoria that still has a membership waiting list, and even then the wait is less than 12 months, the shortest it has been in several years.

At the other end of the scale, nine-hole par threes at city-owned public courses are seeing similar declines. At least 10 Canadian municipalities are said to be following the lead of Winnipeg and attempting to sell their courses to private owners.

On Vancouver Island, several proposed courses that were on the books six or seven

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In the B.C. Interior, the Tobiano Golf resort – named the top new course in Canada when it opened six years ago – is now officially up for sale after falling into receivership.

Government-owned Business Development Bank of Canada, which is owed $5 million

by Tobiano’s developers, obtained a court order in April allowing it to sell the golf course lands to recoup taxpayers’ investment.

The order forms part of a larger receivership

by Bank of Montreal (BMO), which is owed upward of $25 million.

BMO pushed Tobiano into receivership a year ago.

The resort and golf course are under management of Vancouver-based Bowra Group, the court-ordered receiver.

Golf courses have been a great lure for home buyers. Typically, fewer than a third of the peo ple who buy on a golf course actually play the game. Rather, buyers are looking for a pleasant park-like atmosphere free of overhead wiring and traffic. They can still find that today, but likely at much lower prices.◆ – With files from Victoria Times Colonist

SPROAT LAKE…Your Summer Playground

for sale by owner Lakefront Vacation Homes from $324,900 (Price includes $25,000 spring purchase discount)

Enjoy …

The Maples

Sproat Lake recreation 5 acres of common property 2100 sq. ft. dock Your own boat slip Private beach The Spacious units Large decks

24 new vacation homes One bedroom plus den or Two bedroom Spacious open concept plans Stainless Steel appliances Hardwood and Tile floors Maple Cabinets

Maples on

www.maplesresort.ca

9624 Lakeshore Drive, Port Alberni, BC

Sproat Lake

sales@maplesresort.ca 250.218.8266

EXECUTIVE LAKEVIEW ESTATE PROPERTY on 5.3 acres with a stunning panoramic view of Pigeon Lake, AB. Not in a subdivision. Quiet country living on a dead end road. Lots of wildlife. Many manicured spruce, pine and fruit trees with two gardens. Three bedroom three bathroom 1513 foot (on main fl oor) non smoking bungalow with two man jacuzzi in master suite. Twelve inch thick exterior walls with vinyl siding and a metal shingle roof. One hundred year old fi r hardwood fl ooring in the kitchen/living room/hallway.

New fl ooring throughout. South facing open kitchen/living room with large windows.

Cathedral cedar ceiling in the living room. The house is air conditioned, has a fresh air exchanger, built in vacuum system, free standing wood fi replace, dishwasher, fridge & gas stove. The lower level has one bedroom, three piece bath, TV room, offi ce, den, utility room and cold storage room. Attached garage (22 x 35) and attached gazebo/outdoor kitchen (12 x 14) with breezeway. Heated & insulated quonset 44x72 with a 44x16 workshop and mezzanine inside with 220 wiring. Many outbuildings. Outdoor serviced toilet. Six serviced R.V. stalls with full hook-ups for guests. Excellent for family gatherings. This acreage is known as the #1 location around Pigeon Lake. It has the best of both worlds - the access and beauty of the lake but back far enough from it that the noise of the boats etc can not be heard. A one-of-a-kind acreage. Located one hour SW of Edmonton or two hours north of Calgary.

PRICE REDUCED – OWNER MOTIVATED: $995,000.00 was $1,299,995.00 Phone

780-361-8108 or 780-389-3302.

Serious enquires only.

A18 Recreational Real Estate LIFESTYLE PROPERTIES/Lower Mainland

FOR SALE

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Price $ 350,000 Contact

Kyuquot Sound area Fishing Lodge UÊf£x]äääÊÛ>VÕÕ Ê«>V iÀ]Ê ViÊ > iÀÊEÊ Üi } ÊÃV> iÃÊ> `ÊyÊi à }ÊÌ>L i°Ê*À «> iÊ v ÀÊV }ÊEÊ i>ÌÊÜ Ì Ê}i iÀ>Ì ÀÊEÊ L>ÌÌiÀ iÃÊÜ Ì Ê ÛiÀÌiÀ° UÊ{ÊÝÊ£ÈÊvÌÊ> Õ Õ ÊwÊà }ÊL >ÌÃÊÜ Ì Ê äÊ *Ê ÕÌL >À`Ê Ì Àà UÊ" iÊÓÓÊvÌÊ >} iVÀ>vÌÊÜ Ì ÊÓÇxÊ *Ê L >À`É ÕÌL >À`ÊÜ Ì Ê xÊL >`iÊÃÌ> iÃÃÊÃÌii Ê«À «°Ê Ê *Ê ÕÌL >À`Êv ÀÊi iÀ}i V ià UÊ Ê >Û }>Ì > Ê> `iÃ]Ê`i«Ì Ê Ã Õ `iÀÃ]ÊÓÊÜ>ÞÊÀ>` Ã]Ê V>Ì ÀÃ]Ê V «>ÃÃÊ> `Ê viÊ >V iÌÃ°Ê UÊ ÝVi i ÌÊ}Õ `iÃÊ>Û> >L iÊÜ Ê ÜÊ Ì iÊ>Ài>ÊÜi

digmar@shaw.ca or 604 980 3535

PUBS

For Sal e

ONLINE news archives reports updates

Golden, BC – 101 pads, 13 acres ...........5,900,000 North Battleford, SK – 60 pads, 10.9 ac .2,700,000 Invermere, BC – 31.48 acres, MHP site . 1,900,000 Langenburg, SK – 60 pads, 14 acres .........927,000 Radium, BC – 9.77 acres, Cml Hwy Frtg ....900,000 Houston, BC – 20 pads, 33 RVs 24 acres ..895,000 Houston, BC – MH & RV Park, 40 ac+/- ....299,000 604-302-3771 or TF: 1-888-251-2822 Fax: 1-888-804-1394 Email: hjesse@mobileparks.com

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Attention

FRASER VALLEY, gas station, c-store, 5 dispensers with chip system, high volume u/g fiber glass tanks. Busy road, over 3 million liters gas sales and over $3000 daily c-store sales.

Only $1.99 Mil FRASER VALLEY, gas station, 6 dispensers, brand new with chip system, high volume underground f/g tanks, electronically monitored, 4 million liters gas volume, $3000 daily c-store sales plus propane sales. Excellent gross and net income $2.99Mil

Agents: TO ADVERTISE

HERE

call Gary Takahashi toll-free: 1-800-661-6988 direct: (604) 608-5111 or fax: (604) 669-2154

UPPER FRASER VALLEY, over 8 acres land, gas station, land and building, c-store, house restaurant, all in one price at $1.1 Mil DUPLEX

LOT

in Aldergrove.

Priced at only $449,000

OVER 7 ACRES VINEYARD with 12 year old house in Osoyoos.

Price $1.3 Mil FOR MORE DETAILS CALL OR VISIT MY WEBSITE:

Land, buildings and business Prince Rupert, BC $2,500,000 BC’s fastest growing super port city

Opportunities For Lower Mainland Pub Opportunities call:

JOHN JOHNSON Tel: 604-319-2504 Fax: 604-463-5287 PRUDENTIAL STERLING REALTY LTD.

Future development, as described on Coquitlam's Offi cial Community Plan allows commercial at ground level & residential above when assembled with adjoining 66’ x 122’ lot – 42,273 sq.ft. of buildable space with 3.5 F.A.R & no height restrictions.

Good future potential!

Call

JOHN JOHNSON

BILL BABCOCK 604-230-9392 Bbabcock@telus.net

LIQUOR STORES, PUBS, HOTELS/MOTELS NANAIMO ROAD HOUSE & LIQUOR STORE – OFFERS! 2½ acres. Land & buildings.

Asset sale. Includes 2 suites. VENDOR FINANCING 0.A.C. – $925,000 CAMPBELL RIVER WATERFRONT PUB & LIQUOR STORE GROSSING $3.3 MILLION. IN BUSY SHOPPING CENTRE. REDUCED TO $1,450,000 FOR SHARES. QUICK POSSESION.

2 LIQUOR STORES AVAILABLE STORES IN LOWER MAINLAND AVAILABLE PUB IN BUSY SHOPPING CENTRE LOCATED IN SURREY PRICED BELOW REPLACEMENT COST. GREAT TERMS. QUICK POSSESSION. TRY YOUR OFFER!

SURREY PUB & NEW 4000 Sq Ft LIQUOR STORE. Land & Bldgs.

Plus commercial rental income. $4,250,000 NEIGHBOURHOOD LIQUOR STORES - PUBS - HOTELS - RESTAURANTS IF WE DON’T HAVE IT LISTED WE WILL FIND IT FOR YOU! MANY NEIGHBORHOOD PUBS IN ALL PRICE RANGES NOW AVAILABLE.

PAMMI MANDAIR CELL: 604-825-8121 OFFICE: 604-859-3141 pammimandair@gmail.com www.pammimandair.ca

Asking $428,900

Waterfront Pub & Detached Liquor Store

FRASER VALLEY, Gas station, c-store, deli, living accommodation, ½ acre land $599,000 GAS STATION with land and building, over 3 million liters gas and over $1.5 million c-store sales.

Priced at $2.4 Mil

on 33’ x 122’ Lot at 960 Adair Ave.

M1 General Industrial zone allows Industrial, Commercial or Residential use.

Complete the renovation work, for a potential income of $3000/month.

5 GAS STATIONS WITH LAND & BUILDINGS FRASER VALLEY, over ½ acre land, 4500 sq.ft. building, 2 road frontage, fiber glass tanks, 4 dispensers, lots of parking, good gross and net income.

