Western Investor May 2011 Section A

Page 1

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

KAMLOOPS 42 SUITE APARTMENT BD s 4OTALLY RENOVATED BUILDING WITH TENANT REPLACEMENT s 'ROSS )NCOME #AP 2ATE

42-SUITE PORT MOODY APARTMENT BUILDING

HALSTON MINI STORAGE, KAMLOOPS s 'ROSS 2EV .ET 0ROlT s Asking $2,300,000

s 'ROSS 2EV .ET 0ROlT s Asking $1,700,000

MICHAEL MARCKWORT 604-691-6638 michael@naicommercial.ca

JUST LISTED 2.11 ACRES BROOKSWOOD / FERNRIDGE OCP s /#0 SHOWS FUTURE 3 & DEVELOPMENT s 2ARE CORNER SITE FT FRTG ON TH s 'OOD HOLDING INCOME FROM BDRM HOME s Asking $1.299 Mil Bring Offers

9 SUITE APARTMENT BLDG s 7 TH !VE 6AN s 0OPULAR +ITS AREA s STOREY LOW RISE s FRONTAGE # :ONE s 0OTENTIAL $EV /PP s 2ARELY AVAILABLE s Asking $3.088 Mil

ALFRED LEUNG 604-534-7974 CHRIS LANGHAUG

TERRY HARDING 604-683-7535 KEN KIERS JACKSON TANGOR KEN HICK

POTENTIAL DEVELOPMENT s 2.7 acres, Langley s Bordering major development s Yorkson OCP s Asking $2,565,000 KEN KIERS or 604-534-7974 KEN HICK kiers@naicommercial.ca

MERRITT, BC OPPORTUNITIES HOT PRICE

MINI STORAGE ON 1 ACRE PARCEL s UNIT 3ELF 3TORAGE &ACILITY s 2OOM TO EXPAND BY ACQUIRING ADJACENT ACRE SITE s 0ROFORMA ./) s $1.475 Mil

967 ACRES s :ONED 2ES )NDUSTRIAL PENDING s (UGE 'RAVEL 2ESERVES OFFER s MIN TO -ERRITT s Priced at $8.0 Mil ($8,275/acre)

s 5NIT 4OWNHOUSE 3ITE s !C 2 - & ZONING s 3ERVICES AT STREET s Asking $699,000

11.4 ACRES DEV. LAND ADJACENT TO WAL-MART s 6ENDOR MAY CARRY s .OW ONLY $3.39 Mil K AC

SPLIT ZONING s !C $EVELOPMENT 3ITE s :ONED 2 HIGH DENSITY M F # SHOP CTR #OMM s Asking $2.95 Mil

3 LIGHT INDUSTRIAL LOTS

FOR LEASE 8,459 SQ. FT. SHOWROOM & W/H s $5.50 s.f. plus $2.50 s.f. T.N.

s ACRES EACH Amazing price $69,900 ea.

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

INVESTMENT PROPERTIES FOR SALE LANGLEY AREA COURT ORDERED SALE ABBOTSFORD FREE STANDING BUILDING

LANGLEY - FOR LEASE VACANT EX-SPORTS COMPLEX

INVESTMENT/END USER FREESTANDING BUILDING

s 0RIME LOCATION IN ,ANGLEY s SQ FT s #AN BE DEMISED TO TWO TENANTS s )DEAL FOR SHOWROOM SPORTS CLEAN USES s )MPROVED WITH OFlCES s Basic rate starts at $7.50 sq ft net

s )NDUSTRIAL -ULTI TENANT BUILDING s &REESTANDING WITH WAREHOUSE AND OFlCE s SQ FT TOTAL UNITS SQ FT AVAILABLE s 0RIME #ENTRAL ,ANGLEY ,OCATIONS s $2,100,000

VANCOUVER • LOWER MAINLAND • VANCOUVER ISLAND SECTION

$4.29 MAY 2011 Vol. 26/Issue 5

11 DOCS CURE STRATA WOES

Physicians buy offices in new Class A towers

â–˛

ACE SELF STORAGE, KAMLOOPS

s -OSTLY BEDROOMS s /NLY YEARS OLD WITH FANTASTIC OCEAN VIEWS FROM NEARLY EVERY SUITE s &OR MORE DETAILS VISIT www.naiapartments.ca OR CALL 604 683 7535

INDUSTRIAL LAND – AGASSIZ s 11 acres – 3 titles (Can be purchased separately) s M-2 Heavy Industrial s 5 acres paved s Asking $3,299,000

Marketing agents Allan De Genova and Sarah McPhee: doctors bought entire floors at Brewery District in NW

15 IS IT TROPHY OR IS IT TRASH?

Investors shake out the U.S. commercial market 23 NANAIMO: SO MUCH YOUNGER

New university, fresh investors pump life into waterfront city courting Vancouver commuters SPECIAL SECTION • B12

HOT PROPERTIES

R E C R E A T I O N A L R E A L E S T A T EE

PUBLICATIONS MAIL AGREEMENT 40069240

s SQ FT PAVED AND FENCED YARD s SQ FT BUILDING s :ONED # n #OMMERCIAL s #LOSE TO 53! "ORDER s $550,000

DON MACDONALD, CCIM OR TODD BOHN 604-534-7974 or 1-800-890-9855 s donmac@naicommercial.ca

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

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

INVEST IN WASHINGTON STATE Apartment buildings - Self-storage facilities - Mobile Home Parks Good cap rates - Some seller ďŹ nancing Call Mike, your Washington buyer’s advocate, 1-360-366-3357 or visit me at my Ferndale ofďŹ ce to discuss opportunities.

A2 Lower Mainland 200,000 SF INDUSTRIAL FACILITY, RICHMOND

www.westerninvestor.com MAY 2011WESTERN INVESTOR

FOR SALE 37 ROOM MOTEL

FOR SALE

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RANDY SWANT *SEAN UNGEMACH

BRETT AURA DON DUNCAN

PERSONAL REAL ESTATE CORP.

RETAIL INVESTMENT OPPORTUNITY - HERITAGE POINT CENTRE

PERSONAL REAL ESTATE CORP.

FOR SALE - SALT SPRING ISLAND RESORT

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DAVID POTTINGER

DEVELOPMENT OPPORTUNITY

FOR SALE - 9948 100TH STREET, FORT ST JOHN

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FOR SALE - INVESTMENT

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BILL RANDALL PERSONAL REAL ESTATE CORP.

LOT 6, SMITH CREEK ROAD, WEST KELOWNA

FOR SALE MERRITT JUNCTION

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BILL RANDALL PERSONAL REAL ESTATE CORP.

ERIC WALKER

FOR SALE-3 FULLY LEASED INDUSTRIAL BUILDING PORTFOLIO

FOR SALE - HIGH EXPOSURE CLOVERDALE PROPERTY

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HUDGE PARMAR PERSONAL REAL ESTATE CORP.

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BILL RANDALL / DON DUNCAN CHRIS DRIVER

t 8BMF 3PBE $PMXPPE #$ t TG TJUF TJ[F t 35 ;POJOH t "TLJOH

MARK GALLAGHER

PERSONAL REAL ESTATE CORP.

BRETT AURA

OWN YOUR OFFICE PREMISES - SOLARIS PITT MEADOWS

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PURCHASE RETAIL STRATA CALERA, SURREY, BC

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*CRAIG HAZIZA ERIC WALKER

ERIC WALKER

FOR SALE: BRAND NEW STRATA BUILDING

DEVELOPMENT OPPORTUNITY WITH INCOME

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*SEAN UNGEMACH MICHAEL THOMPSON PERSONAL REAL ESTATE CORP.

SENIORS HOUSING OPPORTUNITY

t 1JPOFFS 7JMMB $SFTUPO #$ t 7BDBOU TFOJPST IPVTJOH GBDJMJUZ t #VJMEJOH TJ[F BQQSPY TG t BDSFT t "TLJOH

MARK GALLAGHER

FOR SALE - $1,065,000

t /P 3PBE 3JDINPOE #$ t BDSFT FYDFMMFOU MPDBUJPO TG IPNF t "HSJDVMUVSBM MBOE

RON EMERSON

FOR SALE - 15 LEGAL SUITE S. GRANVILLE APARTMENT

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t 7FEEFS 3PBE $IJMMJXBDL t BDSFT t )PMEJOH JODPNF PG ZFBS t "TLJOH QSJDF

BILL RANDALL

DEVELOPMENT OPPORTUNITY

t 1JOOBDMFT 3PBE 7FSOPO #$ t ± BDSFT t 1MBOT JO QMBDF GPS VOJUT t -PDBUFE BU 4JMWFS 4UBS .PVOUBJO 3FTPSU t "TLJOH

MARK GALLAGHER

t $BSJCPP .BMM .JMF )PVTF #$ t 4JOHMF MFWFM FODMPTFE DPNNVOJUZ NBMM TG OFU SFOUBCMF BSFB t .BKPS UFOBOUT JODMVEF #.0 1IBSNBTBWF 5SV 7BMVF )BSEXBSF t -BOE BSFB BDSFT t "TLJOH DBQ SBUF

HUDGE PARMAR

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*SEAN UNGEMACH KYLE WILSON

t #BJMFZ 4USFFU 4RVBNJTI #$ t VOJU PQQPSUVOJUZ t "DUJWF EFWFMPQNFOU QFSNJU

*BILL RANDALL NOAH FREEDMAN

DAVID CANNING BILL RANDALL

PERSONAL REAL ESTATE CORP.

PERSONAL REAL ESTATE CORP.

TRIPLE AAA TENANTS INVESTMENT OPPORTUNITY

PEMBERTON MULTIFAMILY SITES

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t 8PPE -BLF %FWFMPQNFOU 4JUF t %JTUSJDU PG -BLF $PVOUSZ #$ t BDSFT QMVT BDSF 8BUFS -PU -FBTF t "TLJOH

BILL RANDALL

DAG MEYER

PERSONAL REAL ESTATE CORP.

GROCERY ANCHORED SHOPPING CENTRE

FOR SALE - WEST END MULTIFAMILY

PERSONAL REAL ESTATE CORP.

COURT ORDERED SALE

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t 'SBTFS )JHIXBZ 4VSSFZ #$ t BDSFT PO 'SBTFS )JHIXBZ t TG TIPQQJOH DFOUSF t QTG t

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BRETT AURA DON DUNCAN / CHRIS DRIVER

*CRAIG HAZIZA

HUDGE PARMAR

ADAM FRIZZELL

PERSONAL REAL ESTATE CORP.

RETAIL INVESTMENT OPPORTUNITY

FOR SALE - 2.7 ACRES OF INDUSTRIAL LAND

7.1 % RETURN

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FPR SALE - WILLOW CALE ROAD, PRINCE GEORGE, BC

t TG PG JOEVTUSJBM CVJMEJOHT PO BDSFT t (SBEF BOE EPDL MFWFM MPBEJOH t -PUT PG ZBSE t "TLJOH

BILL RANDALL

PERSONAL REAL ESTATE CORP.

HIGH VISIBILITY INVESTMENT OPPORTUNITY

t 'VMM DJUZ CMPDL 1SJODF (FPSHF #$ t TG PO BDSFT t 5XP UFOBOUT t /FU JODPNF PG PWFS QFS ZFBS t "TLJOH

t 4NJUIFST .BMM 4NJUIFST #$ t "ODIPSFE CZ ;FMMFST BOE 4DPUJBCBOL t TG OFU SFOUBCMF BSFB t -BOE TJ[F BDSFT t "TLJOH DBQ SBUF

RICK EASTMAN BILL RANDALL

HUDGE PARMAR

PERSONAL REAL ESTATE CORP.

PERSONAL REAL ESTATE CORP.

SILVER CHALICE PUB HOPE, BC

RARE FREESTANDING 5 UNIT INDUSTRIAL BUILDING

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BILL RANDALL

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WILLIAM N. HOBBS

PERSONAL REAL ESTATE CORP.

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RICK EASTMAN

PERSONAL REAL ESTATE CORP.

PERSONAL REAL ESTATE CORP.

PERSONAL REAL ESTATE CORP.

BART VANSTAALDUINEN

MARK GALLAGHER

ERIC WALKER WILLIAM N. HOBBS

INVESTMENT PROPERTY & BUSINESS OPPORTUNITY

MULTIFAMILY DEVELOPMENT SITE

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PERSONAL REAL ESTATE CORP.

PERSONAL REAL ESTATE CORP.

RETAIL SHOPPING CENTRE INVESTMENT OPPORTUNITY

CHRIS J. NEWTON MATTHEW MACLEAN

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DON DUNCAN / CHRIS DRIVER / BRETT AURA

PERSONAL REAL ESTATE CORP.

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PERSONAL REAL ESTATE CORP.

PERSONAL REAL ESTATE CORP.

TWO FULLY LEASED COMMERCIAL BUILDINGS ON 1 ACRE OF LAND

t -PDBUFE PO UIF #BSOFU )JHIXBZ JO $PRVJUMBN t PG JO QMBDF OFU JODPNF t $4 [POFE

CRAIG BALLANTYNE

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

Moving with confidence

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

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, it is not g

uaranteed by Cushman & Wakefield. Kevin Meikle is licensed with K.H.M.Realty Ltd. and has a contractual relationship with Cushm

Sean Ungemach is licensed with SBU Realty Advisors Ltd. and has a contractual relationship with Cushman & Wakefield Ltd. Martin

an & Wakefield Ltd. Bart Corbett is licensed with BG Corbett Realty Advisors Ltd. and has a contractual relationship with Cushman & Wakefield Ltd.

Delafontaine is licensed with Martin Delafontaine Realty Inc. and has a contractual relationship with Cushman & Wakefield Ltd. Craig Haziza is licensed with CAH Realty Inc. and has a contractual relationship with Cushman & Wakefield Ltd.

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

41&$*"- 4&$5*0/ Â… #

FEATURES 11 0/ 5)& $07&3 %PDUPST 3Y GPS TUSBUB PGGJDFT

On the cover Marketing agents Allan De Genova and Sarah McPhee at Wesgroups’ new Brewery District in New Westminster Photo: Richard Lam

HOT PROPERTIES 3&$3&"5*0/"- 3&"- &45"5&

Medical community eager to buy, not lease, Class A space

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

9

1PXFMM 3JWFS " DPBTUBM UPXO PO TBMF

Waterfront lots, view houses, industrial land at bargain prices

15 *OWFTUPST IVOU EFBMT JO 6 4 DPNNFSDJBM NBSLFU

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

Expanding university pumps action into downtown

8 4&37*$&4 20 4&" 50 4,: 46/4)*/& $0"45 3&(*0/

Download a PDF of all our Regional Roundups online at www.westerninvestor.com

20–27 7"/$067&3 *4-"/% 3&"- &45"5&

Trick is findng trophies amid debris of troubled projects

23 /BOBJNP "O FEVDBUFE MPPL BU UIF GVUVSF

2–19 -08&3 ."*/-"/% 3&"- &45"5&

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

COLUMNS

.03& 0110356/*5*&4 ™

6 8&45&3/ 1&341&$5*7& 26 8)"5¤4 )"11&/*/( */ #3*5*4) $0-6.#*" 27 %0/& %&"-4 8)0 40-% 8)"5 '03 8)"5

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

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

FOR SALE

$975,000 KEIZER MEATS LYNDEN, WASHINGTON

Department of Agriculture approved meat processor. Price of meat is increasing. Owner’s Located on prime high traffic corner across from Bellis health forces retirement and makes this an Fair Regional Mall. Priced at $6,000,000 with a 7.5 Cap. opportunity to assume a successful business. For more information, call our office. Price recently reduced $400,000. For more information, call our office.

BELLINGHAM WALGREEN’S

RON BENNETT COMMERCIAL REAL ESTATE

Ron Bennett

SUTTON GROUP WEST COAST REALTY

(USN Ret.)

CALL

/ Owner - Broker

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

Don Munro

604-817-7338

COMMERCIAL / INDUSTRIAL CHILLIWACK FOR LEASE 44580 Yale Rd W. s !CRES s SQ FT BUILDING s SQ FT OF FENCED COMPOUND s :ONED - 3ERVICE )NDUSTRIAL LANGLEY 203-20771 Langley Bypass s SQ FT COMMERCIAL STRATA s &ULLY LEASED s %XCELLENT )NCOME 0ROPERTY LANGLEY 27031 Fraser Highway s SQ FT LOT s :ONED # #OMMERICAL SURREY 11151 Bolivar Rd. & 13340 112 Ave s !CRES ON CORNER s :ONED #() (IGHWAY #OMMERCIAL SURREY 19518 32nd Avenue s !CRES IN #AMPBELL (EIGHTS s $ESIGNATED "USINESS /FlCE 0ARK

✓ VALUE FOR $

botsold@intergate.ca

ACREAGES CHILLIWACK 51140 Ruddock Road s !CREs s 0OTENTIAL FOR ,OTS

700 Columbia Valley Road s !CRES s 0RIME &ARM ,AND

LANGLEY

LANGLEY 26880 24th Avenue s !CRES OF 2OLLING &ARMLAND s "DRM &ARM (OUSE -OBILE ,ARGE /LDER "ARN s -UNICIPAL 7ATER 7ELL 7ATER s 0ROPERTY IS FENCED AND ACROSS THE ROAD FROM hTOWNv 48th Avenue & 216th Street s !CRES TWO PARCELS

SURREY 18148 92nd Avenue s !CRES s &UTURE $EVELOPMENT 0OTENTIAL s $ESIGNATED #LUSTER 2ESIDENTIAL

27449 60th Avenue s !CRE 0ARCEL s ,ARGE #OUNTRY (OME WITH (ELPER 3UITE s 0RICED TO 3ELL s %ASY !CCESS TO 4RANS#ANADA (IGHWAY

188th Street and 80th Avenue s !CRES s &UTURE 0OTENTIAL

27571 60th Avenue s !CRES s (OUSE AND -ODULAR (OME

✓ GOOD RETURN

✓ TENANT COVENANT

24421 Fraser Highway s !CRES s 0OSSIBLE &UTURE 0OTENTIAL 27691 Downes Road s !CRES s "EDROOM (OME WITH ,OFT s ,ARGE 3HOP "ARN 889 Lefeuvre Road s !CRE s ,ARGE -USHROOM &ARM s 3HOP #OMPOSTING &ACILITY s 'ROWING "ARN s -ULTI 5SE "UILDING 27465 60th Avenue s ACRES s "EAUTIFUL LOG HOME s &ULLY FENCED YARD s #LOSE PROXIMITY TO )NDUSTRIAL 0ARK s 'REAT HOLD

✓ UPSIDE

✓ CAREFREE

A4 Lower Mainland

www.westerninvestor.com MAY 2011WESTERN INVESTOR

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HOTELS, APARTMENT BUILDINGS and SITES in VANCOUVER, VICTORIA, NANAIMO and SQUAMISH!