Price $2.9Mil

MAILLARDVILLE HOME

SOUTH OKANAGAN PUB Liquor Store and Building for sale Asking $1,450,000

LOWER MAINLAND Pub & Liquor Store

westerninvestor.com

JUNE 2012

BARRY BOCK / DON KAYTOR 604-575-5262

604-599-9287

Fax (604) 575-2214 Email: barry_bock@telus.net GLENAYRE REALTY

HOMELIFE BENCHMARK TITUS REALTY

www.barrybock.com

www.homelifebc.com

WESTERN INVESTOR JUNE 2012 www.westerninvestor.com

Lower Mainland A19

#$% % $ ! !' # # $% % ! $%#& % ! %$ #!$$ $ "#!' % % ! %(! # % $

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A20 Lower Mainland

www.westerninvestor.com JUNE 2012WESTERN INVESTOR

Individual Strata Units For Sale at West Lynden Storage Condos Available just 6.4 km south of the CAN/US Border!

Strata unit complex perfect for RV Storage Sizes starting at 16’x45’ on up to 1777sq ft

UNITS FEATURE U£Ó½Ý£{½Ê"ÛiÀ i>`Ê À UÊÈäÊ «Ê*> i Êv ÀÊi>V Ê1 Ì UÊ >ÌÕÀ> Ê >ÃÊ i>ÌiÀ UÊ* ÜiÀÊEÊ i>ÌÊ iÌiÀi`ÊÃi«>À>Ìi Þ UÊ Õ ÞÊ ÃÕ Ìi`ÊEÊ ÀÞÊ7> i`

COMPLEX FEATURES UÊ > Ì> i`Ê À Õ `Ã

Prices Starting at

$65,000

Best Value in the Area!

UÊ Ûi i ÌÊ,iÃÌÀ Ã UÊ Õ ÞÊ i Vi`ÊÜÉÊ,i Ìi

Contact Us Today to set up a viewing!

DON MUNRO (604) 817-7338

UÊ,6Ê Õ «Ê- ÌiÊEÊ*Ài«Ê Ài>

DICK VANDENBERG (360) 393-2414

BUY

Your hunt for the right investment could be right in the pages of the Western Investor. Every month you’ll find over $2 Billion worth of opportunities.

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Selling your business? Western Investor Business Opportunity pages are organized geographically so readers can find the opportunity they want.

ÊÊÊ ÌÀ i`Ê >Ìi UÊÓ{Ê ÕÀÊ VViÃÃ

2305 Leatherwood Dr - Lynden, WA 98264 6 Ã ÌÊ ÕÀÊÜiLÃ ÌiÊv ÀÊ>Ê6 ÀÌÕ> Ê/ ÕÀtÊÊÊÊUÊÊÊÊÊÊwww.westlyndenstoragecondos.com

604-669-8500 1-800-661-6988

Marketing commercial real estate in Western Canada.

In Print. On Line.

JULY ISSUE: AD DEADLINE JUNE 11 Report: Vancouver Island Regional Roundups: Mixed use developments BC: Burnaby Casino/pubs AB: Red Deer Investing 101: Scam protection SK: Moose Jaw Franchise News Spotlight: Slave Lake, AB Lifestyle Properties

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A21

WESTERN INVESTOR JUNE 2012 www.westerninvestor.com

FEATURE â&#x20AC;&#x153;Zombieâ&#x20AC;? mortgages unearth rock-bottom deals as Americaâ&#x20AC;&#x2122;s commercial market slowly revives

$IBTJOH UIF 6 4 VQUVSO commercial real estate loans are not going to qualify for refinancing.

WESTERN INVESTOR Blank estimated that America will need $300 billion for commercial real estate financing per i v e y e a r s a g o G e m s t o n e year through 2017.

Development placed a $350 million gamble on building a massive ;PNCJF MPBOT mixed-use residential, retail and office com- Tad Philipp, director of commercial real estate plex on the southwest edge of Las Vegas. The research with Moodyâ&#x20AC;&#x2122;s Investors Service, said market was booming, sales were easy and many of the loans represent, â&#x20AC;&#x153;Zombie commerfinancing virtually rubber-stamped. cial real estate borrowers who are too good to Today, half-finished, vandalized and vacant, default, but not good enough to refinance.â&#x20AC;? the 23-acre, 12-building Manhattan West projThe living-dead properties, many of which ect remains frozen at the grey-shell stage with are being firesaled at prices well below replace190,000 square feet of commercial space and ment value, represent a broad swath of the commore than 260 luxury condominiums sitting mercial real estate. â&#x20AC;&#x153;They are in everything: empty. Like scores of other projects in the gam- multi-family buildings, retail space, office ing capital and across the Sun Belt, Manhattan buildings and land,â&#x20AC;? said Kopiek as he pointed to examples across the Las Vegas region.

West was shut down in late 2008. â&#x20AC;&#x153;The whole thing is for sale for $25 million,â&#x20AC;? â&#x20AC;&#x153;The commercial real estate defaults are an said Joseph Kupiek, manager of the Avison ongoing process,â&#x20AC;? he said.

Young Commercial office in Las Vegas. That Much of the property is being sold at below is less than what the land alone sold for back replacement value in a city where there are no in 2007, he notes, and is characteristic of the private building cranes on the horizon. defaulted commercial real estate now surfacing â&#x20AC;&#x153;Most of the investors are coming in with cash,â&#x20AC;? Kopiek said, because, â&#x20AC;&#x153;it is nearly in record numbers across the U.S. In a spring report on U.S. commercial real impossible to get financing on non-stabilized estate, Avison Young reckoned that $360 bil- real estate.â&#x20AC;?

Kopiek and others, however, say the defaults lion in commercial mortgage backed securities, all backed by lenders four or five years ago also represent a historical opportunity for deepat the peak of the real estate boom, will come pocket investors, such as Canadians, to pick up due in the first half of this year. Many of the quality U.S. real estate assets on the cheap for loans represent over-leveraged real estate and a long-term play. But it takes nerve. â&#x20AC;&#x153;potentially toxic mortgages,â&#x20AC;? Avison Young Las Vegas has an office vacancy rate of 15 per cent and an industrial vacancy rate of 16 per warned.

Speaking to a meeting of fixed-income cent, and it is about the same in the overbuilt managers last month in Charleston, South retail sector. In Western Canada, commercial Carolina, Stephen Blank, a senior director vacancy rates average less than half of that. with the Washington, D.C.-basedUrban Land But there is mounting evidence that U.S. Institute, estimated that two-thirds of these commercial real estate is coming back, drawn

Photo: Harley-Davidson Motorcycle Co.

FRANK Oâ&#x20AC;&#x2122;BRIEN

'

Sales of Harley-Davidson motorcycles torqued up 40 per cent in the first quarter, among signals of a recovery in the American economy â&#x20AC;&#x201C; and its urban commercial real estate.

along by a steady if not spectacular upturn in the American economy.

The most potent symbol is the One World Trade Centre in New York City, the tallest tower in the country when it completes next year, with 2.5 million square feet of fully leased space.

There are more subtle signs of an upswing in U.S. economic confidence: sales of U.S.-made Harley-Davidson motorcycles torqued 40 per cent higher in the first quarter of this year.

High-end motorbikes represent discretionary spending and are often seen as a harbinger of a strengthening economy.

$PNNFSDJBM SFDPWFSZ

In an April report, Washington, D.C.-based research firm CoStar Group said that, while net take-up of commercial space remains slow, rent trends improved from prior quarters, supported by a lack of new space being added to the market. â&#x20AC;&#x153;We may not be out of the woods just yet, but the data weâ&#x20AC;&#x2122;ve compiled for the first quarter certainly demonstrates an ongoing recovery

and points toward future growth,â&#x20AC;? saidWalter Page, director of research for CoStarâ&#x20AC;&#x2122;s property and portfolio research division. â&#x20AC;&#x153;While the retail recovery was less pronounced than in the office and warehouse sectors, weâ&#x20AC;&#x2122;re witnessing positive net absorption across the board.â&#x20AC;?

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In the first quarter of 2012, office markets saw solid net absorption and little new construction. â&#x20AC;&#x153;While the data shows near-zero rent growth in the quarter, the national [office] vacancy rate of 12.9 per cent, combined with the prospect for future vacancy decline, suggests the scales are tipping toward generating office rent growth,â&#x20AC;?

Page said.

A total of 11.5 million square feet of office space was leased in the first quarter, Page notes which was more than double the pace at the same time last year.

Meanwhile, U.S. industrial vacancy rates fell to 9.4 per cent nationally â&#x20AC;&#x201C; down 0.7 percentage points from one year ago â&#x20AC;&#x201C; as tenants leased up nearly 30 million square feet and lease rates

Please see Patience page A22

-PXFS .BJOMBOE

FINANCING AND TRADES AVAILABLE RESIDENTIAL

L:HIH>9: =6>G H6ADC ;DG H6A:

$40,000

PENTICTON

A>FJDG HIDG: >C 9:AI6 H=DEE>C< 8:CIG: ;DG H6A: $1.59 MILLION.

A LUXURY MOUNTAIN TOP HOME ON 2 ACRES BEAUTIFUL VIEWS OF SKAHA & OKANAGAN LAKE $2M

&*!&'. H#;# G:I6>A D;;>8: 7J>A9>C< >C 9:AI6 ;DG H6A: $5.8 MILLION.

LAKEFRONT PENTHOUSE WITH MOUNTAIN VIEWS AVAILABLE IMMEDIATELY $399,000

A6C<A:N 76@:GN ;DG H6A:

$119,000. $400k PER YEAR SALES.

LARGE LAKEVIEW PENTHOUSE AMAZING VIEWS OKANAGAN LAKE & AVAILABLE IMMEDIATELY $1.35M

B6?DG IDDA 9>: 8DBE6CN ;DG H6A: L>I= A6C9 6C9 7J>A9>C<H

$6 MILLION.

U.S. PORTFOLIO

PHOENIX, AZ

. 25 FULLY RENOVATED & LEASED PROPERTIES

. PROFESSIONALLY MANAGED . REBOUNDING MARKET . 8% NET RETURN DEVELOPMENTS

MAPLE RIDGE

VANCOUVER TELUS GARDEN PENTHOUSE $3.45M

COMMERCIAL

16 ACRES + LARGE HOME $2.1M

PORT COQUITLAM 4 LOTS APPROVED FOR SUBDIVISION $1.4M

COMOX EXCELLENT CONDO DEVELOPMENT SITE $3M

LANGLEY

OSOYOOS

46 PRIVATE ACRES (2 TITLES) $6.25M

10 INCOME PRODUCING LAKEFRONT RV LOTS $1.25M

FLEETWOOD 4 LARGE LOT SUBDIVISON $1.6M

HDJI= 9:AI6 HE6 ;DG H6A:

$125,000

LANGFORD CONDO SITE APPROVED FOR UP TO 200+ UNITS $4.4M

www.monark.com

ADD@>C< ;DG HE68: ;DG/ r Junior Kindergarten, 5000 â&#x20AC;&#x201C; 8000 sq. ft. r 1SPEVDF #VUDIFS TR GU. r International News, La Taqueria, 6ODMF 'BUJI 1J[[B 'JU GPS -JGF 3BTPFF 400-1200 sq. ft.

ADD@>C< ;DG BJAI>;6B>AN =DI:A EGDE:GI>:H r 1SJODF (FPSHF

Michael Anderson 604.374.1171 b^X]VZa5cdgi]Zgck^h^dcgZVain#Xdb

Matt Gratton 778.554.9100 bVii5cdgi]Zgck^h^dcgZVain#Xdb lll#cdgi]Zgck^h^dcgZVain#Xdb

A22 Lower Mainland

1.3 acres located just steps away from Mill Lake and Seven Oaks Mall.

Contact 604-308-1475 E-mail vasacanada@gmail.com

S U R R E Y M U LT I - FA M I LY DEVELOPMENT SITES â&#x20AC;˘ 200+ units, 3rd reading completed â&#x20AC;˘ Fraser Valley Land for 40 SF lots â&#x20AC;˘ Fraser Valley 80+ town home site â&#x20AC;˘ Fraser Valley OďŹ&#x192;ce warehouse Complex

1"5*&/$& from A21

-0/( 5&3. */7&45.&/5 '03 4"-&

rose 1.5 per cent.

While the retail recovery was less pronounced, the sector did achieve positive net absorption. For the first quarter, retail vacancy nationally was unchanged at 7 per cent, compared with 7.3 per cent one year earlier.

This property is located in the Fraser Valley and has 2 Triple â&#x20AC;&#x153;Aâ&#x20AC;? National Tenants on Long Term Lease. The Main tenant is a Farm Equipment Dealership and the 2nd is a Mini Storage Co. Both have been there for the past few years and planning to stay there for a long time.

5P WJFX $BMM 3BF 'PSFTU

3FUBJM

â&#x20AC;&#x153;We forecast completions of retail space to remain depressed for the year,â&#x20AC;? Page said. â&#x20AC;&#x153;In-process construction continues to fall compared to office and warehouse construction, which is rising slightly.â&#x20AC;?

A bright spot in retail is San Francisco, where the retail vacancy rate fell to a Calgary-like 2.8 per cent this year.

This comes as no surprise to San Francisco commercial real estate agent Dominic Slonek of Avison Young. Strong job growth in the high-tech field is fuelling consumer spending in the Bay area, he said. San Francisco was spared the worst of the commercial real estate failures, he added. â&#x20AC;&#x153;There are defaults, but we donâ&#x20AC;&#x2122;t see any major projects going back to the lenders in the short term,â&#x20AC;? Slonek said.

The action in San Francisco has lured some Canadians, including Bosa Developments of Vancouver, which is completing a luxury condo project in the cityâ&#x20AC;&#x2122;s Mission Bay neighbourhood.

Slonek notes that commercial land in central San Francisco is selling for $140 to $160 per buildable foot, up from $120 two years ago.

WHEELER CHEAM

marketing your franchise?

Call the

Amrik S Rai Royal Pacific Realty 604-709-9200

amrik@incomerealty.ca Hotels /Motels Under 100rms. major ďŹ&#x201A;ag, leased rest. $8.5mil.

Smaller ďŹ&#x201A;ag hotel, under $3mil.

Commercial Income Property A-1 maintained Fr.Valley bldgs.

Only $1,350,000 Langley Res. Development Land Some ready for servicing â&#x20AC;&#x201C; some short holding Vancouver Development Land Close to Kingsway â&#x20AC;&#x201C; ready for offers

RAY LEWIS West Coast Realty LANGLEY

604-812-9733

1-800-661-6988 (604) 669-8500 westerninvestor.com

Fraser Valley Mobile Home Park -42 pad MHP on 5+ acres with RV storage sites and home on city services in Maple Ridge.

Asking price $4,000,000 Present cap rate of approx. 5.43% with upside to 5.56%.

Lougheed Hwy - Deroche Commercial Building EXCELLENT HWY EXPOSURE

.3 Acre corner lot Highway frontage zoned Commercial. 2400

s.f. metal clad building with 2 large bay doors and high ceilings plus small mezzanine.

PRICED TO SELL Asking $279,000

PARK OWNERS

-

THINKING OF SELLING?

If you are thinking of selling , please give me a call as I have many qualified purchasers looking for mobile home parks at this time. Confidentiality observed.

Bill Summers 604-626-8894 Email: bsummers@telus.net www.sellingmobilehomeparks.com

Direct Line:

.VMUJ GBNJMZ

As a result of the high number of residential foreclosures, apartment rental buildings are seen as perhaps the strongest sector in U.S. real estate.

Dallas-based Axiometrics, which tracks the U.S. apartment market, reports that national average rents increased by 0.89 per cent from February to March, which is the highest growth rate since the firm began surveying its property database monthly in April 2008. The apartment vacancy rate, at around 6.3 per cent, is the lowest since August 2010. Axiometrics also reports that rental development is picking up.

Currently, the company is tracking 500 properties under construction, and 2,700 in the planning stage, across 188 U.S. markets.

This may include projects by the Canada Pension Plan Investment Board, which has invested heavily into the U.S. rental apartment market after becoming one of the major players in the U.S. retail sector in the past two years.

Even some Canadian banks are encouraging Canadians to look south for real estate opportunities. â&#x20AC;&#x153;The waiting game for those interested in buying U.S. real estate in select regions could be at an end,â&#x20AC;? according to Torontobased BMO Economics senior economist Sal Guatieri. â&#x20AC;&#x153;The [U.S.] inventory overhang has ebbed, prices are low and some pent-up demand exists.â&#x20AC;?

However, as Guatieri warned, â&#x20AC;&#x153;Patience is a virtue for [U.S.] bargain hunters.â&#x20AC;?â&#x2014;&#x2020;

Subscribe

Prime High-Density Development Property in Abbotsford

www.westerninvestor.com JUNE 2012WESTERN INVESTOR

CALL NOW 1-800-661-6988 www.westerninvestor.com

INVESTMENT OPPORTUNITIES www.danpreston.ca

Royal LePage Coronation Park

COMMERCIAL BUILDING $530,000 Downtown Abbotsford 2 commercial tenants plus vacant 3-bedroom apartment above.

Personal Real Estate Corporation ,!.$ !33%-",9 s $%6%,/0-%.4 s ).#/-% 02/0%24)%3

COMMERCIAL REAL ESTATE SERVICES SENIOR'S DEVELOPMENT SITE SALE: $1,990,000 Foundation in place, tendered plans, permits, ready to complete. 88 units.

HUSKY GAS LANGLEY $2,650,000 Husky Gas / C- Store Plus rental income of $66,600.Per / Year.

Sandra Laurino

HUSKY GAS HARRISON HOT SPRINGS $1,650,000 Husky Gas / C- Store, Propane 2- Bedroom Living Suite Plus rental income of $18,000.

Per/ Year.

Bus: 604.581.3838 Cell: 604.219.7736 NEW WEST/BURNABY MIXED DEVELOPMENT 39 Apartment Units, 7 Townhouse Units $2,850,000 OCP & Area approved plan.

Joint Venture Opportunities Considered.

PRINT and SIGN ABBOTSFORD $650,000 Very Profitable Business Yearly Sales of Over $1.4 mil.

www.sandralaurino.com sandralaurino@royallepage.ca

439 Helmcken Street

30 ACRES Residential Mountain Top 44 Estate Homes - $5.5M Your specialist in PRIME income-generating and redevelopment opportunities:

A very unique opportunity to own a 3 story free standing Heritage house in the Heart of downtown Vancouver! Extremely well maintained with approx. 2,100 sq. ft. of high quality ofďŹ ce space. The ground ďŹ&#x201A;oor is an attractive space with open ďŹ&#x201A;oor plan, above ground windows - lots of natural light, one washroom and two entrances. The second ďŹ&#x201A;oor features 9â&#x20AC;&#x2122; ceilings, built in coffee area, two private ofďŹ ces, open reception area and boardroom/3rd ofďŹ ce with private entrance.

The third ďŹ&#x201A;oor also has 9â&#x20AC;&#x2122; ceilings, three private ofďŹ ces, one washroom and a north facing sundeck. The building has recently received upgrades to the roof, furnace and hot water tank. This offering includes exclusive use of 2 secure parking stalls in the adjacent Aquilini development as well as convenient metered street parking in front. Only steps away from all the shops, restaurants and services of Yaletown, Granville and Robson.

Fantastic location and opportunity!

JUGO JUICE $99,000 Fraser Valley Established High Traffic Strip Mall Location.

MOTEL MISSION $3,150,000 Get it Ready to Flag this Established 40 Room Motel plus Managers Suite on 1 Acre.