• Port Moody apartment building. Completely rebuilt: new plumbing, ooring, wiring, roof, cabinets, windows, etc. 32 huge suites (6 x 1bed, 22 x 2bed, and 3 x 3bed). Excellent building, good location, fully leased with good ďŹ nancing. 5.5% cap rate, $385,000 net. Price $6,550,000. • Island, Waterfront Hotel and Marina. Quality in a great Location. • Nanaimo, Waterfront Hotel, marina and condo site. $6,500,000. An existing income property plus 2 great development opportunities. • Squamish Hotel: 25 rooms + guest suite, pub, night club, cafĂŠ & retail. Upgraded. Makes good money! $2,588,000; $600,000 down + terms! • Squamish, Condo Site: 30 units, downtown. $1,450,000 + terms and/or possible joint venture available. Permit ready and fees paid. • North Vancouver, Apartment buildings: package of 3 x 12 suites, and 11 huge suites (2/3 bedroom) $2,300,000 Central Lonsdale area. • North Vancouver, holding properties: (4 large SF lots with leased houses) for rezoning next to high density high rise developments, new Capilano Community Center and Retail Village/Town Center. • West Vancouver, British Properties.2 large adjoining view lots with 3 lot subdivision possibilities, or join with neighbours for more!

:/ ":8,,:

#/, 69, (84

";88,? c 0# * ,"+ 0) "#4#*-.+#,2 1'2# $( "+)0-# ' +% - )! )+-# ,- *-4#0" *#I 300#7G c 0%# 9AG< !0# 1'2# 5'2& 4'#51 -$ -02&4'#5 -*$ -301#I -02& &-0# ).(- $(, ( ).(- % + c 4 '* *# $-0 2&# $'012 2'+# ', -4#0

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,68., * (*/80, (510: 3(08,

97;04(3: !6(+ %0*:680(

For Commercial, Investment, Land Assembly and Project Development Call:

2 strata units 1,311 sq ft. Asking $910,000

BUILDING AT UBC

3 strata units 3656 sq ft. Asking $2,500,000

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.

May be purchased together - 5 strata units Great 5 year lease in place $3,388,000 Call SANDI FRATINO 778-999-0005 OR REID DEWSON 604-732-9944

UNIQUE PROPERTIES 68: ,3965

# #/, (B:@63+ ,5:8, (: 08(*3, %(33,? 099065

(3

,

68: ,3965 6:,3

6/5 ,, ":,<, (4,

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81,260 2094 West 43rd Avenue at East Blvd. sq.ft. Kerrisdale, one of Vancouver’s oldest and R&D most afuent neighbourhoods.

=,5 '(:,9

8, +

PRIME WESTSIDE INVESTMENT OPPORTUNITY

$1 ., + ,$ (-$ & )'' + $ & * +-' (- .$& $(" -

8+ ,

FOR SALE

(/ ,-' (- / &)*' (- )**)+-.($-2 )- & ,$- +

:

WESTCOAST REALTY

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PAUL MURPHY (604) 986 1586 email: pmurph@telus.net

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Call LARRY 604-787-7654

CATERING BUSINESS & COMMISSARY KITCHEN The building may be leased or purchased This turnkey operation will appeal to chefs, caterers, schools and restaurateurs. Call LARRY 604-787-7654

1521 WEST 4TH AVE Corner lot of 5,650 sq ft. Cash business included $2,619,000 Call SANDI FRATINO 778-999-0005

FOR LEASE LUZON 1622 SQ FT CORNER SPACE 12th & Arbutus Call SANDI FRATINO OR KRIS POPE 604-689-8226

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

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Lower Mainland A5

WESTERN INVESTOR MAY 2011 www.westerninvestor.com

APARTMENT BUILDING SPECIALIST NEW WESTMINSTER

NEW WESTMINSTER

PENTICTON

37 Unit Apartment Building 3 Penthouses, large decks Gross Income $296,456

26 Units – Queens Park Penthouse, views, updates Gross Income $263,720

75 Unit Apartment Building Close to Skaha Lake, Central location Gross Income $547,222

WEST END

NEW WESTMINSTER

COURTENAY

51 Units – Prime location Near beach, shopping, amenities Gross Income $637,158

12 Units – Heritage style Penthouse – 2 Bedroom + den Gross Income $103,920

33 Units – Central location Tenant base is seniors Potential Cap Rate 7%

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

604.263.2823

STRATA OFFICE SALE/LEASE

WAREHOUSE/OFFICE FOR SALE

LOT FOR SALE

5550 Fraser Street, Vancouver SQ FT s 0RIME EXPOSURE LOCATION 6AST WINDOWS s 3ECURED ALARM SYSTEM /N SITE AND OFF SITE PARKING AVAILABLE

3410 Lougheed Highway, Vancouver n SQ FT s 2EDUCED LEASE RATE .EW CONCRETE OFFICE DEVELOPMENT !DJACENT TO 2UPERT 3KY4RAIN STATION

42 West 8th Avenue, Vancouver SQ FT THREE STOREY FREESTANDING BUILDING /WNER USER OPPORTUNITY WITH INCOME DOCK LEVEL LOADING DOORS s !MPLE PARKING

1186 Granville Street, Vancouver SQ FT DEVELOPMENT SITE &32 s 0ARKING INCOME

Clare Stevens

Don Mussenden, Anthony Lux

Ryan Saunders, Mitch Ellis

James Bayley, Meghan Kennedy

OFFICE SALE/LEASE

RETAIL STRATA SALE

OFFICE STRATA SALE

INDUSTRIAL SALE/LEASE

1585 East Kent Avenue N., Vancouver SQ FT FIRST CLASS UNIQUELY DESIGNED OFFICE SPACE (6!# s PRIVATE OFFICE s /PEN WORK STATIONS -ODERN TILT UP CONSTRUCTION s 'RADE LOADING

1020 Howe Street/780 Nelson Street Vancouver UNITS AVAILABLE s BLOCK FROM ,AW #OURTS )NVESTMENT n LEASED TO LONG TERM TENANTS

837 West Hastings Street, Vancouver UNITS IN 4ERMINAL #ITY #LUB /PEN PLAN s !IR CONDITIONED 7ALKING DISTANCE FROM 3KY4RAIN

6010 Trapp Road, Burnaby SQ FT ON ACRES (EAVY MANUFACTURING FACILITY s 0OTENTIAL PARTIAL VENDOR LEASE BACK s 2EDEVELOPMENT OPPORTUNITY

Mitch Ellis, Ryan Saunders

Conor Finucane

Conor Finucane

Steve Caldwell, Chris McIntyre

INDUSTRIAL SALE

INDUSTRIAL SALE/LEASE

FOR SALE OR LEASE

INDUSTRIAL SALE/LEASE

3930 Kitchener Street, Burnaby SQ FT PROVINCIALLY INSPECTED FOOD PRODUCTION FACILITY s &REEZERS AND COOLERS #OMMERCIAL KITCHEN s $OCK LOADING

15 - 1520 Cliveden Avenue, Delta SQ FT #ORNER UNIT WITH WRAP AROUND GLAZING (IGH QUALITY OFFICE WAREHOUSE s (6!# 'RADE LOADING s WAREHOUSE CEILING

375 Lynn Avenue, North Vancouver PRICE REDUCTION! New riverfront building 3,600–7,000 sq ft units available CEILINGS s (WY PROXIMITY s PHASE POWER

1 - 12760 Bathgate Way, Richmond SQ FT HIGH END CORNER UNIT .ORTH 2ICHMOND LOCATION 'RADE LOADING s !MPLE PARKING

Steve Caldwell, Chris McIntyre

Casey Bell, Anthony Lux

Rand Thomson

Casey Bell, Anthony Lux

Un de r

Co nt ra ct

RETAIL LEASE

&OR MORE INFORMATION AND OTHER AVAILABLE LISTINGS PLEASE CONTACT OUR OFl CE OR VISIT OUR NEW WEBSITE Tel: (604) 684 7117

Sign up for e-mail newsletters at www.dtzvancouver.com

!LTHOUGH 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 VERIl CATION $4: "ARNICKE 6ANCOUVER ,IMITED 2EAL %STATE "ROKERAGE

A6 Lower Mainland

www.westerninvestor.com MAY 2011WESTERN INVESTOR

3FTUSJDUJPOT PO "TJBO CVZFST KVTU BOPUIFS IFBE UBY wave of Asian buyers, primarily from Mainland China, are responsible for more than 70 per cent of home sales on the west side of Vancouver and for the bulk of housing sales in Richmond. They are also credited for the recent record sell-out of a new luxury highrise in Burnaby’s Metrotown area. Condominium developers are now courting and counting on Asian buyers to drive sales of new product. “We are an extension of Hong Kong. This is a deep and long-term trend,” one developer told the recent Vancouver Real Estate Forum, noting that nearly 50 per cent of investor-level immigrants who came to Canada last year came to B.C. and 90 per cent of those settled in Metro Vancouver. Under new federal rules, such immigrants must invest $800,000 in a five-year bond with Citizenship and Immigration Canada and prove a net worth of $1.6 million just to be let into the country. Last year, 5,500 such investors landed in Vancouver, part of an influx of 44,000 immigrants. Take out the offshore Asian buyers and housing sales across Metro Vancouver would be flat instead of setting the record-level numbers that make it the hottest real estate

"

market in North America. The median price of a bungalow is now approaching $2 million on the west side of Vancouver and $1 million in Richmond, yet these two markets now account for more than one-third of all the housing sales through the Real Estate Board of Greater Vancouver. In some cases, Asian buyers are purchasing entire floors in new condominium towers. Now there are calls for some form of restriction on such foreign buyers, a new head tax if you will, that would control what can be bought or built in the city. This is wrong-headed at best and premature and hypocritical at least. As one delegate at the Real Estate Forum put it, “The only thing worse than foreign buyers in Vancouver is no foreign buyers in Vancouver.” Imagine, for example, if the U.K.-based Guinness family had not been allowed to speculate on West Vancouver property. IfLi Ka Shing had been restricted from buying land on the north shore of False Creek. Or if Canadians were harassed for buying cheap second homes in Phoenix. We believe this latest Asian investor tsunami is neither as deep nor as long as most believe. Like the Hong Kong-based invest-

ment wave that swept through before and after Expo 86, it could ebb as quickly as it began. Many developers are betting heavily on the offshore Asian buyer, yet political unrest in China, restrictions on taking money out of the dictatorial country, a faltering of China’s economy or simply better real estate opportunities elsewhere could slow this flow in a hurry. In the meantime, billions of dollars are pumping into our economy and hundreds of jobs are being created. This is no time to be throwing up barriers to savvy investors who want a piece of the greatest place on earth.

HARRISON HOT SPRINGS RESTAURANT WITH PROPERTY Prime location, just steps to the waterfront. A long established profitable restaurant with an excellent reputation. Great business year round. Over 90 seats plus a beautiful large patio. Bonus apartment upstairs for owner or can be rented out for additional income. FANTASTIC OPPORTUNITY! Asking 1.7 mill

COFFEE FRANCHISE DOWNTOWN Rarely available! Over 10 years established Coffee Franchise. This business has just been completely renovated and features the newest look of this well known Franchise. Located in a downtown office tower with easy access for both indoor and outdoor traffic. Strong sales that are continuing to increase makes this one a great buy! Don’t miss this opportunity. Asking 419K

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

Prime High-Rise Development Property in Abbotsford 1.3 acres located just steps away from Mill Lake and Seven Oaks Mall.

BISTRO/RESTAURANT This award winning Bistro is located in the heart of Kitsilano. Very profitable established business. Well known for its quality food and romantic ambiance it draws a strong and steady clientelle. Beautifully furnished decor and layout as well as a high end kitchen with top of the line equipment. Asking 379K

/&95 .0/5)

Western Investor checks into the suddenly improving hotel and motel market across Western Canada. We look at the selling and buying of campgrounds and RV parks; update the retail real estate scene; and take a close look at promising mining towns, including a huge Okanagan revival. Our regional reporters file from Prince George, Olds, Portage La Prairie and Humboldt.

Publisher Cheryl Carter Editor Frank O’Brien Contributing Writers Curt Cherewayko, Dave Husdal, Geoff Kirbyson, Glen Korstrom, Joel McKay, Peter Mitham, Kevan O’Brien Copy Editor Noa Glouberman Production Manager Rob Benac Production Natalie Reynolds, David Tong, Tanya Van Advertising Sales Manager Christine Campbell Advertising Sales Paul Douglas, Gary Takahashi Advertising Sales Coordinator Angela Foster Accounts Receivable Yvonne Posch Circulation Veera Irani, Newsstands Globe Distribution Services Printed in Canada at Kodiak. Western Investor is published monthly by BIV Media Limited Partnership VANCOUVER – HEAD OFFICE: 102 East 4th Avenue, Vancouver, B.C. V5T 1G2 Subscriptions and Advertising Sales Tel: 604669-8500 Fax: 604-669-2154 Canada/U.S. tollfree: 1-800-661-6988 Alberta, Saskatchewan & Manitoba Advertising Sales toll-free: 1-888606-6267. 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.

ADVERTISING DEADLINE JUNE 2011 issue: May 10, 2010

FRANK O’BRIEN EDITOR wieditor@biv.com

L SO

D

AUTO REPAIR NEW WESTMINSTER Great corner location! Established and owned by the same operator since 1995. Strong clientelle base and excellent reputation for quality service. Government Inspection Facility, ICBC vendor for mechanical claims and more. OWNER MAY CONSIDER SELLING THE BUILDING Business only asking 88K For price of building please call Heiner for details

CAFE/COFFEE RICHMOND Newly renovated Cafe/Coffee Shop is located in one of the best business/industrial parksGreat layout, 20 seats. Lots of catering available in this busy area. Serving breakfast and lunch. Very well equipped and shows beautifully. Low rent! Bonus - add'l space in back with its own entrance could be rented out for additional income. Asking 99K

COFFEE FRANCHISE Hot location in busy Kitsilano with huge amounts of catering business! Close to bus stop with lots of walk by traffic. Fantastic opportunity Asking 249K NON FRANCHISE COFFEE SHOP - Commercial Drive Established with good lease terms. Priced for a quick sale! Asking 89K

CALL HEINER FOR DETAILS

Contact 604-308-1475 E-mail vasacanada@gmail.com Asking $4.5 million

at 604-618-6600 or e-mail hscheidacker@sutton.com www.lowermainlandbusinessforsale.com

INVESTMENT AND BUSINESS OPPORTUNITIES SUCCESSFUL LAUNDROMAT BUSINESS ESSO

STATION

–

LANGLEY,

BC

Commercial & coin-operated machines plus dry cleaning. Servicing Whistler & Squamish. Own strata building. ........................................$1,800,000

GROUND FLR: Gas bar/ C-store, Post office. 2nd flr: 4 - 2 bdrm apts. Each unit self contained. ..........Land, Building & Business $2,850,000

FRASER VALLEY JUGO JUICE Establishedfranchise.Busystripmalllocation. ..........................................................$198,000

HARRISON

PUB/LIQUOR STORE – BARRIERE, BC

LOWER MAINLAND Established C-store/ produce & flowers. Daily sales $3800+. Plus rental income. ...........................$2,000,000 with property. .......................... Or business only $498,000

Renovated 25 unit motor inn with manager’s suite, restaurant, pub/liquor store. ..$2,450,000

PORT COQUITLAM WAREHOUSE Net income approx. $148,470/year. Building 23,700 sqft. on 38,000 sq. ft. lot. ...................................... Fully rented $2,150,000

INVESTMENT PROPERTY – LANGLEY, BC

1.23

ACRE

LOT

For potential residential subdivision or townhomes .........................................$595,000

ABBOTSFORD COFFEE Specialty coffee/café in a busy strip mall ............................ $129,000

BOTTLE

DEPOT

-

ENDERBY,

BC

Approx 39,000 sq. ft. Currently used as auto repair. Plus 3 bdrm apartment. .... $1,500,000

Encorp license Bottle Depot. Business with property. ........................................$445,000

BOTTLE DEPOT – TRAIL BC Land, Building & Business. Encorp license, depot, electronics, paint care plus a 3 bdrm living accommodation. .................................................. $895,000

KAMLOOPS BC Free standing building. Gas

GREAT HOLDING PROPERTY Hold & oper-

FRASER VALLEY GAS BAR 50% Share for sale in a high volume. Petro Canada gas station/ C-store + propane ...... Business only $385,000

ate a well established business in the Fraser Valley. 20 lane bowling alley, food & liquor licence, ample parking, recent updates and renovations. ............................................... $3,695,000

GAS STATION – ALDERGROVE, BC. Shell Gas Station, C-store, & propane ................................... Business Only $429,000

ESSO STATION – BARRIERE, BC Renovated Gas, C-store, propane, truck stop. Truck/car wash plus owner’s suite. ........................................................ $2,600,000

bar leased to 7-Eleven, 5 yrs + 2 -5 yr options. Net income to owner $84,960 per year. ........... . .........................................................$1,450,000

HOPE BC – UPA NAPA PARTS STORE Land & building.. $1,350,000 + inv. $600,000

ABBOTSFORD, BC PRIME CORNER Commercial Development Land. Approx 18,000 sq. ft. 3 rentals on property. ............$1,400,000

ALDERGROVE, BC FREE STANDING BUILDING Gas bar leased to 7-Eleven. Net Income $100,000 per yr. ..................$1,900,000

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

For more information contact us at 1-888-597-7272

Lower Mainland A7

WESTERN INVESTOR MAY 2011 www.westerninvestor.com

For more information visit our website

Vancouver Office 604 687 7331 s

www.avisonyoung.com

s

FEATURED LISTING SOLD 9255 194th Street, Surrey

LD

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s ACRE SITE s 3& DISTRIBUTION FACILITY s &ULLY TENANTED s #HRISTOPHER "OZYK DESIGN s ,OCATED IN 0ORT +ELLS INDUSTRIAL AREA

FOR SALE – 20299 Industrial Avenue, Langley s 0OTENTIAL $EVELOPMENT /PPORTUNITY WITH HOLDING INCOME s SF BUILDING ON SF OF LAND s #URRENTLY LEASED FOR PER YR #AP s 1BVM 1VSFXBM FOR SALE - Forest Hill Plaza - 8318-120th Street, Surrey s SF 2ETAIL /Fl CE PLAZA s (UGE UPSIDE IN RENTAL INCOME s FEET OF FRONTAGE ALONG 3COTT 2OAD s QTG

+PIO -FDLZ 3PCFSU + (SJUUFO FOR SALE/LEASE – 1455-1475 East Georgia Street, Vancouver s SF OF /Fl CE 7AREHOUSE AVAILABLE s ) ,IGHT )NDUSTRIAL :ONING s $OCK 'RADE LOADING s QTG +PIO -FDLZ 4USVBO 4BEEMFS FOR SALE – Royal Towers, 140 - 6th Street, New Westminster s UNIT APT BUILDING W GROUND m OOR RETAIL s 3PC (SFFS .JDIBFM ,FFOBO #BM "UXBM FOR SALE - 820 Kitselas Road, Terrace

#BM "UXBM

FOR SALE – Dalton Hotel - 759 Yates Street, Victoria s 0RIME CORNER LOCATION AT "LANSHARD 9ATES CE ED s 3IGNIl CANT INCOME FROM RETAIL COMPONENT I C PRDU s /PPORTUNITY TO ALSO ACQUIRE ON SITE LIQUOR STORE RE AND RESTAURANT BUSINESSES #BM "UXBM .JDIBFM ,FFOBO FOR SALE - 2342 Windsor Street, Abbotsford s %XCELLENT USER INVESTMENT OPPORTUNITY s TOTAL BUILDING AREA WITH SECURED YARD % s .EWLY LANDSCAPED AND RENOVATED 0 4 s .JDIBFM 'BSSFMM +PIO &BLJO FOR SALE – 9771 186 Street, Surrey E AS E L