SHINGLE MILL MISSION 7 Acre Fraser River Water Front Property Improved with Various Buildings and Yard Improvements. Call for Info!

ASHOK KUMAR 604-855-0800 TF: 1-866-855-0800

Lower Mainland/ Sea to Sky/Vancouver Island A23

WESTERN INVESTOR JUNE 2012

For Sale Squamish Waterfront Development Site 36.75 acres

a e S

e a m h y t

TWO COMMERCIAL BUILDINGS SIDE X SIDE ML#V4021517 “The Dock” Sechelt Now $1,190,000 Main street, downtown location with excellent exposure in Sechelt. 2 level building with retail, store, offices and zoned for residential above. High traffic area with lots of parking. 10 tenancies in place, many long term and great cap rate. Call Terry for more info.

ML#V4024655 Main Street, Sechelt

36583 Darrell Bay Rd Southern outskirts of Squamish Phase 1 plans and permits in place Sale Price $9,880,000 DarrellBay.Sunnus.ca

$879,000

Commercial building with two excellent tenants. Prime location on main street with upgrades & high visual presents. Triple net leases & good cap. Located beside building above.

TERRY & PAM B R A CKE TT

o Annie Zhang-Braithwaite p 1-888-378-6687 ext. 808 r n

AND

Darren McCartney 604-892-4875 darren.mc@shaw.ca

1-800-895-4313 terry@thebrackettgroup.com Remax Oceanview Realty SECHELT

PRIVATE ISLANDS

a a n r

SQUAMISH INVESTMENTS 98 Unit Oceanfront Dev. Site $2.1 mil 13.25 acre Commercial Site on Hwy 99 Holding income campground/motel $1.95 mil 18,919 SF Dev Site Dwtn Bank Corner at key intersection $1.194 mil Mixed Use Building Dwtn 5,358 sf, lots of pkg $725k 0.54 acre Retail Site Backing on 3 Malls $1.999 Mil 0.84 acre Multi Family Site In built neighborhood $925k

1 acre Light Industrial lot

$699k

RE/MAX Sea to Sky Real Estate Squamish

COMMERCIAL FOR SALE WHISTLER VILLAGE

LAKEFRONT ACRES

g r

Strata Office Space Dwtn 1,714 sf $345k Strata Office Garibaldi 548 sf $169k Industrial Revenue Property $1.1 mil 10 acre Riverfront Lots $1.175 mil + Retail for Lease off Hwy 99 1,300-10,000 SF Adjacent to Home Depot, Walmart & Rona Commercial Site on Hwy 99 $1.65 mil C-3 gateway site: DP for 82 unit hotel, Zoning for: drive-thru, gas, restaurant

6963 SQ FT – 6 strata lots

$6,500,000

FROM

$495,000

d

o a g p

Great investment opportunity to purchase 6 contiguous commercial strata lots in the Tyndall Stone Lodge across from the new Olympic Plaza. This area has seen a dramatic increase in pedestrian traffic since the Olympics.

These units are fully leased to 4 quality tenants.

VIEW BCPRIVATEISLANDS.COM WARK REALTY INC.

a

604.946.8710

M E H RAN M O A L L E M B.Elec. Cert. Marketing

778-858- 9025

Business and Commercial Consultant

mehranmoallem@gmail.com RE/MAX CREST COMMERCIAL DIVISION

P R O P E R T Y

SO

D R NE ATE OWOTIV M

LD

Office space Recently remodeled 760 sq ft, central, parking, spent over $50K Lonsdale N Vancouver $399k

Business with property convenience store 1200 sq ft, great locational, equipment & inventory Vancouver $949k

NT T EA ME GR VEST IN

D CE DU100K E R $ BY

Industrial space 7000sq ft space & land, 2 offi ces, auto & body shop, Lynmore hoist, paint room $1,998k North Vancouver

Denny’s Great opportunity 5000 sq ft, 12 years, located at busiest shopping centre in the area Greater Vancouver $599k $499k

&

Alan Jenner 604-905-9589

Call for an information package For more commercial listings and information on the commercial market in Whistler visit:

allanjenner@wrec.com

www.whistlerrealtor.co or www.allanjenner.com

WANTED

JUDY GRAY, CCIM

I HAVE QUALIFIED BUYERS FOR DEVELOPMENT LAND, INCOME PROPERTY COMMERCIAL OR RESIDENTIAL, MONEY MAKING BUSINESS AND FRANCHISE COFFEE SHOP

B U S I N E S S

SO

AL

ION FESS PROFICE OF

LD

Industrial space 1600 sq ft Central location must sell, Rented month to month, make an offer Burnaby $367k ESS TY SINOPER U B PR &

Retail space fully improved 1238 sq ft many uses, ideal for medical, dental or ...

Dunbar Vancouver $859k E

ACR

0K /

$11

Industrial retail "with property" 5000 sq ft & woodworking/ cabinet business Port Coquitlam $1.3 Million

38 Acre land Britannia Beach Sea to Sky Hwy holding property or build, 45 mins to Vancouver or Whistler. Motivated Seller $4.2 million

B U S I N E S S E S

T EA E GR COM IN

Indoor Amusement park 7500 sq ft 3 years Great income, spent over $750K. Laser, bump car, ball room and more.

Surrey $469k RE OSU FFER ECL FOR KE AN O MA

Outdoor sign MFG 23000 sq ft 22 years, Great opportunity all under 1 roof, digital, neon, letter channel & more.

Greater Vancouver $1.2 Million Food Court Business Shopping Mall Greek Food 5 years old Franchise or $129K no Franchise

Organic Make up MFG $300k net income

Richmond 6000 sq ft

$2.2 Million 18 years

Print Shop Great Opportunity

Greater Van 6000 sq ft

$695k $595k 20 years

Indoor Amusement Park $350k sales $110k net

Surrey 7500 sq ft

$469k 4 years

Retail Space Strata

DT Vancouver 376 sq ft on Mainland

4 Res. Units

Squamish with suites totally updated

Mill work & Woodworking $500k sales $180k net

North Van 5700 sq ft

$300k 4 years

Coffee Shop & Crepe $220k sales $85k net

Vancouver UNDER CONTRACT 1100 sq ft

$129k 12 years

Steak House & Lounge Great opportunity

Vancouver 1250 sq ft

$229k 1 year

UBC FOOD Court $300k sales $85k Net Mini Market $1500k sales $150k

UBC 450 sq ft Coquitlam 2300 sq ft

$99k 8 years $299k 3 years

Convenience store $200k sales growing

Vancouver 1200 sq ft

$89k 1 year

Florist 3 years old, great location

North Vancouver

$69K

UNDER CONTRACT

1.800.600.1718 Suite 103–1801 Bay Street, PO Box 195, Ucluelet. BC. MID-ISLAND REALTY Canada V0R 3A0 Vacation Cabin $259,000 289A Boardwalk Blvd Waterfront, 2 bdrm, 3 storey, soaker in master.

Large Shop/Storage Port Albion Road Large shop, large overhead doors, mechanic pit, storage, office.

$250,000

Waterfront Lot Lot A Waterfront Dr .17 acre, Ucluelet Inlet, nightly rental, residential upper.

$265,000

Inlet View - 1638 Cedar Rd 1.12 acre, across from new aquarium, Resort & Gov’t dock.

$339,000

Store Front - 1972 Peninsula Rd $595,000 Main entrance to town, previous convenience store.

Food safe kitchen, separate office & lease space.

Development Land Lot 5 Peninsula Rd 1.25 acre, Spring Cove waterfront, tourist commercial zoning.

$345,000

3 Commercial Properties $695,000 Marine & Rainforest Dr Commercial/residential mix zoning on all, well located, close to Resort.

www.judygray.com

$299k

www.Bonded Business Brokers.com

LIST

Top commercial realtors from across Western Canada market their listings through the Western Investor.

1-800-661-6988

A24 Vancouver Island

www.westerninvestor.com JUNE 2012WESTERN INVESTOR

NANAIMO & VANCOUVER ISLAND PROPERTIES NORTH ISLAND HOTEL & PUB, WINE & BEER STORE 30 renovated rooms generating $8,000 monthly. $1,595,000

3 ACRE TOWNHOME DEV SITE Stunning ocean view up to 30 units. $995,000

DEVELOPMENT SITES & LAND 1.0 ACRE COMMERCIAL DT 11 ZONED PROPERTY With 3 separate buildings. Used formerly as Sunglow Lumber & 2nd hand store outlet. Property is assessed value over $1 million. $569,000 OCEAN VIEW DEVELOPMENT SITE 21 condos or 8 townhomes. $379,500 PENDING FANTASTIC OCEAN VIEW RM-5 DEV SITE Unrestricted views, overlooks cruise ship pier. Approved for 35 condos, No DCCâ&#x20AC;&#x2122;s. $729,000 NANAIMO BEST BUY! MIDRISE DEVELOPMENT SITE Located in the Downtown core. Nanaimo: Commercial or condo site.

NOW $159,900 Excellent Buy 2 ACRE COUNTRY LOT ZONED FOR 2 HOUSES Allows for Bed & Breakfast, dog kennels, country market.

City water. $298,000

1* 8Ă&#x160; "/Ă&#x160;fÂŁĂ&#x201C;Â&#x2122;]äääĂ&#x160;Ă&#x160;UĂ&#x160;{Ă&#x160;* 8Ă&#x160; "/Ă&#x160;fÂŁÂ&#x2122;Â&#x2122;]äää COUNTRY ESTATES DEVELOPMENT SITE 23 ACRES $459,000 50 ACRES, $995,000 43 ACRES $859,000 Adjoining properties, 1 mile from city limits, Zoned for 5 acre lots 57 ACRES WITH PEAT MOSS 17 acres sub-dividable into 2 acre sites. Located on Beck Lake. Marketing coal tailings for large exportation contacts located on large aquifer for water or sales. $1,100,000

DALE SHORTT

INCOME PRODUCING + REVENUE PROPERTIES

HOTELS & PUBS

FORECLOSURE COURT ORDERED SALES

FULL FACILITY SUPER 8 MOTEL Central/southern Vancouver Island. High profile Location. 35 rooms, + 20 suites with leased 125 seat pub and Smitty's 120 restaurant. 1.5 acre property on Trans Canada. $3,600,000

5 PLEX NANAIMO 5 meters, over $4,500 monthly revenue. Covered parking. Storage lockers. Separate meters.

Asking $749,500 OCEANVIEW 3-PLEX South Vancouver Island. Excellent Income. 3 separate titles. $369,000 NANAIMO DUPLEX 3 bedrooms per side, 2 separate titles.

Excellent income. $399,500 5 RENTAL HOMES â&#x20AC;&#x201C; All together 5 sep. adj. lots. Starting at $169,900 or all for $1,150,000. Seller will finance.

10% down at 3 per.

CONDOS & HOMES PACIFICA OCEAN FRONT CONDOS 38 Front Street Units for sale.

Walk-on waterfront townhome $509,000 no HST. Call Dale for other units available.

21 UNIT TOWNHOMES REVENUE PROPERTY ON THE GOLF COURSE. 2 & 3 bedroom units, private patios. Monthly income: over $20,000, assumable mortgage. Ideal property to hold or strata conversion. $2,875,000

DEPT BAY BEACH FRONT HOME This smaller 2 bedroom home awaits your ideas. Great year round or vacation home, swimming & beach right out off your front veranda. $599,000

12 UNIT APARTMENT BLOCK. Renovated. $8,000/monthly revenue. Financing available. $1,180,000 STRIP MALL Across the road from the beach, 10,200 sq.ft.

3 commercial spaces. 4 strata condo rental units. Monthly income over $11,000 ASKING $2,250,000

WATERFRONT CONDO TRADES WELCOME $425,000 With swimming pool and hot tub and boat moorage. 2 bedroom, 2 bathroom in Yellow Point. www.yellowpointmemoRIES COM Seller will finance with low down or take trade! Owner will take a condo in Vancouver in trade.

Bus: s Toll Free 1-800-665-8313

Ocean Pointe

4RANS #ANADA (IGHWAY ,ADYSMITH " # 6 ' ! s %MAIL DALESHORTT SHAW CA

THE GLOBE HOTEL $1,395,000 RESTAURANT & PUB Opened in 1887 â&#x20AC;&#x201C; restored 3 storey masonry building. Home to 145 seat pub restaurant. Full facility kitchen. 8 â&#x20AC;&#x201C; 1bdrm suites.

Great investment & return.

NANAIMO RESTAURANT FOR SALE OR LEASE Land, building plus parking lot.

Fully equiped. Beautifully renovated. 2 lots. $698,000

Each office is independently owned and operated.

Attention

SPECTACULAR SHAWNIGAN LAKEFRONT

$998,000

Agents:

s Â&#x17E; AN ACRE s BEDROOMS s BATHROOMS s )NCREDIBLE VIEWS s 0RIVATE DOCK s $ECK AT THE WATER S EDGE s/NLY MINUTES FROM 6ICTORIA

Dana Hahn AND Robert Hahn 250-744-3301 www.roberthahn.com

VANCOUVER ISLAND Comox Valley

REACH QUALIFIED BUYERS FOR YOUR LISTINGS

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call Gary Takahashi toll-free: 1-800-661-6988 direct: (604) 608-5111 or fax: (604) 669-2154 Camosun

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gtakahashi@westerninvestor.com

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Linda Pettinger 250-725-3969 linda@toďŹ norealty.com www.tofinorealty.com

$599,000 + TAX

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3 / 43 " 90 3 "/043 "% 3(&34! 3 /# 4 Lot 72 Kingsview (4.49 Acres)

$749,000 + TAX

Prime Cowichan Commons Area Development Site Short walk to new Cowichan Commons Mall, 11 plus acre site offers opportunity for residential and/or multifamily development. Zoned R1 however, muni favours higher density or mixed zoning, property borders R8 Multi Family parcel (also available for sale) & Averill Creek, providing a beautiful park like amenity. With elevation, Valley & Lake view potential. Seller interested in retaining an interest as a silent partner.

$1,500,000 + TAX

3 (04$;3 8 $3)-' 3 / 3 "4 3 reliminar;3 ;(743 (/3 353 4(/ ;3513 &"43 7"$ "& 3 /"% 3 ( 4"(&3 /3 (9" ! &3 (%%(&03 3 rans Canada Hwy 3 /8" 03 / ;3 3 ! 3 7&" "* $"4;3 8(/03 8 $(*% &4 3 roperty currently has a well cared for $869,900 3333' 30.- 4-35 /%3 & ! /

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R8 Apartment Zoned Duncan Acreage Near Cowichan Commons

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Rob Samsom

, Ă&#x2030; 8 Mid-Island Realty Independently owned and operated

AACI CCIM FRI PERSONAL REAL ESTATE CORPORATION

1-888-829-7205

www.robsamsom.ca RE/MAX Ocean Pacific Realty

RE/MAX Of Duncan (250) 748-7200

Direct 250.748.8080 TF 1.888.748.8088

www.kimjohannsen.com

Each office is independently owned and operated.

Vancouver Island A25

WESTERN INVESTOR JUNE 2012 www.westerninvestor.com

#SJUJTI $PMVNCJB

Metro’s cap rates plunge

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apitalization rates for commercial real estate in Metro Vancouver have plunged to all-time lows, spooking investors.

A capitalization (cap) rate is the ratio between an asset’s net operating income and its original price. For example, a $1 million property that generates $100,000 annually after expenses would give the owner a 10 per cent cap rate.

“If we’re worried about cap rates being low everywhere, we have to be really worried about Vancouver because they’re the lowest here [compared with other parts of North America],” San Francisco-based president and CEO of Grosvenor Americas Andrew Bibby told the Vancouver Real Estate Forum April 11. Bibby said other North American cities offer worthwhile investment opportunities, but extremely low cap rates “make Vancouver a hard place to justify investment.”

An Avison Young Commercial Real Estate Report released in March estimated cap rates for Vancouver multi-family buildings at less than 3 per cent.

Avison Young principal Bob Levine said Vancouver office, retail and industrial properties also have the lowest cap rates that he can remember. One explanation is that cap rates tend to follow mortgage interest rates, and Canadian mortgage rates hit a record low in January. The other is land values.

“The reason Vancouver’s cap rate is lower than other cities is that it is so much harder to develop in Vancouver due to the lack of land,” Levine said.

“If you look back over the past 30 years in Canada, Vancouver’s cap rates have been lower than anybody else’s regardless of whether it’s a boom or a recession.”

Levine estimated that prime downtown office space in Vancouver will likely sell for a cap rate of between 5 per cent and 5.5 per cent. He said six months ago that cap rate

was likely between 5.25 per cent and 5.75 per cent. Levine added that the cap rate of prime retail properties such as Oakridge Centre or Coquitlam Centre is likely now between 5.25 per cent and 5.75 per cent. He believes that two years ago those malls would have carried a 7 per cent cap rate.

Industrial real estate properties have followed the same trend, said Ron Bagan, Colliers International executive vice-president of industrial properties.

But Bagan is not concerned that low cap rates will scare investment away. “It shows that demand is high. People want to put their money here,” he said. “With the incredible lack of available land for industrial real estate development in Vancouver, there will always be high demand for existing properties.”

One potential cure for low cap rates may be industrial development on First Nations lands, which Avison Young notes are not subject to the travails of local zoning or land costs.

An example is the Tsawassen First Nation, which is releasing land for industrial use in South Delta.

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.S.-based imited Brands Inc., owner of the Victoria’s Secret retail chain, is the only major retailer currently negotiating to lease the 30,000-square-foot former HMV location on Robson Street, according to several sources.

Limited Brands also owns marquee brands Victoria’s Secret Pink, La Senza and Bath and Body Works.

Neither the company nor Morguard Investments Ltd. retail asset manager Bob Nicholson would comment on the rumours.

Limited Brands opened its first four Canadian Victoria’s Secret stores in 2009, including a Calgary opening Victoria’s Secret eyeing that drew a huge crowd. It added four more in 2010 Vancouver outlet. and another eight last year including the first Metro Vancouver location at the Vancouver International Airport in November.

“Based on the success we have experienced in Canada, we plan to open an additional three Bath and Body Works stores, five Victoria’s Secret stores and two Victoria’s Secret Pink stores in Canada in 2012,” Limited Brands noted in its March 23 annual report.

“Victoria’s Secret is a major brand that is expected to come to theCity of Vancouver,” said Thomas Consultants managing principal and retail consultant Michael Penalosa.

Still, he is surprised that Victoria’s Secret would want a 30,000-square-foot location given that most of its stores are in the 5,000-square-foot range.

But Penalosa added that leasing the HMV space would make sense if the company wants to make it a flagship store with Victoria’s Secret on the main floor and a Victoria’s Secret Pink outlet downstairs.

Both he and Dig360 retail analyst David Gray doubt that Limited Brands would also add a La Senza boutique to the location.

– Glen Korstrom/BIV Photo:: Freevector

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Web site exposes court details

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new web page, BCjustice.com, is focused on “the hard facts from the British Columbia court system” and has information that was formerly hard to obtain, and usually only with the help of a lawyer, according to the president and CEO of BCJ Services Ltd. “When the B.C. courts system placed its reasons for judgment databases online several years ago now, it was a huge step forward in terms of public accountability and access,” said Stephen Pyle of Nanaimo. “But the data was not available through a simple Google search. We saw an opportunity.”

Pyle began copying, downloading and organizing written judgments from supreme and appeal courts of British Columbia, then arranging judgments into sections conducive to browsing.