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s ACRES IN PRIME 0ORT +ELLS LOCATION s ,IGHT )NDUSTRIAL ZONING s /UTSIDE STORAGE PERMITTED s BDSF

.JDIBFM 'BSSFMM +PIO &BLJO

s ACRES OF )NDUSTRIAL ,AND s 7ORLD RENOWNED l SHING DESTINATION s .BUU 5IPNBT ,ZMF #MZUI FOR SALE "My Garage" Secure Strata Storage, SE Richmond s #USTOMIZED %XECUTIVE STORAGE FOR COLLECTOR CARS MOTORCYCLES 26S s 0RIDE OF OWNERSHIP n LIKE MINDED OWNERS s SF n SF OPTIONS AVAILABLE 3PCFSU + (SJUUFO 1BUSJDJB -JECFUUFS

FOR SALE 10816 – 10840 124th Street, Surrey

FOR LEASE/SALE – 1550 East Hastings Street, Vancouver s 0RIME #OMMERCIAL 0ROPERTY s (IGH TRAFl C EXPOSURE s SF SITE FEATURES EXISTING BUILDING s &ORMER -AZDA DEALERSHIP s $6,500,000 .BSL )BOOBI 3PC (SFFS 4USVBO 4BEEMFS UNDER CONTRACT - 12941 115 Avenue, Surrey s ACRE INDUSTRIAL PROPERTY R T DE AC s 0ILED FOR SF BUILDING :ONED AND SERVICED N U TR s BLOCK OFF OF FUTURE 0ERIMETER 2OAD INTERSECTION N CO UÊfÓ]nää]äää +PIO &BLJO .JDIBFM 'BSSFMM

FOR SALE – 8424 Aitken Road, Chilliwack s ACRES ZONED AND SERVICED INDUSTRIAL s %XCELLENT ACCESS TO 4RANS #ANADA (WY s BDSF

FOR SALE - 1915 Stainsbury, Vancouver s 2ECENTLY RENOVATED TWO STOREY OFl CE BUILDING s 3HORT TERM SALE LEASEBACK OPPORTUNITY s 3IGNIl CANT RESIDENTIAL REDEVELOPMENT POTENTIAL s 4USVBO 4BEEMFS 3PC (SFFS FOR LEASE – 2111 Main St, Cherry Lane Shopping Centre, Penticton s 5NITS RANGING FROM n SF s %XCLUSIVE OPPORTUNITY TO BE A PART OF THE 3OUTH /+ S ONLY ENCLOSED SHOPPING CENTRE s !NCHORED BY 3AVE /N &OODS ,ONDON $RUGS AND THE "AY s 3TRONG DIVERSE TENANT MIX +BNFT 4IBOESP

FOR PRE-LEASE - 2035 West 4th Avenue, Vancouver s 5P TO APPROX SF AVAILABLE s 0RIME 7EST TH +ITSILANO LOCATION s !VAILABLE +BNFT 4IBOESP FOR LEASE – 3101 Highway 6, Fruit Union Plaza, Vernon s 5NITS RANGING FROM n SF PSF s 3ITUATED AT THE BUSY INTERSECTION OF (WY (WY s #LOSE PROXIMITY TO DOWNTOWN SHOPPING BUSINESSES s 4ENANTS INCLUDE %ARL S 2ESTAURANT 2EXALL 0HARMACY +BNFT 4IBOESP 3TARBUCKS

s SF ON ACRES s (EAVY POWER OVERHEAD CRANE AND TRUCK SCALE s 0AVED GRAVEL YARD AND FULLY FENCED .JDIBFM 'BSSFMM +PIO &BLJO

.JDIBFM 'BSSFMM +PIO &BLJO

SOLD - 5810 – 5830 Vedder Road, Chilliwack s UNIT #HILLIWACK APARTMENT COMPLEX LD O s "UILT IN THE LATE S S s %LEVATORS IN ALL BUILDINGS 3PC (SFFS .BSL )BOOBI FOR SALE - 23665 Fraser Highway, Langley s &RASER (IGHWAY EXPOSURE s !CRES s # :ONED s 1BVM 1VSFXBM FOR SALE 105 Brunswick St. & 110 Victoria St., Prince George

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s 4ENANTED BY (ONDA $EALERSHIP s .ET )NCOME PER ANNUM s ACRES ,ZMF #MZUI .BUU 5IPNBT s

FOR LEASE – 320 Terminal Avenue, Vancouver s SF BUILD TO SUIT OFl CE RETAIL BUILDING INDIVIDUAL m OORS AVAILABLE s 2EADY FOR OCCUPANCY IN s !DJACENT TO -AIN 3TREET n 3CIENCE 7ORLD 3KYTRAIN 3TATION s #OMPETITIVE LEASE RATES TENANT INDUCEMENT PACKAGES OFFERED

+PTI 4PPLFSP +VTUJO 0NJDIJOTLJ

FOR SALE - Development Site 1636 Island Highway, Victoria s ACRES s #OMMERCIAL :ONED # s #LOSE 0ROXIMITY TO *UAN DE &UCA 2ECREATIONAL &ACILITY 6ICTORIA 'ENERAL (OSPITAL AND THE 'REAT #ANADIAN #ASINO %PVHMBT - .D.VSSBZ

A8 Lower Mainland/Services COMMERCIAL MORTGAGES ALSO, Industrial, Multi-Residential & Construction

LEAKY CONDO FINANCING Full Building Repairs, Upgrades & Remediation

BUSINESS LOANS Acquisitions, Expansion, Equipment & A/R

604-552-4392 www.paramountfinancial.biz Over 12 YEARS in business !

www.westerninvestor.com MAY 2011WESTERN INVESTOR

" ,

63 UNIT APARTMENT

FOR ALL TYPES OF COMMERCIAL PROPERTY:

UÊ «>ÀÌ i ÌÊLÕ ` }Ã UÊ Ýi` ÕÃi UÊ-ÌÀ>Ì>ÊÀiÌ> UÊ Ìi É Ìi UÊ `ÕÃÌÀ > ÊÜ>Ài ÕÃi UÊ ÃÌÀÕVÌ É`iÛi « i Ì >ÃÌÊ ««À Û> ÊUÊ*ÕÀV >ÃiÊ ÀÊ,iw > Vi

ARRANGING COMPREHENSIVE REAL ESTATE FUNDING SOLUTIONS FOR OVER 40 YEARS

Commercial, Residential, Industrial, Construction and some Land Loans from both private and institutional funding at competitive rates.

The Origin Group — Mike Lee

MICHAEL

604-565-6370

We Can Help

1-877-848-6370

michaellee@origingroup.ca

in Thunder Bay, ON - $1.99M

14 UNIT APARTMENT in Windsor, ON - $495,000 Call Ralph: 807.626.3049 or Matt: 780.668.1079 or

1-888-868-9565

contact2222@gmail.com

LENDER AND BROKER FEES MAY APPLY

10956 Greenwood Drive, Mission BC Court order sale 4.58 acres on the out skirts of mission. Build your dream home on this gorgeous property. Enjoy the valley view. Property has an abandoned home that has no value. Property to be sold as is where is. All offers will be presented.

7700-240 St., Langley Large Langley home.16.2 acres. This property is ideal for a trucker whose needs require shops to fix his equipment. 2 large shops, one is heated with heated floors. 220 wiring, or horses, older 4 stall horse barn. The house has many fabulous updates. $1,850,000

Strata Warehouse, Cloverdale Located in Cloverdale Industrial Park. This unit is 1826 square feet. Two years old. Tilt up construction. Sprinklers, ground loading. Handicap washroom. 12x14 over head doors

18515-53 Ave., Surrey BC Cloverdale Industrial Park. Two year old tilt up building. Strata offices available on second floor. From 1628 square feet to 2723 square feet. Prices start at $268,724 Great area close to US Boarder and major Highways Ê Ê

UÊSmall Strip Mall located in Lynden, Washington $2,350,000 UÊ3 Seperate 5 acre parcels asking $2,500,000 located in Surrey

For more info call:

BRUCE NORMANTON or LELAN SHELDAN www.Brucenormanton.com

www .lelan.ca

604-671-0516

604-799-9037

Coronation Park

w w w. R o y a l l e p a g e c o m m e r c i a l p r o p e r t i e s . c o m

L%J% =FI<:CFJLI< KFLIJ

BRITISH COLUMBIA REGION

DO YOU KNOW that it’s not difficult for Canadians to Buy USA Real Estate? Learn what you need to know and have fun doing it

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Our U.S.A Foreclosure Investment Tours put you right in the middle of the greatest real estate investment opportunities of our time and we will show you how to profit from it.

Brian D. Kennedy 604-331-2211

Jonathan P. Wong 604-331-2218

MORTGAGE FINANCING For all your real estate financing needs www.peoplestrust.com

We Tour the Phoenix area markets and each tour includes direct access to top U.SA. professional real estate investing Teams including… : Realtor, Property manager, tax consultant, Lawyer, Auction experts, escrow and title companies and much, much more. and we charge you nothing!

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You will be touring a minimum of 10+ properties as well as one on one with our experts . We will be there by your side helping you understand the markets and the properties.

Our last tour until the Fall is May 14th through the 16th For More information and booking call 778 898 2649 or e-mail: Jack@jowen.ca

Dennis K. Aitken 403-205-8203

Daniel Stewart 403-205-8202

A9

WESTERN INVESTOR MAY 2011 www.westerninvestor.com

SPOTLIGHT Real estate investors, retirees find bargains in Sunshine Coast’s largest and oldest town

1PXFMM 3JWFS " UPXO PO TBMF Photo: Kyle Wells/ Powell River Peak

FRANK O’BRIEN WESTERN INVESTOR owell River may offer the lowest real estate prices anywhere on B.C.’s inland coast. It seems that everything is on sale and everything is a bargain in this forestry town of 12,000, 130 kilometres north of Vancouver.

1

In fact, when visitors from the Lower Mainland see oceanview houses for $149,000 and commercial land for less than $11,000 an acre, they may think the ferry has carried them back in time. The passage of time, though, has not been kind to Powell River, which at one time had the biggest pulp mill in the world and a roaring economy tied to timber. Today, the pulp mill is owned by Catalyst Paper, which posted a net loss of $396.9 million in 2010, following a loss of $4.4 million a year earlier. Its Powell River division workforce has been reduced to about 350 employees. Catalyst, which recently negotiated a tax cut with the municipality and a $13.3 million federal environmental grant, remains the town’s largest private employer.

A waterfront marine upgrade in Powell River. Pulp mill remains biggest employer.

Cutbacks at the mill – Catalyst, the fourth owner in the past 11 years, specializes in highquality paper rather than newsprint – are seen in idled log sorts and a lack of timber trucks roaring along the lone coastal highway. Powell River is now morphing, reluctantly perhaps, into a retirement and recreational destination, a trend boosted by low real estate prices and outstanding municipal services. The town has a large regional hospital, a quality seniors’ centre, a top-tier recreation centre and access to both the ocean, a number of islands and local lakes for recreational enthusiasts. A civic redevelopment is upgrading the downtown waterfront marina. As well,

1PXFMM 3JWFS # $ Population 12,000 Area population 20,000 Average detached house price $222,000 Potential Recreational and retirement destination

Starbucks, Mark’s Work Wearhouse, Staples and Rona have opened new outlets recently, joining Wal-Mart, which came to Powell River years ago. The opening of these new stores has generated over $13 million in new investment and about 200 jobs. Investors will find inexpensive real estate, and plenty of it. For example, 12 two-bedroom oceanview townhouses, being sold in two parcels of six units each, by realtor Aaron Mazuerk, priced at $65,800 per suite. Mazurek noted that all the units are rented in a community with an apartment vacancy rate of 4 per cent. Across Powell River, the average detached house price is $222,000, down 28 per cent from 2010. Prices are now lower than they were four years ago. It is the deals in detached houses that should

be of interest to smaller investors or retirees. Western Investor found 30 detached houses for under $220,000, not including mobiles. Just one example: an oceanview house with a one-bedroom basement rental suite listed for $149,000. Prices have been slashed by 30 per cent or more on waterfront land at the Paradise Cove subdivision, south of town, with one 13-acre oceanfront parcel now listed at $699,000. The average price of a condominium in Powell River is $207,000, but this reflects a number of new units completed in the past two years and the low inventory on the market. A stroll through the downtown reveals a number of vacant storefronts, many for lease or sale. Even the city is into selling real estate. It has 97 acres of industrial or mixed-use waterfront next to the pulp mill for sale at $3.1 million. It has another 30 acres in the Wildwood area, just north of town, which could be used for residential or commercial development, listed at $349,000. The City of Powell River also has 60 acres of land at its airport available for development. The city is offering the lands for long-term lease at approximately 6 per cent of assessed value, according to economic development manager Scott Randolph.â—†

-PXFS .BJOMBOE

MOTELS FOR SALE MAPLE RIDGE

16 ACRES + LARGE HOME

$2,100,000

PORT COQUITLAM 4 LOT SUBDIVISON $1,295,000

LANGLEY

46 PRIVATE ACRES (2 Titles) $6,250,000

FLEETWOOD

4 LARGE LOT SUBDIVISION

$1,499,000

Please visit our website or call for more details.

monarkinvestments.ca

604-592-7250

Financing Available. Potential Trades.

45910 Alexander Ave Chilliwack s #HARACTER COMMERCIAL BUILDING s &ORMER #HILLIWACK -UNICIPAL (ALL s ROAD FRONTAGES s RENTABLE AREAS s FENCED BACK YARD s )DEAL FOR CHURCH s .EW 0RICE $615,960

VALEMOUNT / JASPER AREA B.C.

s 0RESENTLY FRANCHISED AFl LIATED "EST BUY UNIT -OTEL PLUS SEAT RESTAURANT LOUNGE /N PRIME 9ELLOWHEAD (WY .O 4RUCK STOP LOCATION AND EXCELLENT FRONTAGE !SKING $4,888,888 REDUCED TO $3.98 Million !PPROX TO #!0 RATE FULLY RENOVATED PRIME LAND ON ACRES 0OSSIBLE TO FRANCHISE 4O (OLIDAY )NN %XPRESS OR (AMPTON )NN s (OLIDAY )NN 2ESORT ,OCATION $13 Million s (OLIDAY )NN %XPRESS )NTERIOR $10 Million s "EST 7ESTERN "# )NTERIOR $8.2 Million s /KANAGAN $RIVING 2ANGE $1.9 Million s "URNABY -OTEL -ILLION s ! 7 ,OCATIONS AVAIL STARTING AT $700,000 s $OWNTOWN 6ANCOUVER (OTEL $10.5 Million s "URNABY "# -OTEL $5 Million

KARIM ALI MERALI

NEW W ORLD RE ALTY

1-250-566-0072 or Toll Free 1-888-830-7888 Cell: 604-657-3448 Email: karimerali@gmail.com

MOBILE HOME PARKS

GAS STATION

Call the realtor who has owned and sells Mobile Home Parks. Member of the MHP Owners Association.

MISSION s ,OUGHEED (IGHWAY .EWER STATION WITH RESIDENCE STORE AND ATTACHED 3UBWAY FRANCHISE LEASE #ALL FOR DETAILS

LOWER MAINLAND s PAD PARK WITH TWO HOMES ON ACRES Asking $1,295,000. 7.45% cap s PAD PARK WITH HOME ON ACRES #ITY 3ERVICES Asking $4M at 5.27% cap

Residential Private & Second Mortgages Have you been turned down by your bank? TMG offers low residential reďŹ nancing and purchasing rates. Call us or apply online today for a quick approval!

www.LoanBox.ca AJIT HUNDAL,

AMP

Telephone: 604-614-6899 Toll Free: 1-866-614-6899

Mixed Use Building 300,000 Gross sq. ft. High yield opportunity. Landmarked building, Downtown Chicago, Irreplaceable location

COMMERCIAL BUILDING MISSION/DEROCHE BC

Self Storage & Joint Venture Opportunities Available

!LMOST ACRE CORNER LOT FACING ,OUGHEED (WY WITH APPROX SQ FT PLUS METAL CLAD BUILDING WITH TWO LARGE BAY DOORS !UTO -ARINE MECHANICAL "ODY SHOP MANUFACTURING OR WELDING Asking $325,000

United States of America

ALBERTA s PLUS PADS WITH 26 SITES ON #ITY 3ERVICES ON ACRES Asking $6,500,000 7.4% cap

Asking $4 M

Other Mobile Home Parks coming up in Lower Mainland and Alberta on City services. Call to get on the wait list for information.

Bill Summers Direct line:

604-626-8894

Cultus Cafe s !CROSS FROM POPULAR WATERSLIDES s (OME COOKED MEALS ,ICENSED s %STABLISHED CLIENTEL s )DEAL FAMILY BUSINESS

Michelle Watson 480-326-9520 michelle.watson@marcusmillichap.com

Email: bsummers@telus.net

4325 Estate Dr. s 'RAND AND 'RACIOUS 6ICTORIAN GEM s )MMACULATE BEDROOM BATH s !LMOST SQ FT OF GRANDEUR s ACRE LANDSCAPED LOT s 4RIPLE BAY GARAGE s $725,000

Yarrow Residential FORECLOSURES #ALL FOR DETAILS &INANCING !SSISTANCE For Lease ACRE INDUSTRIAL NEAR DOWNTOWN #HILLIWACK 0OTENTIAL RAIL ACCESS

'IVE $ENNIS 0ADGHAM A CALL 604-378-8776 s dennispadgham@shaw.ca

Roaron Construction “Your One Stop Shop�

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

604-888-7818

Call Now or Email roger@roaron.com

www.roaron.com

A10 Lower Mainland

www.westerninvestor.com MAY 2011WESTERN INVESTOR

Each office is independently owned and operated.

Franchise Opportunity

Attention

Blenz Master Franchise in Vancouver, Vancouver Island, Ontario & Alberta Blenz Franchises ...................................$200K - $368K Steamrollers Franchise Opportunity , Vancouver .................................................................. $319K (Davie St.) Wired Monk Individual Franchise Opportunity. Wired Monk .................. $135K, $169K, SOLD-$159K

REACH QUALIFIED BUYERS FOR YOUR LISTINGS

☞

Wired Monk New Franchises - Vancouver ................................ $262K-$350K depending on location Sandwich Tree master franchise opportunity $275K Le Bistro Chez Michel .........................................$214,900

www.matthewmoadebi.com www.vancouverfranchise.ca

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

INDUSTRIAL STRATA UNIT FOR SALE $728,000 – NORTH RICHMOND Over 3700 sf in near new complex includes a large main floor showroom, second floor offices with separate entrance, kitchen, and w/c; and a major warehouse that offers BOTH dock loading (with leveler) and grade loading. Clean use tenant provides cash flow WITH VACANT POSSESSION for Aug.1ST, 2011. INDUSTRIAL STRATA UNIT FOR LEASE 1465 sq ft SOUTH RICHMOND – IMMEDIATE POSSESSION Riverside Industrial Park 1465 sq ft ground floor unit with a large showroom + furnished private office; and a smaller warehouse behind with a mix of high and lower ceilings. Fully AC and offering 3 phase power and multiple line phone system. Perfect for sales office. INDUSTRIAL STRATA FOR LEASE 2,555 sq ft IN NORTH RICHMOND SEPTEMBER POSSESSION Large ground level corner unit with 1,055 sf of office/showroom + 1,500 sf of warehouse in newer building with good corporate image. Grade load, 22’ ceilings, good parking. I-3 zoning. LOW LEASE RATE OF $10 PSF !!!

lorne@chernochan.com www.chernochan.com WESTCOAST

toll-free: 1-800-661-6988 direct: 604-608-5111 fax: (604) 669-2154 email: gtakahashi@westerninvestor.com

MEHRAN MOALLEM

B.Elec. Cert. Marketing

Business and Commercial Consultant

www.chernochan.com CALL OR EMAIL FOR A FULL INFO. SET

COMMERCIAL LEASE SPACE WEST RICHMOND 3,500 sq ft of Street side Storefront Exceptional parking and Exposure On a busy street across from major shopping PLUS near to park and high school AND in a dense residential area. $28 psf 3xN.

☞

call Gary Takahashi

Terry A Young 604-970-3808 1-800-665-1455 terry@terryyounghomes.com RE/MAX Crest Realty

LORNE CHERNOCHAN 604-880-0550 (cell) lorne@chernochan.com

Agents:

778-858-9025

mehranmoallem@gmail.com

With over 25 years combined sales and retail experience

IS YOUR BUSINESS FOR SALE? CABINET & WOOD WORKING MANUFACTURING Corner unit, almost 5,000 sq ft, established for 5 years, great location & visibility. Port Coquitlam

$1,189,000

INDOOR AMUSEMENT PARK Fun business for the family. 7,500 sq ft, includes: laser tag, bumper cars, wall climbing & more with replacement cost over $700 k. Looking to expand a business for more income, here is your chance. Surrey $559,000 ICE PR CED U D RE

RE/MAX CITY COMMERCIAL DIVISION

www.BondedBusinessBrokers.com FRANCHISERESTAURANT LAPTOP BATTERY State of the art 2 years old estabWHOLESALER/ONLINE RETAILER lished brand franchise restaurant

One of North America’s leading suppliers of laptop batteries. Continuous growth in sales and online presence are results of smart marketing, fully-automated process, and a well-established culture within the company. Expected sales for 2011 is over $4 million. Greater Vancouver

Business with propertyBusiness only

TANNING SALON

DONAIR SHOP, FAST FOOD REST.

Great location, visibility. lease and rent rate for this 15 year established business. Own one of the most fun and easiest to operate businesses around. Huge potential for future growth. Hurry up before it is late. Vancouver $89,000

Your search is over. Be your own boss and enjoy this money making well established Donair shop. It can easily be run with one full time and a part time staff or family member. Great rent, visibility and lease. Port Coquitlam $69,000

UN CON DER TRA CT

Business only

ER UNDRACT T N O C

NEW PRIC

E

$55,000

Business only

WANTED!

with full bar and kitchen in Whistler with sales increasing every year. Here is your opportunity to own a money making business with a long term lease. Owners are motivated. $880,000 Whistler

$495,000

Business only

Business only

GLASS FABRICATIONS & TEMPERING PLANT

INDEPENDENT BUSINESS BROKERS

This is a golden opportunity to buy 34,000 sq ft of facility at a fraction of the cost replacement value. If you are a business manager, sales can increase to 20 times its current. Coquitlam $1,190,000

We are now looking for motivated individuals to become part of our team at Bonded Business Brokers for exclusive territory. Many areas and cities are now open. Full training will be available.

Will be so ld highest bid to der May 15, 20 by 11 Business only

Resume to: canadabrokers@gmail.com

Employment

YOUR BUSINESS, DEAD OR ALIVE! I have clients for it. I EVALUATE, PRICE, MARKET AND SELL!

Each office is independently owned and operated.

A11

WESTERN INVESTOR MAY 2011 www.westerninvestor.com

COVER Demand for commercial strata growing but few developers are willing to sell retail or office space

"SF EFWFMPQFST NJTTJOH B TXJOH UP TUSBUB FRANK O’BRIEN WESTERN INVESTOR hen the BC College of Physicians and Surgeons purchased nearly three floors – about 25,000 square feet – inDelta Land’s Hotel Georgia office tower this year it revealed the height of the frustration – and demand – in the commercial strata sector.

Photo: Darren Kirby

“I get five calls a week from doctors looking for strata office space,� saidMatt Walker, senior associate at Avison Youngin Vancouver. Doctors, he said, are among the professional tenants tired of paying landlords’ operating costs and ever-higher lease payments. He said most of the doctors calling are looking for space along the Broadway Corridor where “they are captive tenants� due to the proximity of the Vancouver General Hospital. The office vacancy rate on the Corridor is around 5.5 per cent and lease rates for Class A space are as high as $30. Add in gross occupancy costs and the price rises to nearly $40 per square foot. This may explain whyLululemon Athletica bought 1818 Cornwall Avenue in the Corridor recently for $65 million. At the Georgia tower, the doctors would have paid north of $500 per square foot for 7,000-to-8,000-square-foot floor plates in one of the top mixed-use office towers in the city. Their bulk purchase took nearly a third of the 71,000 square feet of Class AAA space in the tower. The Jameson House mixed-use tower on West Hastings, by Bosa Properties, has already sold out half of its 61,000 square feet of offices in a building that won’t complete until next year. In North Vancouver, Up Country

Photo: Richard Lam

8

(ABOVE) Sales and marketing agents Sarah McPhee and Allan De Genova at Wesgroup Properties’ Brewery District in New Westminster: doctors, medical specialists and investors have bought 70 per cent of the strata office space. (RIGHT) Jameson House by Bosa Properties in downtown Vancouver: half of its 61,000 square feet of office space has already been pre-sold as strata units.

Developments, owners of the Westmark building on West 1st Avenue, changed the 125,000-square-foot office space to strata when the anchor tenant moved out. Still, of the 700,000 square feet of substantial new office space being built in Metro Vancouver, less than 135,000 square feet is strata space, and the ratio in the retail sector is even lower. Yet, the demand for commercial strata has been apparently outstripping demand for years. Last September, business mogul Thomas Fung sold $80 million worth of retail and office space in his expanded Aberdeen Centre megamall in Richmond in three days. The lineup of mostly Asian buyers stretched for a half a block on the sale’s opening day. And Fung showed another side to the strata angle: the Royal Bank of Canada is

Aberdeen Centre’s anchor tenant. The bank signed a lease for 5,000 square feet of space in a unit that Fung then sold to an unidentified investor. In fact, estimates are that more than half the Aberdeen space sold went to investors, not owner-users.

ing to Walker. “There is not a deep market of buyers,� he said. Most office tenants, he said, like the flexibility offered by leasing and “would rather spend money on their business than on bricks and mortar.� Also, he said, a cost analysis of buying versus renting often favours leasing, even with the )45 FEHF potential of equity returns. “The net rent is less If the harmonized sales tax (HST) should sur- under a lease,� he said. vive a public vote this year, it could prove a boon to those selling commercial space, Fung 4NBMMFS JOWFTUPST noted. “The HST does not apply to commercial Walker doubts that there is much demand for properties like strata units in malls or office smaller investors in the commercial strata units,� Fung said, “Right there, that’s a saving market, because the high prices for commerof 12 per cent. You have to pay the HST on cial property – around $400 to $700 per square commercial leases.� foot depending on location – make it difficult There are very good reasons why there is to achieve positive cash flow. not a lot of strata commercial space, accordPlease see Brewery page A13

-PXFS .BJOMBOE

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

COMMERCIAL R E A L E S TAT E S E R V I C E S

INVESTOR ALERT Lotto 649, Turn 4.9 mill to 12.5 + mill, 18 lot subdivision zone SR-1 zoned for 1 acre in Langley BC, New sewer line is only a couple block away, this property is  at, gravel based, 10,000 sq ft building has potential income, only asking $4.9 Mil, email for details. 31 acres blueberry farm with 8 bed rm house 15 year old plant, last year crop was over 250,000.00 only 3.2 mill. Great investment 16.44 acres blueberry farm with 7200 sq ft new house made for 2 family only 2.5 mill.

SENIOR'S DEVELOPMENT SITE SALE: $2,800,000 Foundation in place, tendered plans, permits, ready to complete.

5 acres out of ALR with over 8547 sq ft house and 2nd house have B & B potential income from 2nd property over $4500.0 per/ M, asking $3.9 mill.

AMARJIT GIL L 604-614-7101 Global Force Realty LOWER MAINLAND Fully Operating Seniors Building 1 Year Old - $39 Million Mixed Development New Westminster 39 Apartment Units, 7 Townhouse Units $2.85 Million

30 ACRES Residential Mountain Top 20 Estate Homes - $3.5M 10 Acre Mixed Use Development Site Appraised $8.2M Offer $6M or joint venture WANTED EST. BUSINESS 10-20 MILLION GROSS SALES WILL PAY TOP DOLLAR Your specialist in PRIME income-generating and redevelopment opportunities:

Unique & Sound Investment 8-9% NET RETURN Marriott Pinnacle Hotel

Townhome Development Site Morgan Creek Heights

Gorgeous hotel units, “strata� not time share. In one of the top hotels in the city. Located in the best and priciest city location of Coal Harbour, with water and mountain views, steps to new convention centre, Robson St. & Stanley Park. A very healthy return of 8-9% on this carefree and headache free investment by sharing in the total revenue of this destination four star hotel. $212,800K

Excellent location King George & 24th Ave. Build townhomes or hold for future development with neighbours. Good spacious rental home plus large garage shop and sheds on property now. Asking $1,550,000

Tony Alves 604 889-7008 Sutton Centre Realty

s TOWNHOUSE SITE WITH APPLICATION s MIXED RESIDENTIAL RD READING s -APLE 2IDGE TOWNHOUSE SITE RD READING s &R 6ALLEY BLUEBERRY FARMS s ,ARGE !BBOTSFORD TOWNHOUSE SITE s ,ANGLEY #ITY CONDO SITES s -ISSION AREA SUBD SITE AC LOTS s ACS !LBERTA HOT SUBD OPPORTUNITY

RAY LEWIS West Coast Realty LANGLEY

604-812-9733

A12 Lower Mainland

www.westerninvestor.com MAY 2011WESTERN INVESTOR

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

RICHMOND STRIP MALL s !LMOST S F RENTABLE s S F LAND X FT s .EAR ,ANSDOWNE -ALL Asking: $11 Million

RICK LUI 604-644-6182 rick@naicommercial.ca

www.naibusinesses.ca CONSTRUCTION RELATED (Fraser Valley) NEW LISTING Specialized business within construction industry for 30 years. Over $1.6m in sales. Easy to operate ....... $850,000

FULLY LEASED LANGLEY INVESTMENT BUILDING CAP RATE 6.1% on. ASKING $3,295,000 s -ULTI TENANT RETAIL OFlCE MIX s 0ROFESSIONALLY MANAGED FOR OWNER EASE s SQ FT BUILDING s .ET INCOME OF

2160 Sq. Ft. COMMERCIAL STRATA UNIT NEW CONSTRUCTION ASKING s 2EADY FOR YOUR LAYOUT s (IGHWAY FRONTAGE s (6!# AND SPRINKLERS TO OPEN PLAN s &ULL CONCRETE CONSTRUCTION

SUB LEASE OPPORTUNITY 8176 SQ. FT SHOWROOM SPACE ASKING ... s (OME $Ă?COR SHOWROOM SPACE s PARKING STALLS s (IGH VISIBILITY LOCATION

DENTAL CLINIC FOR LEASE 1448 SQ. FT. ASKING ...

SOLARIUMS (Fraser Valley) NEW LISTING Manufacturer and retailer of solariums. Products sold to commercial and residential users ....... $390,000 inc equip

s )NFRASTRUCTURE IN PLACE s 6ACANT AND READY FOR YOUR EQUIPMENT

AWARD WINNING MILLWORK BUSINESS (Lower Mainland) Major clients in Canada and USA. Revenue in excess of $4.5m........................................... $2.0m inc working cap

MEDICAL CLINIC FOR LEASE 2203 SQ. FT. !3+).' ...

VANCOUVER DINNER CRUISE BUSINESS In business for over 15 years operating two yachts from Downtown Vancouver. Nets $310,000 ... $2.5m inc yachts OKANAGAN CATTLE RANCH (nr Keremeos) . 212.62 acres, 3 homes, 4 barns, equip shop. Grazing license for 592 AUM. Vendor ďŹ nancing available .................................... $1.95m STRUCTURAL STEEL FABRICATING UNDER OFFER Over 15 years in business in construction industry. Revenue forecast over $1m .............................. $590,000 inc equip METAL FABRICATING COMPANY (Burnaby). REDUCED Well established business with strong earnings history and healthy margins ....................................... $1.8m inc equip MEAT & DELI BUSINESS (Okanagan) REDUCED 12 years in business. $1m in sales annually for 4 yrs. Well equipped. Good lease in place............... $550,000 plus inv HAIR & BEAUTY SALON (Lower Mainland). REDUCED Very successful full service beauty salon in trendy area. Sales over $460,000. 10 staff. No rentals ........... $288,000 + inv INDUSTRIAL PROPERTY INVESTMENT (Delta) 44,366 sq.ft industrial facility in Tilbury. 1.62 Acres. Fully leased. 6.4% Cap rate .................................... $4,690,000

ALF SANDERSON DELON CHEUNG 604-691-6646

604-691-6654

alf@naicommercial .ca

delon@naicommercial .ca

NEW WEST WAREHOUSE

BURNABY OFFICE/RETAIL

s 3& s 2OYAL !VE %XPOSURE LEASED s !PPLIANCE &URNITURE $ANCE USES s -ONTH

s 3& s 0RIME ,OUGHEED . 2OAD CORNER s 03& .ET

COQUITLAM OFFICE

NEW WEST OFFICE

s 0ROFESSIONAL CENTRE s SQ FT s .EAR 3KYTRAIN

s 6ARIOUS ,OCATIONS s SQ FT

BILL HAMILTON 604-524-3641, x305 bill@naicommercial.ca

INDUSTRIAL – FOR LEASE &ULLY 0AVED :ONED !CRES TOTAL !BBOTSFORD #AN BE DEMISED TO SMALLER LOTS /FlCE AND COVERED WAREHOUSE #LOSE TO 53 BORDER AND (WY #OMPETITIVE RATES

KEN KIERS

s EXAM ROOMS RECEPTION LUNCHROOM CLINIC OFlCE WASHROOMS AND lLE STORAGE s !VAILABLE 3EPTEMBER

s "RAND .EW n .O INCOME s ACRES PADS IN PHASES s st PHASE PADS COMPLETED WITH SEWER WATER AND NATURAL GAS s 3ERVICES TO BE EXTENDED FOR OTHER PHASES AS REQUIRED s 'RAVELLED ROADWAYS THROUGH OUT s !LL ZONING AND APPROVALS IN PLACE s 0ROFORMA ESTIMATES PAD RENTAL GROSS INCOME OF ANNUALLY

TED WEIBELZAHL 604-514-6825 or 1-800-890-9855

Asking $11,750,000 PRINCE GEORGE, BC – FOR SALE 1245 20th Ave + 2050 Norwood St. s SUITE CONCRETE HIGH RISE s TOTAL ACRES s BACHELOR ONES TWO S s 3TABILIZED 0ROFORMA )NCOME #AP

PRINCE GEORGE, BC – FOR SALE

PARK VILLAGE & PINE GLEN – 251 SUITES

ACRE MAINLY BEDROOM UPGRADES ROOFS BOILER MOST SUITES ETC PER SUITE Asking $11,000,000 PRINCE GEORGE, BC – FOR SALE

tedw@naicommercial.ca Chilliwack Apartment / Comm. Building With Development Potential UĂŠ Ă€ÂœĂƒĂƒĂŠ ˜Vœ“iĂŠf£ÇÓ]Ă“ĂˆäĂŠUĂŠ ÂœĂŒĂŠĂƒÂˆâiĂŠ°Â™ĂŠ VĂ€iĂŠ UĂŠ ĂƒÂŽÂˆÂ˜}ĂŠ*Ă€ÂˆViĂŠfÂŁ]™nä]äää

Kamloops Mobile Home Park UĂŠĂŽ{ĂŠÂŤ>`ĂƒĂŠÂœÂ˜ĂŠĂˆ°nÂŁĂŠ>VĂ€iĂƒĂŠUĂŠ Ă€ÂœĂƒĂƒĂŠ,iĂ›°ĂŠfÂŁĂˆĂˆ]äää]ĂŠ >ÂŤĂŠ,>ĂŒiĂŠÂœvÊǯ UĂŠ ĂƒÂŽÂˆÂ˜}ĂŠfÂŁ]nää]äää

Kamloops 34 Suite Apartment Bd UĂŠ/ÂœĂŒ>Â?Â?ÞÊÀiÂ˜ÂœĂ›>ĂŒi`ĂŠLÂ?`}ĂŠUĂŠ Ă€ÂœĂƒĂƒĂŠ ˜Vœ“iĂŠfĂ“xĂˆ]nää]ĂŠ " ĂŠfĂ“Ă“ä]äää

770 EAST HIGHWAY 16 s ACRES NEXT TO ACRE !IRPORT ,OGISTICS $EV 0ARK s 'RAVEL EXTRACT UP TO MILLION METRES PERMITS s ,ONG TERM BUILD OUT W PRISTINE VIEWS OF 0RINCE 'EORGE

Asking $4,750,000

MICHAEL MARCKWORT 604-691-6638

PETER SEED

michael@naicommercial.ca

604-691-6608

BUSINESSES FOR SALE MECHANICAL SHOP (North Vancouver) ,ONG ESTABLISHED SQ FT BAYS MECHANICAL SHOP IN VERY CONVENIENT AREA 'OOD LEASE ./) ........................................................................................................$98,000 BLUEBERRY FARM (Abbotsford) 3ITUATED ON PRIME -ATSQUI mATS 4HIS WELL MAINTAINED FARM WITH NEW SQ FT HOUSE OFFERS MATURE "LUECRO P AND $UCE 3ET UP FOR MACHINE PICK #OMPLETE DRIP IRRIGATION SYSTEM .................................$1.98mil JEWELERY STORE (Vancouver) 6ERY WELL KNOWN STORE IN BUSY 6ANCOUVER S SHOPPING DISTRICT ,OW RENT ............................................................... $280,000 + Inv.