Many of the sections deal with commercial litigation – including real estate, taxes, liens, building contractors and foreclosures – with

affected by a rise in British Columbia’s minimum wage and a soft tourism market, analysts say, but it could also reflect a shift in the market.

A report from Colliers International noted that there has been investment in downtown heritage projects like the Oriental Hotel, which has filled its retail spaces.

Greater Victoria Chamber of Commerce CEO Bruce Carter said that downtown retail is also affected by a change in consumers. Carter noted that the antique retail trade has suffered, likely at the hands of changing demohe retail vacancy rate in downtown Victoria has spiked to 7 per cent, accord- graphics and interests. “That group is getting younger and more active,” he said. “When ing to NAI Commercial, while space in they go on vacation they are more likely to power centres and regional malls remains go whale watching or kayaking than buy an tight with a vacancy in the 2 per cent to antique end table.”◆ 3 per cent range. Downtown retail is being

others devoted to different areas of the law.

The site-searchable, updated-daily database encompasses the years 2008 to 2012.

Judgments from this year and 2011 are available for free, but prior years require subscription, Pyle said.

Capital’s retail space darkens

T

Victoria Commercial Properties and Businesses Howard Johnson Hotel

$4,580,000

Building w/2 Restaurants

$1,500,000

Located in beautiful Sidney, BC. A grocery store which is included in the price (inventory extra) & 2 restaurants.

Wessex Inn Motel

SOLD

$915,000

Located in beautiful Cowichan Bay. All rooms have water views. 30 units, 2-storey, 1 bedroom manager suite, 1.74 acres, 12,000 Sq.ft.

Downtown Salad Bar

$165,000

Well established Franchise Salad Bar which is the only one in Victoria. Easy to operate & good lease in place.

Centrally located in Victoria, British Columbia, the Howard Johnson hotel provides a friendly and convenient stop for tourists and business travelers alike.

Close to downtown Victoria and the area’s most popular tourist attractions, such as the historic Inner Harbour and the Parliament building. Features numerous modern Conveniences, including an indoor swimming pool, and complimentary wireless internet access and a fitness room.

Asian Fast Food Franchise

$340,000

Looking for a well established yet modern and newer business?

This business has it all. Wox Box is a fast food Franchise located in the Millstream Village Shopping Centre. It is off the Trans-Canada Highway at the entrance to North Langford, British Columbia just 15 minutes from the City of Victoria & minutes away from the Bear Mountain Resort. Millstream Village Shopping Centre has over 45 retail & discount stores, big box outlets & restaurants to choose from. Great opportunity to own a family-run business don’t miss this chance to become your own boss!!

Esso Gas Station with attached A & W Restaurant in Nanoose Bay (Contact for pricing)

Post Office w/Dry Cleaning service

Outstanding exposure, incredible traffi c along the E Island Hwy. Esso service station with attached A&W Restaurant. Self Service gas bar, Propane fi lling facilities, Diesel, Cardlock and full Esso Convenience Store. Traffi c heading both North and South on the Island Hwy have access to the amenities available here. There is a very nice home tucked in the corner of the 4+ acre lot for an owner occupier as well. Beautiful pastoral views, only 6km from Parksville and the village of Nanoose. Current businesses operate with competent managers in place.

Nationally Branded Canadian Franchise $198,000

Claire Yoo

“When dealing with Yoo, Bus: Óxä°{ÇÇ°££ääÊÊUÊÊCell: 250.858.6775 YOU ARE #1” Toll Free: nnn°{ÇÇ°££äxÊÊUÊ Fax: 250.477.1150

claireyoo@shaw.ca

$198,000

Centrally located in a Plaza, well established, good lease in place.

Nationally branded Canadian franchise offering fruit smoothies and many other nutritious food options for a fast and healthy alternative to those on the go. Located in a major mall with established clientele, this location has been operating for over two years. Perfect turn key operation for an owner operator.

More restaurants and small businesses are available.

Please contact Claire.

Century 21 Queenswood Realty Ltd. 2558 Sinclair Rd., Victoria BC V8N 1B8

www.claireyoo.com

A26 Vancouver Island Trailer Park For Sale on Vancouver Island 36 site year round park located on north Vancouver Island. This park caters mainly to loggers. It is a 3 acre lot and includes 5 buildings, a 5-room Atco bunkhouse with attached kitchen, 3 single bunkhouses and a wash house. There are 6 years of ďŹ nancial records available. It generates between 50 to 65 k yearly with management in place. $540,000 To contact for more information, call 250-453-2243 or e-mail : irisandalex@hotmail.com

www.westerninvestor.com JUNE 2012WESTERN INVESTOR

84 Unit Hotel

Business Is Better On Vancouver Island

â&#x20AC;&#x153;Across from the beach in sunny Parksville, BCâ&#x20AC;&#x153; - Almost $1 Mill in renovations - 2.6 acres highway frontage - 100 person conference room, swimming pool, fitness center, liquor license, elevator

For Sale

- 10% cap rate

2.05 Acre Prime Development Site - North Nanaimo

- Absentee owner, tremendous growth opportunity for â&#x20AC;&#x153;hands on ownershipâ&#x20AC;?

Visit www.parksvilletravelodge.com for a virtual tour Appraised at $4,870,000

Just reduced to $4,380,000 share sale

$2,900,000

On Old Island Highway adjacent to Long Lake.

Light Industrial Land and Buildings - Chemainus

$1,995,000

3.83 acres with 5 buildings on site.

253 Acre Development Property - Sproat Lake Area

$1,700,000

Commercial Land and Building - Downtown Parksville

$1,495,000

0.85 acre with 3,870 sq ft building on Island Highway.

BRIAN PERCIVAL 250-951-6372

Strata Commercial Unit - Central Nanaimo

$ 849,000

4,417 sq ft office with 12 offices, boardroom, reception and lunchroom.

b.percival@shaw.ca

Commercial Development Property - Nanaimo

SOLD

1.2 acres with CC-1 zoning beside Nanaimo Parkway.

Become part of Canadaâ&#x20AC;&#x2122;s TOP DEBT ELIMINATION FRANCHISE ...be a professional Debt Consultant with 4 Pillars Consulting Group

Commercial Re-Development Property - Downtown Nanaimo

$ 655,000

2 legal lots on Victoria Crescent with 4,900 sq ft building.

Lakefront Pub and Land - Lake Cowichan

SOLD

Approximately $300,000 spent on improvements since February 2009.

3.46 Acre Light Industrial Property - South Nanaimo

$ 549,000

1.2 Acre Residential Development Site - South Nanaimo

$ 475,000

Commercial Land and Building on Island Highway - Campbell River

$ 419,000

Vacant 0.92 acre property.

Â&#x2021; 3RWHQWLDO WR HDUQ $100K - $200K DQQXDO LQFRPH KHOSLQJ FOLHQWV WR DYRLG EDQNUXSWF\ DQG UHVWUXFWXUH WKHLU ÂżQDQFHV

Residential Development Property - Nanaimo

$ 399,000

4.88 acre property near the Nanaimo Parkway.

Commercial Land and Building Zoned DT-2 - Nanaimo

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$ 395,000

1,395 sq ft office building in Old City Quarter.

Commercial Property Zoned COR-3 - Nanaimo

$ 299,000

2 lots on Kerrisdale Road totaling 19,600 sq ft.

Â&#x2021; Turnkey business ZLWK extensive training DQG ongoing support! 'HEW &RQVXOWDQW 3URJUDP /LFHQVLQJ 7UDLQLQJ )HH ONLY $7,000 WR VWDUW WD[HV

Commercial Property Zoned COR-3 - Nanaimo

$ 260,000

9,800 sq ft lot with 1,037 sq ft office off Bowen Road.

Hangar Building and Office - Campbell River Regional Airport Light Industrial Strata Unit - Central Nanaimo

$ 249,000

Call for Details

Large warehouse with appointed office space.

Featured Listings

Call Cornell 250-756-9239 cornellp@4pillars.ca www.4pillars.ca 4pillarsfranchise.ca/dc/

Business Opportunity Established Inn with 41 rooms located in Campbell River.

Shows strong positive growth and cash flow over the last five years.

Offered for sale at $3,500,000 Investment Property Located in Coombs, this 18.81 acre site on the Alberni Hwy includes a mobile home park and commercial lease revenue.

Well priced at an 8% cap rate.

Offered for sale at $2,475,000 Heavy Industrial Property Located at Duke Point in Nanaimo this 5 acre site is paved and fenced and includes an approximately 18,000 sq ft building. $OO 3LOODUVÂŽ RIÂżFHV DUH LQGHSHQGHQWO\ RZQHG DQG RSHUDWHG 3LOODUVÂŽ DQG LWV DVVRFLDWHG WUDGHPDUNV DUH XVHG XQGHU OLFHQVH

PROUDLY CANADIAN

Offered for sale at $2,000,000 Approved for a Complex Care Facility - Ladysmith

$ 1,700,000

NANAIMO | VANCOUVER ISLAND

5 acres of oceanfront with plans in place for a 24 unit facility.

DEVELOPMENT AND INVESTMENT OPPORTUNITIES

37.47 acre redevelopment property with executive style golf course under foreclosure.

DEVELOPMENT OPPORTUNITY WITH OCEAN AND CITY VIEWS CALL DARWIN Upscale development in the University area for 10 residential lots and 26 luxury townhomes. This development project has all the necessary plans, reports and approvals in place. Development Permit for construction can commence within a short period of time.

BARSBY ON THE MILLSTONE ASKING 1.55 M, CALL DARWIN A great development opportunity for a well designed 58 unit Condominium Project on 1.14 acres of land on the Millstone River. Located within the no DCC zone of the City of Nanaimo, this project offers an immediate connection to the E&N trail as well as the miles of seawall on the Harbour only 3 blocks away. Development Permit ready.