CHRIS WIESER 604-691-6662

COURT ORDERED SALES 397 Acre Development Site, Sechelt BC s :ONED #$ MIXED USE RESIDENTIAL COMMERCIAL RECREATIONAL s !PPROXIMATELY FEET OF WATERFRONT ON 0ORPOISE "AY s Price: $22,250,000 459.1 Acre Development Site, Cranbrook BC s :ONED #$ 5( 2 ALLOWING FOR LOW MEDIUM DENSITY RESIDENTIAL s 3URROUNDING 'ARY 0LAYER DESIGNED GOLF COURSE s Price: $22,300,000

CURRENCY EXCHANGE (Surrey) 0ROlTABLE YEARS WITH THE CURRENT OWNER SQ FT BUSINESS LOCATED AT THE BUSY ROAD 'OOD LEASE AN D EASY PARKING ..........................................................................................................................$150,000

3,070 sq. ft. Retail Commercial Development, Pemberton BC s 'AS BAR -AC$ONALD S ON SITE s Price: $2,300,000

RESIDENTIAL INVESTMENT (Vancouver) 0RIME +ITS 0OINT SQ FT HALF DUPLEX WITH SQ FT PATIO 5NOBSTRUCTED VIEW OF 6ANIER 0AR K AND HIGH CEILING CROWN MOLDINGS AND SOLID MAPLE HARDWOOD mOORS #OULD BE LEASED A T MONTH ........................................................................................................................ ...$1.088M

2,620 sq. ft. Medical OfďŹ ce Building, Vancouver BC s :ONED # ALLOWING FOR RETAIL AND COMMERCIAL USE s Price: $1,100,000

EURO DELI (Coquiltam) 7ELL ESTABLISHED PROlTABLE DELICATESSEN WITH SMOKE HOUSE 'OOD LEASE .......................................................Assets $173,000 plus Inv.

604-514-6830 TF: 1-800-890-9855 kiers@naicommercial.ca

s #OMPLETION MIXED USE STOREY STRATA RENTAL s SUITES TWOS ONES ONE CONV

STUDIOS s %XCELLENT LOCATION s RETAIL OFlCE SUITES s 03&

99 PAD PHASED MANUFACTURED HOME PARK LAC LA HACHE BC. ASKING $595,000

COMMERCIAL / RESIDENTIAL PROPERTY (Gibsons) -IXED USE )NVESTMENT # 2 SQ FT COMMERCIAL BUILDING ON ACRE PROPERTY 4HIS PROPERTY OFFERS EXCELLENT POTENTIAL WITH UNSURPASSED VIEWS OF THE 4RAIL )SLAND 0OTENTIAL USE EXISTING BUILDING AS A NEW START UP BUSINESS BUILD A DUPLEX IN THE BACK AREA OR DEVELOP ENTIRE PROPERTY .................................................................................. $438,000

OWNER MOTIVATED !

KELOWNA, BC – FOR SALE

ELIZABETH WOZNICZKO 604-691-6648 elizabeth@naicommercial.ca

165 Acre Development Site, Abbotsford BC s 3EVEN PARCELS TOTALING ACRES s Price Reduced: $9,900,000

INDUSTRIAL & DEVELOPMENT SITES 12,000 sq. ft. Strata OfďŹ ce/Warehouse, Richmond BC s :ONED ) ALLOWING FOR INDUSTRIAL RECREATIONAL COMMUNITY AND EDUCATIONAL USE s Price: $1,695,000

GARY HAUKELAND OR J.D. MURRAY gary@naicommercial.ca 604-683-7535 jdmurray@naicommercial.ca

Committed to Canada. Connected to the World.

Lower Mainland A13

WESTERN INVESTOR MAY 2011 www.westerninvestor.com

#3&8&3: from A11 As well, unlike a residential unit, it can take months, not days, to lease out an office or retail space if a tenant vacates. Also, financing for strata commercial can be difficult to access. Lenders often require a down payment of from 30 per cent to 40 per cent. On a $500,000 commercial strata, for example, an investor would have to put at least $150,000 down and also pay for an appraisal, building inspections, loan fees and other costs. There are also tax issues to consider. Businesses routinely can deduct the full amount they pay in rent. Owners of rental property can write off repairs immediately, but improvements to commercial real estate have to be deducted over a number of years, the same with depreciation on commercial buildings. The buyer can deduct interest on the purchase loan, property taxes and other qualifying expenses, however. Large developers see commercial buildings as providing steady, long-term income from leases, not the quick cash of strata sales, which will likely keep stratas a niche opportunity.

%PDUPST B OJDIF

For doctors and dentists, however, who need to improve premises to specific needs and want to secure a precise location, buying rather than leasing can be attractive. This is seen in New Westminster, where Wesgroup Properties is selling office space in its new nine-acre Brewery District. The

under-construction site includes retail, offices and condominium residences. Due to its proximity to theRoyal Columbian Hospital, the strata space is dedicated to the medical community, offering a mix of flexible spaces, exclusive doctor parking and direct access to the hospital. Allan De Genova of Focus Real Estate Marketing, which is handling sales, said one medical specialist bought an entire floor, and other doctors have taken 800-square-foot-to-2,000-square-foot spaces. De Genova said his last six sales were all investors, who took smaller office spaces that share a central lobby and reception area. This space will likely be leased to doctors. “Investors see it a a blue-chip play,” he said. He added that it is not only physicians who are buying space, but those providing medical supplies and services. Prices for the Brewery office strata are around $680 to $700 per square foot for fully fixtured offices, and 70 per cent of the 50,000-square-foot building is sold out. Yet Gino Nonni, president and CEO o f Wesgroup Properties, does not see a lot o f strata commercial in Wesgroup’s future. “The Brewery District offered a niche opportunity for the medical community,” he said, adding Wesgroup will still lease out the bulk of its commercial space. For instance, the 280,000-square-foot BC Transit offices being built at the Brewery will be leased space, a deal brokered by Avison Young, and will be owned by Wesgroup, as will the 30,000-square-foot Thrifty’s grocery store and other leased retail space.◆

Property Investor? Are you looking for an Investment (Suite) In Vancouver? We can find the right suite for you & manage the rental for trouble free ownership.

FOR SALE Successful Branded Coffee Roasting Company

Selling due to retirement. Over $800,000 in equipment is included in the price. Does not include inventory. Price: $2,000,000 (including equipment) Viewing by appointment only.

www.bestgourmet.com

Contact Bill Babcock 604-230-9392 BBabcock@telus.net

Please call

MITRA or SANNI at: 604-465-5112

Best Gourmet Coffee Maple Ridge, BC

SOLID INVESTMENT OPPORTUNITY Squamish BC Two free standing buildings completely renovated with Ford Dealership as tenant. 15,400 sqft of buildings, 9 grade loading doors and 1.4 acres of land with Full Hwy 99 Sea to Sky exposure. Located in Downtown Squamish. Near 6.6% Cap Rate

Reduced to $4,490,000

Alana Bertini

Contact: at 604-437-1123 (Bus.) 604 -341-6220 (Cell) bertini@telus.net • www.alanabertini.com

Westburn Realty Ltd

Each office is independently owned and operated.

Distribution Warehouse

Located at Duke Point near Nanaimo this 35000 sq. ft. warehouse is ideally situated for distribution of goods to Island locations. Just 5 years old this building has 22 ft. ceilings, five loading bays, 1800 sq. ft. of office space as well as a 3 bedroom caretaker suite. Now available for sale at $4.3 million or for lease at $9 NNN.

Warehouse in Chilliwack 4600 sq. ft. warehouse for lease in central location in Chilliwack. Permitted use includes light manufacturing, retail, offices, storage etc. The CSM Zone permits a wide variety of uses. This is at Harvard Business Park and has easy and quick access to all transportation routes. For sale or lease available at $7 NNN.

Corney Les

604-795-6938

RE/MAX Corney Les Realty www.morechilliwackrealestate.com

OFFICE STRATA UNITS

COMMERCIAL DEVELOPMENT SITE - LANGLEY

1050 PACIFIC ST (Main Office Entrance) Unique opportunity to own a dual use strata consisting of a 613 sf office with street entrance + a 870 sf 2 bdrm suite above. 2nd entrance 2J – 1033 Marina side. $1,049,000 2132 ALBERTA (Near 6th & Cambie) 2357 sf 2 level C1 Zoned building. Rebuilt 10 yrs ago. Lower level is vacant, 2nd level is a private 2 bed, 2 bath residence. Bonus: 1200 sf 3rd fl roof deck. $1,690,900

21427 83rd AVE near 216 St. proposed interchange in Willoughby Heights in Langley. 1.51 acres for sale (65,000 sq ft) + Properties on either side may also be available (for another 3 acres). Currently zoned SR-2. Suburban Residential with 4200 sq ft house & a few outbuildings on property. Potential future re-zoning to Highway Commercial once interchange finished in 2013 (strip mall, hotel?) $1,999,000

NORTH SURREY LAND ASSEMBLY

LILLOOET LAND FOR SALE - 17 ACRES 1.5 HRS NORTH OF WHISTLER

11880 – 11920 96A AVE 4 lots with 275 ft frontage & 36,000 sf of land, zoned single family. Most properties currently rented. Great holding property! Go to web for info package and area video. $1,921,000

8810 TEXAS CREEK RD – LILLOOET (8km south of Lillooet) 17+ acres – view lot on a knoll, drilled well, sweeping views of valley, mountains & river. Golf course nearby. Build your dream home. MUST BE SOLD $139,000

YALETOWN DOG BOUTIQUE

LES TWAROG

1146 PACIFIC BLVD The Dog & Hydrant, Speciality Dog Pet Products, located on a busy street in the heart of Yaletown. 800 sq/ ft of space with average sales of $15,000/ month. Leased at $4,300/mo (all in). Potential to expand to dog grooming at this location – Call for more info. $125,000

(604)671-7000

1428 W 7th Ave., Vancouver, B.C. Crest Realty (Westside)

To view listings please visit:

www.6717000.com/biz APR 2011

Each office is independently owned and operated.

A14 Lower Mainland

www.westerninvestor.com MAY 2011WESTERN INVESTOR

ABBOTSFORD INDUSTRIAL/COMMERCIAL PROPERTY

Airport North Business Park

Airport East Business Park

30553 Great Northern Ave

Just South of Hwy. #1 at Clearbrook Rd.

For Sale or For Lease

Freehold Lots For Sale

32,025 S.F tilt slab building, 24’ clear ceiling height, ample power available, N/G radiant heat installed, Grade Loading, I-2 Zoning. Close to Abbotsford International Airport, Highway 1 and the Abbotsford Auto-Mall. Seller may assist with financing OAC.

Lots from 1 to 11 acres that will be zoned either IB-1 or I-2. Services on the lot line. Ideal for small to medium sized Industrial users. Full information package available soon.

$4,800,000

Maclure Business Park 33403 Maclure Road Rent Month to Month or Lease to Own. Purchase with 90% financing OAC when you combine your first mortgage with a VTB second. Prices start from $1,483 + HST per month.

Lease To Own For information on how you may purchase Industrial Space in Abbotsford on a Lease to Own basis where you pay market rent today and purchase tomorrow at today’s price please call. I have warehouse spaces from 1,614 square feet to over 20,000 square feet that may be purchased this way. The subject warehouse space is brand new and located in an excellent location.

Commercial Medallion Club Homelife Glenayre Realty Co. Ltd.

Ken Neufeld Business: 604.217.0455 www.abbotsfordicirealestate.com kenneufeld@telus.net

A15

WESTERN INVESTOR MAY 2011 www.westerninvestor.com

FEATURE Cash-rich and deal-savvy western Canadians pick up discounted U.S. commercial real estate

5SPQIJFT BNJE UIF USBTI PETER MITHAM WESTERN INVESTOR he stampede for distressed residential properties in Phoenix and other Sunbelt markets hit hard by the collapse of U.S. real estate markets in 2008 may be slowing but opportunities are rising in the commercial sector, where properties are finding their legs once more.

Photo: Sunstone Realty Advisors.

Prime assets in top-tier and second-tier cities are attracting interest as owners find buyers willing to purchase the assets at prices above rock bottom but still at a discount. Cash-rich and deal-savvy investors from Canada are among those picking up the properties – and it’s no longer just the big players or opportunistic small investors. “The ‘loonie’s’ strength at the same time when U.S. real estate assets are ‘on sale’ has not occurred in a generation,� wrote Greg McPhie, managing partner of NAI Commercial in Vancouver late last year. “So as long as the Canadian dollar remains strong we expect Canadians to be active investors around the globe and very competitive in the U.S. market.� U.S. markets are appealing because the market in Canada remains concentrated in the hands of institutional investors, real estate investment trusts and other groups with a mandate to hold strong, income-producing properties. These assets typically don’t trade often, and when they do they’re likely to be acquired by a purchaser not unlike the vendor. This has made the U.S. prime territory as asset prices have fallen and Canada’s investment firms have looked abroad for acquisition opportunities. The examples are many: Canada Pension Plan Investment Board’s investments in New York and Washington, D.C., last year as well as acquisitions by Riocan REIT and Artis REIT have been matched by smaller purchases across

Photo: Second City Capital Partners

5

(LEFT) City Centre, a Class A, 242,000-square-foot office tower in downtown St. Petersburg, Florida, was bought by Vancouver-based Second City Capital Partners for US$16.5 million. (RIGHT) Vancouver’s Sunstone Realty Advisors bought Xona Resort Suites Scotsdale hotel in Arizona, which will be managed by O’Neill Hotels and Resorts of Vancouver, for US$34 million.

the Sunbelt by Vancouver developer Onni and syndicator Sunstone Realty Advisors Inc. “California is on that list, but Arizona seems to be where I’m hearing ‘Canadian investor’ coming up,� Ross Moore, director of research, North America, for Colliers International, said recently. While some investors have had a long-standing interest in the U.S., there’s been greater interest not just because of exchange rates but because pricing has strengthened. Asset prices are no longer at rock-bottom levels, indicating a more competitive and desirable market for investment. And, since pricing isn’t discounted, vendors are also offering assets to the market with greater confidence than a year ago.

selling at the absolute bottom, and at the same time I think that the investors who are going down there still feel like they’re getting good value.� Protection for distressed assets have left just two classes of properties, regardless of market, according to CB Richard Ellis executive vicepresident Tony Quattrin: trophies or trash. While gateway cities such as New York, San Francisco and the like enjoy strong long-term fundamentals among U.S. real estate markets, it’s the secondary markets where the biggest distinctions between the two classes are visible. “If you’ve got a trophy-calibre asset of high quality there’ll be a tremendous number of buyers at the table for it and paying yields that reflect values that were there at the peak of the 4XFFU TQPU market in 2007,� Quattrin said. Examples of the assets scooped up by “We’re in that sweet spot window where I think it works for both sides,� Moore explained. “The Canadian investors in these secondary marguys who are selling don’t feel that they’re kets include City Centre, a 242,115-square-

foot office tower in downtown St. Petersburg, Florida, and the 431-unit Xona Resort Suites Scotsdale hotel in Arizona, bought for US$34 million. Vancouver-based Second City Capital Partners – a venture of Sam Belzberg and Bosa Properties Inc. – acquired City Centre in December 2010 for US$16.5 million. The tower, a Class A building, is 72 per cent leased to top-tier office tenants. “We have seen a lot of money come back into New Yorks and Chicagos, and high-traffic areas where retail say is getting more confidence or businesses are getting more confidence to open up office space or follow downticks in unemployment,� Ryan Dunfield, portfolio manager for Second City, said. “But it’s really a lot of the cities that flew under the radar a bit during the credit crunch where they still had these unbelievable assets built.� Second City has chosen to partner with local

Please see Bargain hunt page A16

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FARMLAND FOR SALE LOCATED SW OF REGINA 1280 ACRES 9 Round steel storage bins Crops include: wheat, barley, flax, peas & more Asking $595,000 or puchase 160 Acres for $80,000 Vendor will carry financing

phone: 1-250-748-2719 Fax: 1-250-748-0532 dmanj@shaw.ca

FOR SALE ABBEYFIELD HOUSE 11030 River Road, North Delta, B.C.

$1,300,000 Zoning CD254

FORMER ABBEYFIELD STYLE SENIORS HOME BUILT IN 1998

SHANNON KIGER 604 805-8350

www.carewestproperties.com

FOR LEASE 1712 Sq. m. School in Mission BC s #OUNTRY SETTING ON APPROXIMATELY ACRES s &ANTASTIC ARCHITECTURE )DEAL FOR PRIVATE SCHOOL s ,OOKING FOR LONG TERM LEASE s #HECK -,3š & C A L L T O D AY F O R V I E W I N G

ADRIAN GAGNER 604-466-5077 or 604-826-5733

A16 Lower Mainland PUBS

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SOUTH OKANAGAN PUB Liquor Store and Building for sale Asking $1.8 M NORTHERN BC PUB Land and Building opportunity Offered at $950,000

Waterfront Pub & Detached Liquor Store Land, buildings and business Prince Rupert, BC $2,500,000 BC’s fastest growing super port city

LOWER MAINLAND Pub & Liquor Store

Opportunities For Lower Mainland Pub Opportunities call:

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

JOHN JOHNSON

32847-32867-FIRST AVE, MISSION BC 6 CONTIGUOUS LOTS 24, 156 SQ.FT This 0.55 acres site is located close to the Lougheed Highway and has great potential. Shows as Downtown West Expansion on the Official Community Plan (OCP) and is waiting for someone who is interested in possibly doing a commercial development on the main floor with residential up. Check it out. $475,000

www.westerninvestor.com MAY 2011 WESTERN INVESTOR

#"3("*/ )6/5 from A15

players, often an existing owner or property managers, to reap the upside of improving economic conditions in the U.S. as confidence radiates out from the larger centres. Second-tier properties in secondary markets face tougher conditions. The lingering effects of the recession mean buyers are few, and there’s consequently been a temptation to heavier discounts and in turn less product available to the market because owners – or more often, lenders – aren’t willing to let assets go at barrel-bottom prices. “[Buyers] are looking for deeper discounts and properties aren’t being offered yet at deeper discounts,” Quattrin said. The hard-hit Sunbelt is where markets have little available even to willing investors. The result is less of a rebound and a protracted recession. The economic recovery felt elsewhere may take a while to materialize in these areas.

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Retail centres are especially frightening, Dunfield noted. Consumers still aren’t spending like they once did, and in secondary markets a long list of retail failures provoke fear. While office deals with strong covenants in place benefit, the overall tone among investors is one of lingering caution. Dunfield says it will take narrower spreads and lower borrowing costs before the commercial sector finds its legs.

REALTY MISSION LTD.

CAL CRAWFORD

Subscribe

604-854-0392 or toll free 1-866-644-2055 Mission, BC calinmission@hotmail.com

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

#VML DPOEPT

Arthur Wong, CEO of Calgary-based Optimus Real Estate Fund, told the recent Land Rush conference in Vancouver that Canadians can get into the U.S. multi-family market without even looking at property. Instead, Canadians

can invest in his fund – one of several in the business – which finds, rents and eventually sells U.S. condominiums in bulk. Wong – former CEO of Genesis Land Development – and his team spend months finding promising but distressed multi-family properties and then buy scores of condominiums. Wong said they look to buy far below replacement value in what he sees as upside markets with good employment, strong population growth and a large real estate inventory. His pick of the top U.S, markets are: Orlando, Miami and Tampa Bay, Florida, Phoenix and Las Vegas. “We look at buying the tail end of condo conversions,” he said. This strategy allows Optimus to control the home owners’ association board, which dictates who the units are rented to and how maintenance is handled, for example. The fund relies on rental income in the short term, but the exit plan is resales. “When the U.S. market recovers, the condo market will be the first thing to pick up,” he said, “because that is all that many buyers will qualify for.” An example of what the fund is investing in: a 360-unit gated condominium and townhouse complex with tennis courts and pools in Henderson, Nevada, 15 minutes from downtown Las Vegas, where Optimus bulk-bought more than 100 homes. “It would cost $117,000 per door to replace these units. We bought them at $50,000 per door, ” he said.◆

Powell River Investment O P P O RT U N I T I E S Excellent Income Property

in downtown Powell River. Ocean view building with retail & residential income plus large, potential pay-per-use parking lot adjacent to ferry terminal. $429,900

160 SEAT RESTAURANT, approx 4 yrs old— Going Concern in busy Shopping Center with Safeway, Liquor store, Blockbuster, HSBC, Envision Bank,,, This Restaurant is gorgeous, 5605 leasable area Includes all chattels, over 800,000 in tenant improvements, if you are looking for a restaurant this has EXCELLENT VALUE.. Good client base, assets sale only, you would never be able to build this restaurant for anywhere near this price, PRICE TO SELL $298,000

Ideal Commercial Building Site

with fantastic ocean view! Paved 33’ x 86’ lot on busy Marine Avenue among downtown restaurants, retail and service outlets. $109,900

In-Town Oceanfront Property

8930 STAVE LAKE STREET “UNIQUE ACREAGE FOR SALE” This property is 9.04 acres and has a small older 2 bdrm home that is currently rented. Now for the the unique part. Brand new 50 x 80 building that offers 4000sf on the main and another 2000sf of mezzazine. Three bay garage or workshop with oversize vehicle doors. All this and an aggressive listing price makes this a winner. Great for a home based business. $889,000

Still, both Second City and Sunstone, purchaser of the Xona property in Arizona, are keeping close tabs on their new assets to give them the best chance of success. Second City partnered with the property and leasing manager of City Center, while Xona will operate under the management of Vancouver-based O’Neill Hotels and Resorts Ltd. through its U.S. subsidiary TRX Management LLC. Quattrin noted that the biggest deal he worked on in the U.S. last year was attractive to both foreign buyers and domestic investors – who eventually won the day – on account of its strong covenants. The successful bidders snapped up the two-tower property in the Seattle area for US$650 million. The properties were trophies, with rock-solid Microsoft holding 10-year leases. Its presence fuelled the confidence that make such properties worth searching out in the troubled U.S. landscape “We sold them for prices that reflected values back in 2007,” Quattrin said. “When we took them to market we thought we’d sell them offshore. But the most interest came from U.S. investors and they ended up outbidding the rest of the market. We were surprised about that, but that’s how quickly the market turned around.”

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

$1,150,000. This property is offered at a 7.5% Cap Rate. 12896 sq ft building in Downtown Chilliwack Mix Commercial Building, Extensive Renovations throughout. A must see. $329,900. Daycare This 1800 sq ft Unit on Wellington Ave in Chilliwack ,, Brand new unit perfect for Daycare.. Will also look at Leasing ... Call for details

Magnificent 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

Aroma's Gourmet Coffee & Lunch

Well established; coffee & Lunch. Well established; steady clientele. Leased space on active business complex; Across from Airport. Financials available. $59,900

Downtown Ocean View Building

on main street, ready to go as a restaurant on main floor plus unfinished lower level & detached building with long-term tenant; paved parking lot; fronts 2 streets. $399,900

CROSS COUNTRY GROCERIES LTD, BUILDING AND LAND, INCLUDES 2 BUSINESSES. Convenience store business--, new produce coolers, walk-in coolers, new compressors, hydro upgrade - Gym and Tanning business , gym has all new gym equipment, Store is excellent for mom and pop or family operation, well established clientele, very clean business… call now for package, !!! $679,000 NEED SHOP / THIS IS IT ----M1 Zoned approx 4400 sqft building on 8000 sq ft lot on Alexander St in Chilliwack. Retail unit of approx 1150 sq ft with Shop of approx 2000 sqft. Also includes an apartment upstairs, THIS IS A GREAT PROPERTY FOR MECHANIC OR SOMEONE WHO NEEDS SHOP WITH RETAIL SPACE, VERY CLOSE TO MCDONALDS. $699,000 LAUNDRY MAT - FIRST TIME ON THE MARKET, in same location for 15 yrs with same owner for 15 yrs, this is in busy shopping center, 19 washers,15 dryers, this Cash business makes money, all machines are in excellent condition and owner is willing to train. PROFITABLE BUSINESS THAT MAKES SENSE, Price is very reasonable at $239,000.

INVESTOR ALERT! FULLY LEASED 6 yr old 12,566 sqft Industrial Building in Excellent location on 31279 sqft Corner Lot Excellent tenants, room to expand with 2nd floor in existing building, storage yard in the back. Asking $2,100,000. DON'T MISS THIS GREAT PRICE!! COMMERCIAL STRIPMALL $1.7 million. 4 Tenants— Net income $100,000. Solid Building. Great Chilliwack Location.

LAUNDROMAT & CAR WASH 46260 YALE RD. Chilliwack – Business only. $30,000. Distress sale. Assets only. Priced to sell. Lessor takeover.

9020 YOUNG RD. FOR LEASE 800 sq.ft. High visibility, great location, won’t last. $1100 a month.

5905 VEDDER RD. $789,000 6-Plex –2 bedroom units, gas fireplaces. Great Sardis location! Won’t Last!

LEASE BESIDE REEF RESTAURANT 1500 sq.fit. available. On Yale Rd., Chilliwack. $15/sq.ft. 3 mth. free rent.

MAIN ST. Small office for big lease $450 a month.

46240 YALE RD., CHILLIWACK 3 NEW 1000 sq.ft. units, $199,000 each. Perfect for YOUR business. WHY RENT? Call now.

FOR LEASE OR SALE 46240 YALE RD. 2 X 1000 sq.ft. units, brand new, lease $1000 mth. plus triple net each; or 3 units at $199,000 each. Why rent when you can own.

46263 YALE RD. GREAT LEASE RATES 800-1000 sq.ft., garage door access, call for details. Plus upstairs office 350-3600 sq.ft $5 sq. ft. plus triple net.

LINDSEY GAUTHIER phone: (1) 604 798 2977 CHILLIWACK

email: LGAUTHIER @SUTTON.COM

WESTERN INVESTOR MAY 2011 www.westerninvestor.com

Lower Mainland A17

t

m

When it comes to commercial real estate, use a REALTOR速 and get back to business. www.howcommercialrealtorshelp.ca

The REALTOR速 trademark is controlled by The Canadian Real Estate Association (CREA) and identifies real estate professionals who are members of CREA.

A18 Lower Mainland

www.westerninvestor.com MAY 2011WESTERN INVESTOR

Macdonald Commercial

JORDAN ENG

Real Estate Services Ltd.

(604) 728-0883 jordaneng@telus.net

Retail Investment

| 604.341.7650

GARY WEBB DON O’BRIEN | STUART WRIGHT |

| www.rgarywebb.com

604.219.1578 | www.macdonaldcommercial.com 778.859.2407 | www.macdonaldcommercial.com

MAKE MORE DEALS

5784 – 86 Victoria Drive 2 storey residential/commercial National tenant on ground oor, 2 suites up. Asking $2,000,000

D SOL

RARE INDUSTRIAL INVESTMENT FOR SALE

Warehouse/Office For Lease 239 E 6th Ave, Van Available immediately. 6,242 sf. 18' ceiling height warehouse. Reasonable rents.

1765 Coast Meridian Road, Port Coquitlam, B.C. • 116,500 sq. ft. manufacturing/storage facility

• Steel-frame and metal-clad

with membrane roof

• M-2 zoning; 6.12 acres of land • Ceiling height: 24 ft. – 40 ft.

• 2500 KVA power sub-stations

• Dock and grade loading

• Vacant possession

• 4 5-ton overhead cranes

• Asking: $12,750,000

ERIC POON | 604.714.4768 | www.EricPoonCommercial.com FOR SALE

Market your listings in the Western Investor. Thousands of private investors and real estate professionals use the Western Investor to help guide their investment dollars into profitable businesses.

• Kitsilano Strata unit, fully leased, 1,363 sq. ft., 5% return. Price: $689,000

FOR LEASE • Prime Kerrisdale retail space on West 41st Avenue. | Up to 5,209 sq. ft.

For Lease 485 Commercial Dr at Pender 9,500 sf. Ideal for food service manufacturing. Retail exposure. Corner location. Close to DT and transport routes. Low rents.

GARY KHAN | 604.714.4799 | flash1@telus.net OKANAGAN GOLF DRIVING RANGE FOR SALE Land, building & business. • Approx. 10 acres in ALR. List Price: $1,975,000

CHRIS MIDMORE | MATT NUGENT | 604.736.5611 FOR SALE OR LEASE: TILBURY INDUSTRIAL FACILITY • 56,000 sq. ft. building on 2.58 acres • 28,000 sq. ft. leased, leaving 28,000 sq. ft. for owner/user • Asking $6,175,000 • Call Chris Midmore or Matt Nugent

JUNE AD DEADLINE: MAY 10TH

Report: Hotels and Motels Buying a campground Retail update Mining towns Franchise News Recreational Properties Regional Roundups: BC: Prince George AB: Olds MB: Portage La Prairie Spotlight: Humboldt, SK

BRIAN TATTRIE | 604.714.4783 | www.briantattrie.com FOR SALE: STRATA RETAIL OPPORTUNITY | FULLY TENANTED

Parking Lot For Lease East 6th Ave & Main 100' x 120'. Available immediately.

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

LIST

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

555 North Road, Coquitlam, B.C.

• Currently 100% leased to 6 tenants

• 55 commercial strata lots

• Available either individual or bulk sale

• 24 parking stalls

• Net income $176,059

• Across from Lougheed Town Centre

• Asking $3,200,000

$3,100,000

FOR SALE: KAMLOOPS | 67-ROOM FULL SERVICE BOUTIQUE HOTEL • Call for details

HAMIR BANSAL | 604.724.8116 FOR SALE: 100-ROOM FULL-SERVICE FRANCHISE HOTEL in Vancouver FOR SALE: 94-ROOM HOTEL | 30 APARTMENTS in Prince Rupert • Includes 5 retail leases, and hotel rooms are full service. Asking only $5,000,000 FOR SALE: 84-ROOM FRANCHISE HOTEL in Lower Mainland • Full service. Asking $10,500,000.

FOR SALE: 41-ROOM HOTEL in Lower Mainland • Limited service, not franchised. Asking $4,500,000

FOR SALE: 25-ROOM HOTEL in Hope, BC • New franchise, all upgrades completed • Includes 3-bedroom house • One hour from Vancouver • Asking $1,800,000

JOHN SULLIVAN | 604.714.4773 | jsullivan@macrealty.com FOR SALE: RETAIL/OFFICE INVESTMENT | ONLY $625,000 AT 6.0% CAP RATE • 14675– 108

1-800-661-6988

TH

Avenue, near Riverside Heights Centre, Surrey. Front customer parking.

Vancouver: 604.736.5600 | Fraser Valley: 604.590.2444 | www.macdonaldcommercial.com

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Lower Mainland A19

WESTERN INVESTOR MAY 2011 www.westerninvestor.com

Invest or Enjoy!

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Attention Homelife Agents:

)0.&-*'& (-&/":3& $)*--*8"$,

FOR SALE

Lac La Biche, AB – 58 pads, 157acres ..... 3,000,000 Houston, BC – 113 pads, 22 acres ........... 1,400,000 Hope, BC – 40 pads , 4.05 acres.............. 1,100,000 Cherryville, BC – 25 pads, 22 acres.............. 750,000 Houston, BC – 37 pads, 3.5 ac .............................TBA Langenburg, SK – 60 pads, 14 ac ................. 525,000 Houston, BC - MH & RV Park, 40 ac+/- ....... 399,000 Toll Free: 1-888-251-2822 Direct: 604-302-3771 Fax: 1-888-804-1394 Email: hjesse@mobileparks.com www.mobileparks.com

Homelife Glenayre Realty

LIQUOR STORES, PUBS, HOTELS/MOTELS #SJOH BMM 0GGFST QUEENS HOTEL & LIQUOR STORE on 110,000 sq ft zoned Hi-Rise C-7 in the heart of Queensborough Super Development Site. 26 rooms. All totally redone. OFFERS! NANAIMO ROAD HOUSE & LIQUOR STORE – $1,050,000 2½ acres. Land & buildings. Asset sale. Includes 2 suites. PRICED TO SELL MAPLE RIDGE PUB & LIQUOR STORE $4.2 MILLION, NETS OVER $700,000. WILL SELL SEPARATELY. NEW WESTMINSTER PUB & LIQUOR STORE $2,950,000 (SHARE SALE)

TO ADVERTISE

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

CHILLIWACK – PUB & LIQUOR STORE & RESTAURANT excellent money maker REDUCED $2.4 Million. Great lease. SELLER MOTIVATED! TRY YOUR OFFER! SURREY PUB & LIQUOR STORE – Money maker. $2,000,000. SHARE SALE.

Hurry!

QUEENSBOROUGH DEVELOPMENT PROPERTY – Many options – cleared land, approx 34,000 sq ft – zoned commercial/residential. 3 PROPERTIES - OWNER MOTIVATED BURNABY PUB & LIQUOR STORE –Business only. $2.5 Million 3 SURREY PUBS IN BUSY SHOPPING CENTRES - PRICED BELOW REPLACEMENT GREAT TERMS.

UĂŠ-Ă•L‡`ÂˆĂ›Âˆ`>LÂ?iĂŠÂŁ{Âł VĂ€iĂƒĂŠ*>Ă€>`ÂˆĂƒi UĂŠ ÂœĂ€Â“iÀÊ/Ă€ÂœĂ•ĂŒĂŠ >À“ÊEĂŠ ÂœĂ•Ăƒi UĂŠĂŽĂŠ >ĂŒĂ•Ă€>Â?ĂŠ >ÂŽiĂƒ]ĂŠ-ÂŤĂ€ÂˆÂ˜}ĂƒĂŠEĂŠ Ă€iiÂŽ UĂŠ*Ă€ÂˆVi`ĂŠĂŒÂœĂŠĂƒiÂ?Â?ĂŠfǙn]xää For more Information please visit

www.KafkaRealEstateTeam.com TRUDE KAFKA 1-800-795-2955 cel: 604-791-1304 Homelife Glenayre Chilliwack Realty Ltd.

GAS STATION (LAND & BUILDING) FRASER VALLEY PRICE: $2,600,000 GAS STATION WITH LAND & BUILDING $2.8 MIL GAS STATION, C-STORE, LIQUOR STORE FRASER VALLEY (BUSINESS ONLY) PRICE: ONLY $219,000 2 MORE GAS STATIONS WITH LAND AND BUILDING (LOWER FRASER VALLEY AND UPPER FRASER VALLEY) $1.99 MIL EACH FRASER VALLEY INDO CANADIAN GROCERY STORE and FRESH PRODUCE $249,900 (BUSINESS ONLY) INDO-CANADIAN GROCERY STORE, FRESH PRODUCE, VIDEO AND RESTAURANT (BUSINESS ONLY) FRASER VALLEY. PRICE: $149,900 NEW LISTING FOR LEASE s $RIVE THRU /IL ,UBE "USINESS

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.

BARRY BOCK / DON KAYTOR

gtakahashi@westerninvestor.com

Phone HOMELIFE BENCHMARK TITUS REALTY

604-575-5262

Phone

604-576-9285

Fax (604) 575-2214 Email: barry_bock@telus.net Website: www.barrybock.com

MORE DETAILS CALL:

PAMMI MANDAIR CELL: 604-825-8121 OFFICE: 604-859-3141 paramjitm@shaw.ca www.pammimandair.ca GLENAYRE REALTY

www.homelifebc.com

m[ij[hd_dl[ijeh$Yec d[mi$WhY^_l[i$h[fehji$kfZWj[i 9edjWYj ki \eh ceh[ _d\ehcWj_ed0 ,&*#,,/#.+&& eh WZl[hj_i[6m[ij[hd_dl[ijeh$Yec

A20 Sea to Sky/Sunshine Coast/Vancouver Island For Sale: 5885 Neptune Rd Sechelt, BC Multi-Family Zoned Land 5 Acres

$2,270,000 604-681-3334

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

Graeme Bullus, Brian Reems gbullus@devencorenkf.com breems@devencorenkf.com

$879,000

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

TERRY & PAM B R ACK E TT 1-800-895-4313

(Devencore Company Ltd.)

SQUAMISH INVESTMENTS

SUNSHINE COAST, BC ML#V4021517 “The Dock� in Sechelt Now $1,399,900

terry@thebrackettgroup.com Remax Oceanview Realty SECHELT

Retail/OfďŹ ce Strata 872 sf with retail ďŹ nishing $199K Court Ordered Sale 6,000 sf lot downtown. $250k I-1 Revenue Property 0.55 Acre, tenants $1.19 Mil 1.1 Acre Duplex Site on Creek Includes house, green space $699k

Pub & Real Estate - 4000 sf on over 1/2 Acre 163 seat & BW allowed, redev. potential $735k Prime Retail For Lease 1,200 – 15,000 sf B Park by National Retailers and Hwy 99! Spring 2011 Prime Retail Building Busy Dwtn corner $1.10 Mil 8 Acre Single Family Site Panoramic views, great location $2.15 Mil

CONDO LIQUIDATION AND BUILDING LOTS Darren McCartney RE/MAX Sea to Sky 604-892-4875 Real Estate Squamish darren.mc@shaw.ca

* " 7 ĂŠ , 6 , ] ĂŠ

WELL ESTABLISHED CLOTHING BOUTIQUE FOR SALE NEW PRICE $168,000 UĂŠ `i>Â?ĂŠ`ÂœĂœÂ˜ĂŒÂœĂœÂ˜ĂŠ >Ă€ÂˆÂ˜iĂŠĂƒĂŒÂœĂ€ivĂ€ÂœÂ˜ĂŒĂŠ Â?ÂœV>ĂŒÂˆÂœÂ˜ĂŠĂœÂˆĂŒÂ…ĂŠÂ?ÂœĂŒĂƒĂŠÂœvĂŠÂŤ>Ă€ÂŽÂˆÂ˜} UĂŠ*ÂœĂƒÂˆĂŒÂˆĂ›iĂŠĂ€iÂŤĂ•ĂŒ>ĂŒÂˆÂœÂ˜ĂŠ ‡Ê ÂœĂœĂŠÂœĂ›iÀ…i>`ĂŠÂ‡ĂŠÂœÂŤÂŤÂœĂ€ĂŒĂ•Â˜ÂˆĂŒĂžĂŠvÂœĂ€ĂŠiĂ?ÂŤ>Â˜ĂƒÂˆÂœÂ˜ UĂŠ ÂœĂž>Â?ĂŠVĂ•ĂƒĂŒÂœÂ“iÀÊL>Ăƒi UĂŠ-ĂŒi>`ÞÊ}Ă€ÂœĂœĂŒÂ…ĂŠĂ€>ĂŒiĂŠĂƒÂˆÂ˜ViĂŠĂ“ääĂŽĂŠĂŠĂŠĂŠ For more info email kathybowes@remax.net

Powell River

KATHY BOWES Direct line 604-483-1633 CALL (anytime) www.kathybowes.com

Private Islands FOR SALE

View BCPRIVATEISLANDS.COM WARK REALTY INC. 604.946.8710

4&$)&-5 # $ SELF STORAGE FACILITY 3.6 Acres (45 years available remaining on Lease), Fully Fenced, Computerized Gate, 149 Storage Units and room for another 250, Plus Outside Storage, Plus 2000sf Shop (2 years old with 20ft ceiling that could be renovated for more storage), 1200sf Managers Living Quarters with attached OfďŹ ce.