MULTI â&#x20AC;&#x201C; USE DEVELOPMENT SITE 2.8M, CALL DARWIN One of the remaining development sites within the main service corridor of the Chase River neighbourhood â&#x20AC;&#x201C; South Nanaimo. With approx. 4.3 acres of usable lands and excellent access directly off Hwy 19A via trafďŹ c light. This site has excellent potential for a wide use of mixed Commercial-Residential developments.

Saratoga Beach Golf Course - Black Creek

$ 1,419,000

Unique Commercial Offering - Downtown Nanaimo

$ 1,375,000

5,500 sq ft warehouse/shop, 1,400 sq ft house and parking lot.

Green Rock Industrial Park 9,710 to 59,376 sq ft $199,000 to $834,000

24 Light Industrial Lots in prime Nanaimo Location Excellent highway access and â&#x20AC;&#x153;Greenâ&#x20AC;? construction.

Business Opportunities ESTABLISHED PLUMBING AND HEATING BUSINESSâ&#x20AC;&#x201D;Nanaimo

$ 175,000

SEWING MACHINE AND QUILTING RETAIL BUSINESS â&#x20AC;&#x201D;Nanaimo

$ 180,000

AWARD-WINNING KITCHEN AND BATH BUSINESSâ&#x20AC;&#x201D;Sidney

$ 199,000

EXCELLENT REDEVELOPMENT PROPERTY W/ EXISITNG MOTEL 1.5M, CALL DARWIN Enjoy the existing holding income from the current motel complex while planning a new 6 storey commercial/residential mixed use complex. Great location near Hospital Node where demand exceeds supply for strata medical ofďŹ ces. Excellent exposure to Highway 19A and great access from rear of property with easy design for underground parking.

JUMPING JIMINYâ&#x20AC;&#x2122;S PLAYLAND AND CAFĂ&#x2030;â&#x20AC;&#x201D;Nanaimo Well known childrenâ&#x20AC;&#x2122;s entertainment business

BUSINESS OPPORTUNITY AT THE RESORT BEACH CLUB â&#x20AC;&#x201C; PARKSVILLE B.C. CALL BILL SOREG for Details â&#x20AC;&#x153;Perfectly Positioned Spaâ&#x20AC;? in the Newest 4 Star Hotel Resort in Parksville B.C. A turnkey operation, elegantly designed treatment room, the latest equipment and spa line products, topped off with an unbelievable LEASE.

WHOLESALE DISTRIBUTOR BUSINESS ONLYâ&#x20AC;&#x201D;West Coast Vancouver Island $ 549,000

PARKVILLE COMMERCIAL Great Opportunity for OfďŹ ce or Medical use - in older home on corner lot in great area.

WHOLESALE DISTRIBUTORâ&#x20AC;&#x201D;West Coast Vancouver Island On 1.039 acres with 7,320 sq ft building

METRO VANCOUVER INDUSTRIAL BUILDING CLOSE TO CITY CENTRE Priced @ $795,000. CALL ROB Located in close proximity to downtown Vancouver and Commercial Drive. Older industrial building on 5,808 sq. ft. of land. Building fully occupies site. Grade level loading door, separate entrance door. Two ofďŹ ces, one half bathroom, great for a storage facility.

COMMERCIAL HARBOUR REALTY LTD

Darwin Mahlum Robert Borden 250.760.1066

PRICED TO SELL!

$

ESTABLISHED PLUMBING AND HEATING BUSINESSâ&#x20AC;&#x201D;Nanaimo On 7,560 sq ft lot with 1,300 sq ft building

$ 495,000

RETAIL BUSINESS & DEMOLITION CONTRACTOR â&#x20AC;&#x201D;Central Vancouver Island New and used building materials $1,295,000

LIQUOR STORE IN LEASED PREMISESâ&#x20AC;&#x201D;South Vancouver Island

$1,500,000

PUB AND LIQUOR STOREâ&#x20AC;&#x201D;Coombs

$1,900,000

ESTABLISHED EQUIPMENT RENTAL BUSINESSâ&#x20AC;&#x201D;Port

Alberni

FRANCHISED MOVING AND STORAGE CO .â&#x20AC;&#x201D;Central Vancouver Island Information brochure available

VANCOUVER ISLANDS LEADER s ,AND 5SES s $EVELOPMENT )NITIATIVES THROUGH TO COMPLETION s 0ROTECTS AND -ARKETING s )NVESTMENT s )NSOLVENCY s 2EAL %STATE !DVISORS

$ 775,000

LIQUOR STORE WITH LAND AND BUILDINGSâ&#x20AC;&#x201D;Port With Commercial Tenant

Alberni

$1,900,000 $2,550,000 $2,600,000

Gerry Van Vaals Personal Real Estate Corporation DTZ Barnicke Nanaimo Ltd. gerry.vanvaals@dtzbarnicke.com

Tel: 1 800 769 5757

www.dtznanaimo.com

A27

WESTERN INVESTOR JUNE 2012 www.westerninvestor.com

%

From: NAI Commercial, Vancouver. NAI agent Peter Seed reports the following sales: Deal: 17,000-square-foot “Brick” retail building, Larch Avenue, Quesnel, acquired by owner/occupants. Price: $1.1 million.

From: HQ Real Estate Services, Vancouver.

HQ agents Mark and David Goodman report the following sale: Deal: Lougheed Village, a four-tower, 528unit residential rental complex consisting of two 24-storey and two eight-storey concrete buildings, plus 21 commercial units, Erickson Way, Burnaby. Sold to local investment group Beach Properties. Price (as disclosed): “More than” $80 million.

Photo: Avison Young

one Deals is our monthly feature highlighting some of the major real estate transactions completed recently in Western Canada’s vibrant commercial real estate market.

Our readers report on recent commercial real estate deals across Western Canada

Photo: Josh Dunford

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43-suite West Vancouver apartment rental building sold for $15.7 million.

Photo: DTZ Barnicke

Photo: NAI Commercial

From: Hollyburn Properties, Vancouver.

528-suite Burnaby apartment rental comHollyburn announced the following: From: Avison Young, Vancouver. Avison Deal: Hollyburn purchased four downtown plex sold for “more than $80 million.”

Young agents Rob Greer and Chris Wieser Toronto apartment buildings. Price: $80 million. report the following sale: Deal: 43-suite concrete apartment building, West Vancouver, sold for Wertman From: Colliers International, Fort Investments Ltd. to a private investor. Price: McMurray. Colliers associate broker Ken Shebib reports the following sale: $15.7 million.

Deal: 6,000-square-foot industrial shop From: DTZ Barnicke, Vancouver. DTZ on 2.2 acres, MacLennan Crescent, Fort agent Ryan Saunders reports the following McMurray. Price: $6.2 million. sale: Deal: 24,799-square-foot multi-tenant Recently completed a major commercial building, West 6th Avenue, False Creek, real estate deal in Western Canada? Send 17,000-square-foot retail building, Vancouver. Sold to a local investor. Price: details for a free report here to: Quesnel, B.C., sold for $1.1 million. $5.95 million. wieditor@biv.com.

24,799-square-foot multi-tenant office building, Vancouver, sold for $5.95 million.

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GAS STATION For Sale in Nanaimo BC UÊ UÊ UÊ UÊ

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VANCOUVER ISLAND COMMERCIAL www.nanaimoremaxcommercial.com

1-877-335-4380

Jay Cousins Realty

Jay Cousins jay@jaycousins.com

FOR SALE

INVESTMENT OPPORTUNITIES

UÊÊÊ /, Ê " – Almost 2 acres of land fronting on the Millstone River, next to the Pryde Vista golf course, and a new high quality subdivision on a no thru street. Zoning allows for a single family unit with a suite/carriage house. Fully serviced. $200,000 UÊ 1 / 9Ê 6 "* /Ê - / - approved for 16 one bedroom units. No Development Cost Charges,, close to downtown Nanaimo with some ocean views. Development permit in place, vendor financing available or joint venture possibilities. ÊÊ ,i`ÕVi`ÊfÓ ] ää UÊ 7Ê" Ê/ Ê , / - Approximately 21 acres of multifamily land, zoned R-6, Townhouse Residential. Municipal services to the lot line. Located close to the Beban Park Recreational facility, shopping, and many other amenities. $2,950,000.00 UÊ "1,/Ê", , Ê- – 4,400 sq. ft. Character home, located within walking distance to downtown Nanaimo. Zoned CC-2 (Neighbourhood Centre) which provides for a variety of commercial uses. ,i`ÕVi`ÊfÓ È]äää

UÊ Ê 6 - /9Ê -/, / Ê 1 /Ê " Approx. 1,130 Sq. Ft. space with Commercial Mixed use zoning. Part of 4 unit commercial group with great neighbours, lots of common parking & walkway to water $319,900 UÊ " Ê /9Ê+1 ,/ ,Ê*, Ê " / " Over 3500 sq.ft. of DT2 Commercial space on 3 levels. Complete renovations in 1992 including thermo windows, 5/8 firestop between floors, sprinkler system, separate hydro etc. Suite on top floor has ocean views, a nicely updated property & wonderful character investment in a thriving downtown community $399,000

FOR LEASE

UÊ ",/ Ê "Ê7 , "1- – Newer 12,106 sqft warehouse on a 1 acre paved and fenced yard area. Overhead and dock height loading. Nicely appointed office and showroom plus an additional 990 sqft of mezzanine area. Excellent North Nanaimo location. ÀÊ i>ÃiÊJÊf °xäÊ«iÀÊõvÌÊ iÌ

FRANK JOHNSON

of Nanaimo

Frank Johnson frank@remaxofnanaimo.com

INVESTMENT OPPORTUNITIES

UÊ 1-Ê " , Ê 6 -/ /Ê "**",/1 /9ÊÊ 3 Unit Complex in prime tourist/business core with good expansion potential. Income at market rents could offer a possible 7% CAP rate. $549,900 UÊ - ,Ê /ÊEÊ-"1 3 locations for sale (sep. or together) fully dedicated to body sculpting & aesthetic contouring for the entire body. Services include cellulite removal, spot fat reduction, non-surgical facelifts, Eminence Spa products, slimming treatments & professional esthetic teeth whitening. Financials show healthy profit picture. / Ì> Ê*>V >}iÊfÈÓx]äää UÊÊ "7 /"7 Ê 9- / Ê , Ê 6 -/ /Ê *,"* ,/9 6,000 Sq. Ft. over 2 levels, full renovations in 2005, UÊ 1 Ê Ê Ê "7 /"7 Ê "Ê ", Ê qÊ new roof in 2011, income shows over 7% CAP rate at current Main thoroughfare location has great exposure, paved lot, buildoccupancy. Quality tenants include upper end retail, MLA office, ing has 3 bay shop, storage, 2 offices, plenty of uses permitted. pilates studio. $689,000 Motivated owner. $449,000 UÊÊ "1 /,9Ê " 1 /9Ê-/", Ê7 / Ê ÊEÊ 1 -Ê

1 Ê , – Over 2 acres of land, ample parking, large UÊ /7"Ê " , Ê-/, / Ê1 /- Nanaimo’s north end – storage warehouse & terrific highway exposure. Store specializes in animal feeds, garden products, groceries, produce & hardware.