COMOX VALLEY, GI@D< @EM<JKD<EK GIFG<IK@<J =FI J8C< @E

N?@JKC<I M@CC8>< =lccp Xe[ Y\Xlk`]lccp Ôokli\[# cfZXk\[ fe k_\ \e[ ZXg `e k_\ Kfne GcXqX cffb`e^ [`i\Zkcp lg kf 9cXZbZfdY% M\ip jlZZ\jj]lc i\kX`c\i Xe[ cfe^ k\id k\eXek% C\Xj\ aljk i\e\n\[ lek`c )'(, n`k_ Xefk_\i fgk`fe ]fi Xe X[[`k`feXc Ôm\ p\Xij% E\k i\ek f] (..#)*)%'' g\i p\Xi ]fi p\Xij )'(( Xe[ )'()# (.0#,-+%'' ]fi p\Xij )'(* Xe[ )'(+ Xe[ (/(#/0- ]fi p\Xi )'(,% C`jk\[ Xk )#+,'#'''%''% CfZXk\[ `e k_\ 8[\iX ?fk\c [`i\Zkcp XZifjj ]ifd k_\ \ekiXeZ\ kf k_\ N_`jkc\i :fe]\i\eZ\ :\eki\% M\ip jlZZ\jj]lc i\jkXliXek Xe[ cfe^ k\id k\e$ Xek% Aljk i\e\n\[ ]fi Xe X[[`k`feXc Ôm\ p\Xij% E\k i\ek f] (',#'-'%'' ]fi )'(($)'(-% C`jk\[ Xk (#,,'#'''%'' MXZXek gfjj\jj`fe% Knf gifd`e\ek i\kX`c jgXZ\j n`k_ \ogfjli\ kf DX`e Jki\\k Xe[ Efik_cXe[j 9flc\mXi[% IXi\cp [f le`kj c`b\ k_`j Zfd\ fe k_\ dXib\k ]fi jXc\% G\i]\Zk ]fi jdXcc _`^_ gifÔc\ i\kX`c fi i\jkXliXek% CfZXk\[ `e 8cg\e^cfn X jdXcc Yflk`hl\ _fk\c% >i\Xk e\`^_Yfij `eZcl[`e^ J\m\e <c\m\e# Hl`qefj Xe[ Jgc`kq% -+. jhlXi\ ]\\k c`jk\[ Xk +*0#'''%'' Xe[ -), jhlXi\ ]\\k *00#'''%''%

9F9 ?8D@CKFE Financing Available. Easy turn-key operation. Located in downtown Sechelt. Owner retiring.

www.popeyesstorage.com

For Sale by Owner

-'+%0',%)/(/ Kfcc =i\\1 (%/''%--.%)00*

YfY_7ni\Z%Zfd

GROCERY STORE/BAKERY WITH RESIDENCE -Desirable Bates Beach area -Nearest competition 3.5 km -Separate bakery & store businesses down -3 bdr residence up -Includes ½ acre, 3100 s.f. bldg, garage, sheds. Asking $399,000 COMMERCIAL STRATA DOWNTOWN COMOX -High pedestrian/car trafďŹ c location with huge street frontage -840 s.f. in prestigious Comox Quay Asking $319,000 MATERNITY BUSINESS -Also sells infant, children’s wear, carriers & consignment -Exclusive rights to Beco Baby Carriers, & Skip Hop products -Busy main street location in downtown Courtenay Asking $49,900

ROB PHILLIPS R. MIKE MULLIN, CGA TF: 1-800-715-3999 TF: 1-855-650-6560 Email: mullin@telus.net Cell: 250-897-8508

NANAIMO | VANCOUVER ISLAND DEVELOPMENT AND INVESTMENT OPPORTUNITIES MOTEL NEAR DEPARTURE BAY FERRY REDEVELOPMENT OPPORTUNITY! 21 Units plus Owner's

OCEAN & CITY VIEWS! 12.4 ACRE SITE DEVELOPMENT OPPORTUNITY 10 RES. LOTS PLUS 26 LUXURY TOWNHOMES. Located in an upscale residential neighbourhood close to Vancouver Island University. This RS-8 site has all necessary designs, plans, reports & approvals in place. The Development Permit is ready to be issued after conďŹ rmation or any modiďŹ cations a new Purchaser may want. All services & approvals are available to be in construction this year! Call DARWIN for info.

MULTI USE DEVELOPMENT SITE Great development potential in the rapidly expanding area of Chase River in South Nanaimo. 8.91 acres, 4.3 acres usable, higher density residential and Commercial uses. Adjacent to Highway 19A. Easy access.

Asking $2,800,000 Call DARWIN for info.

"!2"!2! ',//2 s www.barbgloor.com s BARBGLOOR TELUS NET

SIGN BUSINESS -Established 17 years in the same location -Client list included -Includes inventory (est $2500) Asking $39,900

Comox Valley www.coastrealty.com

Asking $1,500,000 Call DARWIN for info.

Contact:

COMMERCIAL STRATA UNIT -1170 s.f. unit with 3 phase power -Retail entry, workshop rear with 12' door -Mezzanine which can be conv. to residential Asking $230,000

www.robphillips.ca

Residence. Designated for 6 Storey Commercial OfďŹ ce / Residential Mix. The site is perfectly located wih great access and Hwy Exposure. Enjoy current income while planning a higher and better use for the site!

s Well Established 8yrs, popular CafĂŠ & Catering company s 'REAT LOCATIONS BESIDE 3AVE /N Foods, and by car wash s 0ROFESSIONAL SET UP INSTANT CASH m OW GOOD RETURN TRAINING s ,IQUOR LICENSE s "EST "USINESS IN TOWN AND "EST ,OCATIONS s $299,000

VANCOUVER ISLAND ICI:

rob@robphillips.ca

(604) 740-5633 $875,000 CAD

Downtown Squamish “Voted Best Lunch Spot� 4 yrs in a row!

MAY 2011 WESTERN INVESTOR

EXCLUSIVE LISTING - CAREFREE INVESTMENT 16 UNITS! 6 yr. old Apt./Townhome project in Port Alberni. Fully leased to Gov't. Agency. $1,797,000 Additional adjoining land for further development is also available. Located in the best part of Port Alberni next to North Island College & other amenities.

UNIQUE BUSINESS INVESTMENT OPPORTUNITY; A Joint Venture or Investment based requirement for a leading Fish Hatchery One of the best Hatchery establishments on the Southern B.C. Coast. Excellent location offering perfect conditions for product success. Over 25 years of husbandry make this operation a leader in its ďŹ eld. Hatchery occupies 12 freehold waterfront acres on a spectacular lake on Central Vancouver Island. All aquiculture licenses foreshore leases, water licenses and required permits are in place. Business involves all aspects from wild salmon enhancement, egg development and shipment to Asian destinations, and the raising of smolts for various specialty sea farm operations. Further detailed information is available for qualiďŹ ed investors.

Call ROB for info. OUTRIGHT PURCHASE OR POSSIBLE JV OF A UNIQUE AQUACULTURE SEA FARM A turnkey facility waiting to be restarted into production. Excellent location in Barkley Sound, the PaciďŹ c Rim area of the West Coast. This speciďŹ c sea farm is noted as having one of the best locations for sea farming activity and has the potential of expansion within existing license. Consulting is available to train owners, staff and workforce in all aspects of sea farming. All permits, etc are in order. Priced for an outright sale at approx. 50 % of what a new sea farm facility may cost today. A JV may be considered. Asking $850,000 Call ROB for info.

Call ROB for info. EXCELLENT RENTAL APARTMENT INVESTMENT Offered @ 8.5% Cap! 47 units, substantially renovated in 2009-2010, elevator, 4 stories, centrally located. Excellent management on site, good tenancy proďŹ le, few vacancies, one of the best rental Apartment Buildings in this City. Asking Price @ $1,900,000. Information brochure. Call ROB for info.

Darwin Mahlum Robert Borden

250.760.1066

INDUSTRIAL BUILDING IN VANCOUVER, B.C. 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. Priced @ $775,000. Call ROB, Information brochure available.

Vancouver Island's Leader. DEVELOPMENT, LAND, RES/COMM PROJECTS, & MARKETING

A21

WESTERN INVESTOR MAY 2011 www.westerninvestor.com

FEATURE Owner-users and investors – and even spec builders – are tilting markettoward strata sales

*OEVTUSJBM DPOEPT WI STAFF, VANCOUVER DAVE HUSDAL, CALGARY WESTERN INVESTOR he condominium trend in Western Canada’s three largest cities has spread from residential to the industrial market, with strata space now accounting for a significant share of even the large-bay market.

In Metro Vancouver, industrial strata space now accounts for 38 per cent of transactions, compared with less than 30 per cent three years ago, surveys show. Constricted availability and fear of even higher land prices are encouraging demand for strata development, noted Avison Young principal James Lecky. Industrial land prices have stabilized, but still remain in the $1 million range in most suburban markets. Beedie Group is moving ahead with 100,000 square feet of strata space at the Campbell Heights business park in Surrey because of buyer demand, according to principal Ryan Beedie. With free-standing industrial buildings trading at $150 to $190 per square foot, large-format strata units are appealing because they’re often available at a mere $115 and $130 a square foot. “With the lack of free-standing buildings in the market and the premium those buildings achieve, a lot of these larger users – 10,000-to20,000-square-foot users – are changing their minds and saying, ‘I’m going to buy that strata unit and save $30 a square foot,’” saidJordan MacDonald, principal of Frontline Real Estate Services Ltd. in Surrey. The space is more efficient to build and meets the needs of cost-conscious users, he said. But others caution that wary buyers still mean strata is a speculative play. Jon Bishop, vice-president and general man-

Photo: Cushman Wakefield

5

Industrial strata space now accounts for 38 per cent of the Metro Vancouver market and one-third of sales in Edmonton. Some spec builders aim to sell, not lease, in Calgary.

ager of Devencore Co. Ltd. (the local office of global tenant representation firm Newmark Knight Frank Devencore), doesn’t see companies being blithe. “We’re seeing growth, for sure. Companies are now looking at taking on extra space and growing,” he said. “But it’s a cautious approach nonetheless.” The key considerations are cost and staff impacts; no one wants to pay more than they have to, and no one wants to lose staff as a result of a move. While a company such as manufacturer Nuheat Industries Ltd. has opted for new digs in an efficient structure that reduces its space requirements (among other features), Bishop said many companies are becoming owners. “I think we’re going to see more interest in ownership over leasing for users over the next few years than perhaps historically,” he said, noting that the strata market has especially long legs. “We’re going to see a lot of attention there in the next couple of years.”

mercial or industrial condo ownership rather than leasing. In Edmonton, for example, close to one third of the new industrial and commercial spaces coming onto the market are condos, according to Barry Gogal, president of Western Realty Group Inc., which develops, builds, sells and manages commercial and industrial condo projects in Edmonton and the surrounding southside communities of Leduc, Sherwood Park and Nisku. Five years ago, that figure might have been 10 per cent, Gogal said. Commercial and industrial condos provide opportunities for Gogal’s company in the short and long term. “We buy land. We do the development. We do the construction. We sell the units. About half the project we sell out to owner occupants, then a quarter out to investors, then the other quarter we usually retain. And the investors we sell to, we would usually lease those spaces for them,” Gogal explained. Western Realty and its related companies typically then manage and maintain the projects on an ongoing basis. &ENPOUPO Increasingly, setting up shop in one of Alberta’s Newer commercial/business condos develtwo largest cities can be done through com- oped by Western Realty in higher-end projects

typically sell for around $300 a square foot in the Edmonton market, with industrial properties going for around $200 to $215 per square foot, Gogal said, which is higher than in Metro Vancouver. Western Realty also converts existing leased commercial or industrial buildings to condos. This is usually easier to accomplish with month-to-month tenants rather than long-term leaseholders, Gogal explained. Gogal is bullish on the value of industrialized condos, in part because of low mortgage rates, but also because of relatively high industrial lease rates in Edmonton – rates that can hi $13 or $14 per square foot. “What are the drawbacks?” Gogal asked rhetorically. “There aren’t any.” He added that negative absorption in a market could be one, but he doesn’t expect that in Edmonton.

$BMHBSZ

In the Greater Calgary area there were 177 sales of industrial condominium units in 2010, according to Avison Young. Those units had a combined total price of $82 million, up about 4 per cent from 2009, which recorded 78.7 million in sales for 151 transactions. The last two years were down in sales volume from a more robust 2008, which Avison Young says produced over $106 million in sales in the Greater Calgary area. “Condominium ownership remains attractive for investors and those users who can safely predict their operational requirements for the next few years,” Avison Young explained in a recent Calgary market report. Prices are currently averaging between $160 and $205 per square foot for typical new construction bays (less than 4,000 square feet) inside the City of Calgary and $150 to $180 per square foot for older sites. Meanwhile, in areas surrounding the city, the average price is between $135 and $180 per square foot. Newly completed industrial condominium buildings in the south and in Airdrie have driv en prices down, whereas demand seems to be thriving in the north and east areas of the city where prices increased, local agents say.◆

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FOR SALE

SALTAIR SELF-STORAGE FACILITY and DEVELOPMENT PROPERTY Property is located on 3.61 acres in high-growth area with 42.7 meters of frontage on Chemainus Road. Saltair is situated near Chemainus between Ladysmith and Duncan in the Cowichan Valley.

O

Storage Business: Offers 110 selfstorage units plus significant outside storage of boats, cars and RVs on approx 1.21 acres. The storage business currently has an occupancy rate of 89%.

One Percent Realty Vancouver Island

Undeveloped Land: Expansion potential with approx 2.4 acres developable land with desirable C2 commercial zoning. OCP designates this area as the principal zone for the community.

Monica Love 250.797.2235 2monicalove@gmail.com

JUDY GRAY, CCIM 1.800.600.1718 Suite 103–1801 Bay Street, PO Box 195, Ucluelet. BC. MID-ISLAND REALTY Canada V0R 3A0 PIONEER BOAT WORKS Retail, marine railways & docks. Room for expansion, Lovely owners quarters. $990,000 WHISKEY LANDING Foreclosure, Ucluelet Inlet Foreshore lease & remainder prop. Engineering Report completed $1,999,000 Remediation required. FORMER FISH/ICE PLANT Ucluelet Inlet, w/ foreshore lease. Fully renovated & furnished suite. Large home on upland prop. also available.

$525,000

www.judygray.com

A22 Vancouver Island

www.westerninvestor.com MAY 2011WESTERN INVESTOR

MT WASHINGTON PACKAGE 15 Fully Serviced Ready to Go Freehold Building Lots Great Builder Opportunity Priced at Cost Call

VANCOUVER ISLAND Comox Valley

CAMPBELL RIVER, BC

UÊ /Ê 1-/, Ê-/, / ÊÊ ³É £xääÊ-+Ê / Over 20' ceilings 2 full storeys allowed. .............. $274,900 UÊ £]ÓääÊ-+Ê /Ê£n¿Ê ÊÊ°°°°°°° f£ÈÓ]nää UÊ , / É" É /Ê 1-/, ÊÊ SPACES FOR LEASE fn°ääÊqÊ£{°ääÉõÊvÌ UÊ Ê+1 /9Ê-/, / Ê" ÊÊ Ê Ó]{ääÊõÊvÌÊ .....................................................$629,000

250.380.4900 | lefevre@lefevregroup.com

UÊ -/, / Ê" Ê ",Ê- Ê 2nd floor vacant 2,200 sq ft ... $249,900 3rd floor leased 2,200 sq ft ...... $254,900

BOWLING BUSINESS AND RESTAURANT GROSSING ALMOST $400K/YEAR. THE ONLY ALLEY IN THE AREA, GOOD POTENTIAL $389,000 MLS # 310820

UÊ Î]ÈääÊ-+Ê /Ê, / Ê 1 Ê On .28 ac, Comox ................... $925,000 UÊ ÇÊ1 /Ê */Ê " "8Ê Zoned for 14 ............................ fnxä]äää UÊ Î]äääÊ-+Ê /Ê, / Ê 1 Ê On ½ ac, Courtenay ................. $925,000 UÊ £]{ÈäÊ-+Ê /Ê, / Ê 1 Ê On .23 ac, + chinese restaurant Cumberland ............................ f{nä]äää UÊ£°ÈäÊ Ê 1 / Ê 9Ê°°°°°°°°°° $695,000 UÊ°Ç£Ê Ê "7Ê, - Ê */Ê°°°°°°°°°°°fnxä]äää UÊ£°ÈÇÊ Ê " , ÊÊ°°°°°°°°°°fnÓx]äää

Rob Samsom

AACI CCIM FRI PERSONAL REAL ESTATE CORPORATION

1-888-829-7205 www.robsamsom.ca

RE/MAX Ocean Pacific Realty

LARGE COMMERCIAL BUILDING (77x30) ON 0.46 ACRE LOT WITH A SEPARATE (24x26) GARAGE AND 14x70 MOBILE $399,800 MLS # 313982 - Development site 1.5 acres ideal for mixed commercial and residential uses. Currently generates $2500/mth MLS # 305399 - Development site 0.3 Acres $199,800 for up to 10 residential units or rezone for up to commercial MLS # 304480 - Waterfront development site 0.54 Acres for $499,800 has older home and commercial zoning near city center MLS # 306568

STEPHEN GRANT PERSONAL REAL ESTATE CORP

www.StephenGrant.bc.ca TOLL FREE

1-888-286-1932 ADVANCE REALTY

VANCOUVER ISLAND COMMERCIAL www.nanaimoremaxcommercial.com

1-877-335-4380

Jay Cousins Realty

FOR SALE

Jay Cousins jay@jaycousins.com

of Nanaimo

Frank Johnson frank@remaxofnanaimo.com

INVESTMENT OPPORTUNITIES

INVESTMENT OPPORTUNITIES

UÊÊ FULLY RENOVATED & REDESIGNEDÊqÊÓ]ÎnäÊ-µ°Ê Ì°ÊLÕ ` }Ê ÊÓÊ iÛi ÃÊÌ >ÌÊV> Ê>VV `>ÌiÊ>ÊÎxÊÃi>ÌÊÀiÃÌ>ÕÀ> ̰ʺ ÃÊ Ã»ÊÃ> iÊ V Õ` }Ê> ÊÀiÃÌ>ÕÀ> ÌÊiµÕ « i Ì]Ê ÀÊÜ Ê vviÀÊLÕ ` }Ê EÊ > `Ê Ü Ì ÕÌÊ iµÕ « i Ì°Ê "«« ÀÌÕ ÌÞÊ Ì Ê i>ÃiÊ >Ê « Ãà L ÌÞ Ê $419,000