2,525 total Sq. Ft. in Long Lake Business Park. Blow out price at Inventory to be purchased separately on completion. Information just of $200 per Sq. Ft. Main level (no stairs) & complex has high Portfolio. $998,000 visibility on Old Island Highway. Motivated seller says get them UÊ ££äÊ1 /Ê Ê-/", Ê Ê- / , on 3.63 Acres with over gone!. $529,000 2 acres undeveloped & ready for commercial development. High visibility, 85% capacity year round, outdoor RV & boat storage as UÊÊ ¤Ê Ê , Ê" Ê/ ,, Ê 8*"-1, Ê ,Ê "½-Ê well. Great business opportunity. $1,275,000 1- -/Ê / ","1 , – 2 Level 4,000 Sq. Ft. building with 3,800 Sq,. Ft. showroom/warehouse, lots of parking & easy UÊ , -",/]Ê "/ Ê EÊ * ,"1 Ê Ê +1 1 100% Share Sale – 7.1 Acres of prime riverfront property, includes 36 access. Industrial zoning has broad uses. 8 Leasable tenant officMotel units, store, office, manager’s suite, cottages, 2 swimming es/warehouse spaces show good income REDUCED $724,900 pools, mini-golf & playground. Healthy profit picture for this investment property. 10% CAP rate on asking price. $3,125,000 UÊ , , Ê" ," /Ê 6 "* /Ê"**",/1 /9 MidVancouver Island. Currently used as an RV Park this walk-on UÊ , 6 "* /Ê "**",/1 /9Ê Existing Alzheimers/ dementia care facility w/90 beds plus separate residential home beachfront property has 4 legal parcels, full service RV sites, available for conversion to congregate care or rezone to multiTenting/Camping sites, rental cabin, residence etc. Zoning will residential etc. 44,255 Sq. Ft. building on 1.87 acres near Nanaimo permit up to 30 unit single family residential development. Upper hospital. Society owner will remain with one year lease at current bench of the property has dramatic views. 100% share sale. market rents during planning/feasibility phase of redevelopment. $4,500,000 $2,995,000

JAY COUSINS

JAY COUSINS

www.nanaimoremaxcommercial.com

1-877-423-0984

INVESTMENT OPPORTUNITIES UÊ { * 8Ê 1 / 9Ê*,"* ,/9Ê Ê* , -6 Desirable C3 zoning could allow higher commercial or mixed future uses.

Quality tenants in place, exceptional street presence ocean views $585,000 from upper suites

UÊ +1 /9Ê" Ê 1 Ê "7 /"7 Ê "

on busy thoroughfare. Recent renovations show high end restoration of interior & exterior. Approx. 4,100 SqFt includes full kitchen for staff, patio seating, open modern plan. Easy access & paved parking. For Sale or Lease. $699,000 UÊ £ Ê1 /Ê, 6 , ," /Ê "/ Ê" ÊÓÊ , -Ê Ê* , -6 Ê Unique rural feel to property with fourplexes, duplexes, and single freestanding units. Redevelopment opportunity includes existing revenue stream, owners residence, large open area, City water and a motivated seller. ,i`ÕVi` $749,900 U /Ê 1-/, Ê <" Ê " * 8Ê qÊ Ê - ÊÊ Excellent revenue opportunity currently generating in excess of $164,000 annually. Island Highway exposure, easy access, 6 buildings in total, all on 2.88 acres. Current rental rates with vacancies filled will show nearly 8% CAP rate $1,895,000 U " Ê Ê-/", Ê /9 110 Units with 29 steel containers offering extra rental space all on 2.5 Acre parcel.

Additional rental income from residential & commercial tenants. Consistent 95% occupancy. Current Appraisal establishes asking price. , 1

$2,249,000

BUSINESSES

U Franchise Fitness Business South NanaimoÊ U Used books / consumer services retail – Nanaimo UÊWestern Retail & Accessories Store – Duncan ÊÊ UÊ-ÕVViÃÃvÕ Ê*Õ «ÊEÊ Ì ÀÊ ÕÃ iÃÃÊqÊ > > ÊÊ

UÊSeasonal Wreath Business – Qualicum UÊCasual Dining Restaurant North Nanaimo UÊMid-Island Diaper pick-up & delivery Service UÊSports Retail Clothing & Accessory Store Duncan U Panago Pizza Franchise Parksville

JAY COUSINS

fÈ ] ää $79,000 f x]äääÊÊ $99,000 $99,000 $169,900 $199,900 $249,000 $399,000

A28

www.westerninvestor.com JUNE 2012WESTERN INVESTOR

COMMERCIAL

RE/MAX TREELAND REALTY

RE/MAX LITTLE OAK REALTY

RE/MAX BOB PLOWRIGHT REALTY

#101 6337 - 198 Street, Langley, B.C. V2Y 2E3 Tel: (604) 533-3491 Fax: (604) 533-0202 Toll Free at 1-888-707-3577

2630 Bourquin Crescent West, Suite 9, Abbotsford, B.C. V2S 5N7 Tel: (604) 859-2341 Fax: (604) 850-2325 Toll Free at 1-800-668-8661

7300 Vedder Road, Suite 1, Chilliwack, B.C. V2R 4G6 Tel: (604) 858-7179 Fax: (604) 858-7197 Toll Free at 1-800-830-7175

COMMERCIAL BUYER/TENANT REPRESENTATION

Have you done a proper Lease vs. Buy Analysis? A CCIM provides more resources than other Realtors can! Have your Commercial Professional source your requirements: Properties, Bylaw Compliance, Investment Analysis, Negotiations.Call or email David

DEVELOPMENT SITES Central Port Coquitlam RS4 20,000+ Sq. Ft. Zoned for 3 lots! Holding income. Offered at $989,000 CLS#: V4030642 Call or email David

RETAIL STORES FOR SALE 2570 Kingsway Ave in Port Coquitlam presently a restaurant.

Property only for sale not the business â&#x20AC;&#x201C; donâ&#x20AC;&#x2122;t ask for business numbers please. 748 Sq. Ft. $309,900 CLS#: V4030490 Call or email David

102-2748 Lougheed Hwy., Port Coquitlam, B.C. Tel: (604) 942-0606 Fax: (604) 942-9533

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â&#x20AC;&#x153;LOOKING FOR SOME HELP IN STARTING OR EXPANDING YOUR INVESTMENT PORTFOLIO, LETS CHAT, COFFEE ON ME.â&#x20AC;?

U Fort St John, Investment opportunity. Well kept up, light Industrial building in Prospect Park close to Highway. 5 bays, offices on main and above with lunch room. Fenced yard with storage sheds. $1.1 Million .

RE/MAX SABRE REALTY GROUP

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DAVID KEARNEY

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GARTH OLSON Re/Max Treeland Realty 604-533-3491 realestate@garth-olson.com s www.garth-olson.com SPECTACULAR VIEW 36.4 ACRE PROPERTY â&#x20AC;&#x201C; ABBOTSFORD One of a kind awesome view, overlooking Fraser river & Valley farms.

Ideal building site for the exclusive country estate. Fully useable farmland for berries or livestock.

$2,188,000

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768 ACRE 5 TITLE CATTLE RANCH AND PLAYGROUND An ideal opportunity for any individual, family, or group purchaser. This working cattle ranch also prvides a private year round playground that may be coupled with a significant bed and breakfast business. Go hunting, fishing, hiking or horseback riding for miles on trails suitable for ATVâ&#x20AC;&#x2122;s in summer and snowmobiles or cross country skiing in winter. Snowboard and ski the ranches own private downhill run. Currently set up to raise 250 to 300 head of cattle this ranch is Located just off HWY 97, 20 minutes South of Quesnel B.C. The 768 acre property has 5 titles plus approximately 3000 acres of attached range lease with water licence for irrigation. Beautifully finished and landscaped the 10 yr old 1730 Sq. Ft. ranch house has a panoramic view of the Fraser River Valley. Also included a 1400 sq. ft. cabinet shop, a 24â&#x20AC;&#x2122;x40â&#x20AC;&#x2122;mechanic shop, a 2880 sq. ft. machine shed, a bunk house, a 3 yr old 72â&#x20AC;&#x2122;x80â&#x20AC;&#x2122; hay barn, and a large older log barn for cattle and 100 tons of hay. Excellent value! Offered at $960,000 Call or email roy@mufford.com for additional pictures.

RE/MAX CALL TREELAND

ROY MUFFORD 604-533-3491