UÊ ",Ê- Ê",Ê - ÊqÊ 1-/, Ê*,"* ,/9 Ê ÃiÊÌ Ê ` Ü Ì Ü Ê > > ÊEÊâ i`Ê ÓÊ> Ü }Ê > ÞÊÕÃiðÊÇ]ÓääÊ-µ°Ê Ì°Ê Ü>Ài ÕÃiÊ ÛiÀÊÓÊ iÛi ðÊ,iVi ÌÊÀi Û>Ì Ã]Ê>ë > ÌÊ«>Ûi`ÊvÀ Ì]Ê Ã `iÊEÊÀi>ÀÊÞ>À`Ã]Ê« ÜiÀÊ ÃÊ{ääÊ> «]ÊÌ ÀiiÊ« >Ãi°Ê ÃiÊÌ Ê } Ü>ÞÊ >VViÃðÊ1««iÀÊv ÀÊVÕÀÀi Ì ÞÊ i>Ãi`ÊÌ Ê }ÊÌiÀ ÊÌi > Ì°Ê > Ê iÛi Ê >Û> >L iÊv ÀÊ i>ÃiÊ>ÌÊfn°ääÊ«iÀÊõ°ÊvÌ°Ê« ÕÃÊ/ °Ê $699,000

UÊÊ MOTEL, DUNCAN, BC ÊÎÓÊÕ ÌÊ Ìi ÊÜ Ì ÊÀiÃÌ>ÕÀ> ÌÊ ÊÌ iÊ

Ü V > Ê6> iÞ°ÊÊ i ÌÀ> ÞÊ V>Ìi`]ÊV ÃiÊÌ Ê` Ü Ì Ü Ê Õ V> ]Ê ÕÃÌÊ vvÊ Ì iÊ /À> ÃÊ > >`>Ê ÜÞ°Ê Ê i>ÀLÞÊ v>V Ì iÃÊ V Õ`iÊ Ì iÊ UÊ 1.4 ACRE PROPERTY ZONED HEAVY INDUSTRIALÊ Õ ÞÊ ÊUÊ È]£ÈÇÊ-+°Ê /°Ê7 , "1- ÊEÊ" Ê 1 Ê > ÀÊ Ü V > Ê-« ÀÌÃÊ « iÝ]ÊÌ iÊ Ü V > Ê/ i>ÌÀi]Ê> `ÊÌ iÊ,iVÊ vi Vi`]ÊÓÊi ÌÀ> ViÃ]Ê ÛiÀÊÎää½Ê vÊvÀ Ì>}iÊ Ê Õ iÊ* Ì]Ê > > °ÊÊ `ÕÃÌÀ > Ê*>À Ê Ê* ÀÌÊ LiÀ ÊÜ Ì ÊV ÕÀ iÀÊV «> ÞÊ>ÃÊ }ÊÌiÀ ÊÌi i ÌÀi°Ê REDUCED TO $1,250,000 V Õ`iÃÊ £ä½Ê 8Ê Îä½Ê vv ViÊ L i°Ê -i iÀÊ >ÞÊ i ÌiÀÌ> Ê i>ÃiÊ JÊ > Ì°Ê iÌÊ V iÊ ÊiÝViÃÃÊ vÊfÈ£]äää°Ê, Êv ÀÊiÝ«> à Ê$715,000 UÊ 66 ACRE ESTATE q V>Ìi`Ê ÕÃÌÊà ÕÌ Ê vÊ > > ]Ê>Ê >} v Vi ÌÊ fÎ]xääÊ«iÀÊ Ì Ê« ÕÃÊÌ>ÝiÃÊ $595,000 UÊ 8 */ " Ê 6 -/ /Ê *,"* ,/9Ê qÊ * , -6 Ê ÃÌ> `Ê vÊ >ÌÕÀiÊÌ LiÀÊ> `Ê «i Êv i `ðÊÊ ««À Ý >Ìi ÞÊ{{Ê>VÀiÃÊ vÊ iÀV > Ì>L iÊÌ LiÀÊ>««À> Ãi`ÊÌ Ê >ÛiÊ>Ê iÌÊÀ> }iÊ vÊf{ÓÇ]äääÊ UÊ 12 UNIT APARTMENT BUILDINGÊ q Ê * " , / Ê , Ê x Ì Ü Ê ÀÃÌÊ >ÃÃÊ }ÊÌiÀ ÊÌi > Ì°Ê*À «iÀÌÞÊ ÃÊ£°ÇÎÊ>VÀiÃÊÜÉ}Ài>ÌÊ « Ì Êfxx ]äää°Ê à Ê}À>Ûi Ê`i« à ÌÃ]ÊÓÊÀi Ìi`Ê ÕÃiÃ]Ê> `Ê>ÊL>À °ÊÊ « ÀÌÕ ÌÞÊÌ Ê>``Ê ÀiÊLÕ ` }Êë>ViÊEÊ ÛiÀÊ£Ê>VÀiÊ vÊ>`` Ì > Ê i`ÃÊEÊÇ iÊ i`Ã]ÊÕ«}À>`iÃÊÌ Ê> ÊÕ ÌÃ]ÊV ÌÞÊEÊ iÌÊÛ iÜÃ]Ê ÊiÝVi«Ì > ÊiÃÌ>ÌiÊà ÌiÊÜ Ì ÊÀiÛi Õi°Ê$1,950,000.00 > `Ê>Û> >L iÊv ÀÊ`iÛi « i Ì°Ê,iVi ÌÊ > ÀÊÌi > ÌÊ «À Ûi i Ì ÃÊ ÌÕÀ iÞÊ «iÀ>Ì ]Ê>««À Ý°ÊÇ°x¯Ê *ÊÀ>Ìi°ÊÊ > Ê -Êv ÀÊ`iÌ> i `Ê EÊ«À Vi`ÊLi ÜÊ>ÃÃiÃÃi`ÊÛ> ÕiÊ $795,000 «>V >}iÊÊÊ $749,000 UÊ 7 Ê "7 Ê*",/Ê , Ê , Ê 1 ÊqÊ

ÕÀÀi Ì ÞÊÕÃi`Ê>ÃÊ vv ViÃÊEÊÕ Ê > ]Ê>««À Ý°ÊÈ] äÊõ°ÊvÌ°Ê ÛiÀÊÎÊ v ÀðÊ*£Êâ }ÊLÕÌÊV Õ `ÊLiÊV iÀV > ÞÊÀiâ i`°Ê v À >Ì Ê U TENANTED INDUSTRIAL BUILDING FOR SALE Ê Ê£Ó]£äÈÊ « ÀÌv Ê>Û> >L i $995,000 } ÌÊ `ÕÃÌÀ > Ê­ Ó®ÊLÕ ` }Ê Ê>Ê£Ê>VÀiÊÃÌÀ>Ì v i`Ê Ì°Ê"Ü iÀÊÜ Ê i>ÃiÊL>V Êv ÀÊxÊÞi>ÀÃ°Ê ÀÊV ` Ì i`Ê£]ÇÈxÊõvÌÊ vv ViÊë>Vi Ê UÊ /Ê 1-/, Ê <" Ê " * 8Ê qÊ - Ê qÊ ÝVi i ÌÊ ÀiÛi ÕiÊ «« ÀÌÕ ÌÞÊ VÕÀÀi Ì ÞÊ }i iÀ>Ì }Ê Ê iÝViÃÃÊ Ü Ì Ê>ÊÃ> iÃÉÀiVi«Ì Ê>Ài>]ÊÌÜ Ê vv ViÃ]Ê>Ê Õ V À ]Ê> `ÊÌÜ Ê vÊ f£È{]äääÊ > Õ> Þ°Ê Ã > `Ê } Ü>ÞÊ iÝ« ÃÕÀi]Ê i>ÃÞÊ >VViÃÃ]Ê L>Ì À Ã°Ê V>Ìi`Ê Ê ÀÌ Ê > > ]ÊÜ Ì Êi>ÃÞÊ>VViÃÃÊÌ ÊLÕÃÊ ÈÊ LÕ ` }ÃÊ Ê Ì Ì> ]Ê > Ê Ê Ó°nnÊ >VÀiÃ°Ê ÕÀÀi ÌÊ Ài Ì> Ê À>ÌiÃÊ Ü Ì Ê À ÕÌiÃ]Ê> `Ê > ÀÊÌÀ> ë ÀÌ>Ì ÊV ÀÀ ` ÀðÊÊ $1,890,000.00 Û>V> V iÃÊv i`ÊÜ Êà ÜÊ i>À ÞÊn¯Ê *ÊÀ>ÌiÊÊ $1,895,000 U /Ê 1-/, Ê Ê Ê 1 Ê*" / - 1.83 acres of land, in the Duke Point Industrial Park. Large flat UÊ 1 / / / Ê 69Ê 1-/, Ê*,"* ,/9ÊÊ lot, easy to develop and close to the Duke Point Ferry qÊ *>À ÃÛ iÉ ÀÀ }Ì Ê >Ài>°Ê Ê È°ÓÊ VÀiÃÊ «>ÀÌ > ÞÊ `iÛi «i`Ê Ü Ì Ê Terminal. Potential to be re-zoned to Heavy Industrial iÜÊÜ>Ài ÕÃiÃ]Ê iÜÊ{ÊÕ ÌÊ Õ Ì ÀiÃÊÜ À É ÛiÊë>Vi]Ê iÜÊ vv ViÊ ( I - 4) $499,900.00 LÕ ` }Ê« ÕÃÊiÝ ÃÌ }ÊLÕ `ÊÌ ÊÃÕ ÌÊÌi > ÌÊ Ê« >ViÊ Ê£Ê>VÀiÊ« ÀÌ Ê UÊ ",/ Ê "Ê " , Ê 6 -/ /Ê ÜÉ«>Ûi`ÊEÊÃiVÕÀ ÌÞÊvi Vi`Ê>Ài>°Ê ÕÀÌ iÀÊÓ°xÊ>VÀiÃÊ ivÌÊÌ ÊV Ì ÕiÊ *,"* ,/9Ê Ê Fully leased 1837 sqft commercial stra`iÛi « i ÌÊ« > °Ê* Ìi Ì > Ê V iÊÕ `iÀÊVÕÀÀi ÌÊV v }ÕÀ>Ì Ê Ê ta unit over 2 floors (935 sq. ft., and 902 sq. ft.). iÝViÃÃÊ vÊf£È{]äääÊ> Õ> Þ°Ê REDUCED $1,950,000 $410,000.00

FRANK JOHNSON

JAY COUSINS

UÊ , /Ê 8*"-1, Ê" Ê - Ê 7 9Ê qÊ > > Ê Ê Ó]ΣÓÊ-µ°Ê Ì°ÊLÕ ` }Ê Ê°Ó Ê vÊ> Ê>VÀi°Ê £ÎÊ< }Ê> ÜÃÊ Ì ÃÊ vÊ ÕÃiÃÊ V °ÊÀiÌ> ]ÊÀiÃÌ>ÕÀ> ÌÃ]Ê ÊÃÌ À>}i]ÊÀiVÀi>Ì > Êv>V Ì iÃÊ ÀÊ Ûi V iÊÃ> iÃÊEÊÃiÀÛ Vi°ÊÊ REDUCED $875,000

www.nanaimoremaxcommercial.com

1-877-423-0984

INVESTMENT OPPORTUNITIES UÊ -/, / Ê1 /Ê Ê 1-/, Ê* , ÊqÊ "Ê ««À Ý°Ê £]ÎääÊ-µ°Ê Ì°Ê } ÌÊ `ÕÃÌÀ > ]ÊÓÊ ÛiÀ i>`Ê` ÀÃ]ÊÓÊ > Ê` ÀÃ]Ê vv Vi]Ê£n½ÊVi }Ã]Ê-ÌÀ>Ì>Ê iiÊ ÃÊfxÈ°xäÊ«iÀÊ Ì ÊÊ $269,000 UÊ

1 "1 Ê 1-/, Ê* , ÊqÊ-/, / Ê1 /Ê ««À Ý°Ê £]{ääÊ-µ°Ê Ì°]ÊÓÊ vv ViÃÊ« ÕÃÊ iââ> i]Ê£Ê ÛiÀ i>`Ê` À]ÊÓÊ > Ê ` ÀÃ]Ê£n½Ê i }Ê i } Ì]Ê-ÌÀ>Ì>Ê iiÊfÈÓ°ääÉ °ÊÊ $279,000

UÊ*",/Ê , Ê+1 /9Ê" Ê*,"* ,/9 Ê L >ÃÌÃÊ }Ài>ÌÊ V>Ì ]Ê iÀ Ì>}iÊV >À>VÌiÀ ÃÌ VÃÊEÊ ÃÊ>Û> >L iÊv ÀÊiÝ«> Ã Ê ÀÊÀi `iÛi « i ÌÊV à `iÀ>Ì °ÊÊ ÃÌÀÕVÌi`Ê Ê£ x ÊÌ iÀiÊ ÃÊ >««À Ý°ÊÎä]xääÊõ°vÌ°Ê ÛiÀÊÎÊ iÛi ðÊ< i`Ê 8 ÓÊ> ÜÃÊv ÀÊ>ÊÜ iÊ À> }iÊ vÊÕÃiÃ°Ê v Ê* ÀÌv Ê Û> >L iÊ $1,495,000 UÊ -1

-- 1 Ê , ]Ê ÊEÊ , 7 , Ê 1- --Ê Ê Ê - Ê qÊ >À`Ü>ÀiÊ> `ÊLÕ ` }ÊÃÕ«« ÞÊ «iÀ>Ì °Ê Ê LÕ ` }ÃÊ ÊÓ°ÈxÊ>VÀiÃ°Ê ÝVi«Ì > ÊÃ> iÃÊÛ Õ iÊÌ >ÌÊV Ì Õi ÃÊ Ì Ê}À ÜÊ> Õ> Þ°Ê Ûi Ì ÀÞÊÌ ÊLiÊ«ÕÀV >Ãi`ÊÃi«>À>Ìi ÞÊ ÊV « iÌ °Ê v `i Ì > ÌÞÊ }Àii i ÌÊ ÕÃÌÊLiÊà } i`°Ê $2,075,000

UÊÓÊ " , Ê 1 -Ê Ê 1 Ê qÊ" iÊ ÃÊ>ÊÌ i>ÌÀiÊLÕ ` }Ê Ê°Î{Ê vÊ> Ê>VÀiÊv ÀÊf{{ ]äääÊ> `ÊÌ iÊ Ì iÀÊ Ê£Ê UÊ "/ ]Ê +1",Ê-/", ÊEÊ*1 Ê Ê*",/Ê , Ê ÃÌ ÀiÞÊ vv ViÊLÕ ` }Ê Ê°ÎÇÊ vÊ> Ê>VÀiÊv ÀÊ $629,000. Ê Ì Ê>ÀiÊ £Ê Êëi ÌÊ Ê ÊÀi Û>Ì ÃÊÌ ÊÕ«`>Ìi°Ê*À «iÀÌÞÊEÊLÕà ià ÃÊ â i`Ê £Ê i iÀ> Ê iÀV > °Ê > Ê ÀÊi > Ê -Êv ÀÊ«>V >}i° >Û> >L iÊÓÊÃi«>À>ÌiÊ«À v ÌÊVi ÌÀiðÊÊ*ÕLÊEÊÀ ÊÀi Ì> ÊLÕà ià ÃÊ « ÕÃÊ µÕ ÀÊ-Ì ÀiÊ>Û> >L iÊv ÀÊ$690,000ÊÜ iÊi Ì ÀiÊ«>V >}iÊ ÃÊ ÜÊ>Û> >L iÊv ÀÊ$1,590,000°ÊÊ v Ê« ÀÌv Ê>Û> >L i° UÊ iÀ iÊ À > Ê Ã iÌ VÃÊ À> V ÃiÊqÊ > «Li Ê, ÛiÀÊ$75,900 UÊ ££Ê1 /Ê * ,/ /Ê " Ê qÊÓÊ i}> Ê ÌÃ]Ê Ài>ÌÊ Vi> Ê UÊ > ÀÊ ÕÌÌ }Ê À> V ÃiÊ ÀÌ Ê > > Ê V> iÊÊÊÊÊÊ $85,000 Û iÜÃ]ÊVi ÌÀ> Ê > > Ê V>Ì ]ÊiÝÌi à ÛiÊÀi Û>Ì ÃÊ Ê >ÃÌÊviÜÊ UÊ Ì iÃÃÊ À> V ÃiÊv ÀÊ7 i ÊqÊ > > Ê $129,000 Þi>ÀÃ]Ê v Ê«>V >}iÊ>Û> >L i°Ê $1,039,000 UÊ ÃÌ>L à i`Ê* Ì }À>« ÞÊ Õà iÃÃ Õ V> ÊÊÊÊÊ $139,000 UÊ > > Ê->ÕÃ>}i]Ê > Õv>VÌÕÀ }Ê> `Ê-> iÃÊ $149,000 UÊ - ",-Ê , Ê /9 qÊ "Ê "-* / Ê , ÊqÊ UÊ iÀ >À`Ê > iL>ÕÌÊ V >ÌiÊ À> V Ãi > > ÊÊÊÊÊÊ $149,000 *ÓÊ< }Ê> ÜÃÊ ÃÌ ÌÕÌ > ÊÕÃiÃÊ ÀÊÀiâ }ÊÌ Ê Õ Ì ÀiÃÊ V> ÊLiÊV à `iÀi`°Ê Õ ` }ÊEÊ > `Ê `i> ÞÊ i `ÃÊ ÌÃi vÊÌ ÊV - UÊ-ÜiiÌÊ >VÌ ÀÞÊ À> V ÃiÊ Ê ÀÌ Ê > > Ê > Ê $179,000 }Ài}>ÌiÊV>Ài]ÊÃÌÕ`i ÌÊ Õà }]Ê ÀÊ ÃÌi ÊÕÃiÃ°Ê Õ ` }Êà âiÊ Ã Ê UÊ Õ Ê-iÀÛ ViÊ i>ÛÞÊ ÕÌÞÊ,i«> ÀÊ Õà iÃÃÊ $229,000 $4,500,000 {{]ÓxxÊ-µ°Ê Ì°Ê Ê£°nÇÊ VÀiÃÊ

BUSINESSES

JAY COUSINS

JAY COUSINS

A23

WESTERN INVESTOR MAY 2011 www.westerninvestor.com

REGIONAL ROUNDUP University expansion injects youth – and a fresh vibrancy – into city’s downtown

/BOBJNP JT TP NVDI ZPVOHFS OPX PETER MITHAM WESTERN INVESTOR anaimo is far enough away from Vancouver to offer investors good pricing but close enough be a suburb with many of the benefits that entails.

/

$PNNFSDJBM

Photos: City of Nanaimo

A 90-minute ferry ride from Horseshoe Bay – half an hour by float plane from the downtown core – Nanaimo remains on the periphery of the Lower Mainland even as developers such as Cape Development Corp. and InSight Holdings Ltd. have been actively redeveloping sites along the city’s waterfront. Millennium Development Corp. was even a contender in the development of the hotel planned adjacent to the city’s conference centre but did not complete on the project and has since been sued by Nanaimo in connection with its failure. Still, the city’s downtown core evinces the makeover that’s happening as capital flows in at the bidding of a business-friendly mayor and students flock to Vancouver Island University (VIU), the former Malaspina University College that gained university status in 2008. The school is now transforming itself into an ambitious post-secondary institution and doing as much as business interests to revitalize this city of 85,500 people (a population closer to 150,000 when unincorporated areas and the surrounding communities of Lantzville, Parksville and Qualicum Beach are added in). While an estimated $180 million of infrastructure projects bring money into the community – including a $25 million expansion of the local airport, a $27 million upgrade to boilers at the Harmac paper mill just outside the city in Cedar, a $37 million expansion of the Nanaimo General Hospital emergency department and $91 million in upgrades toBC

The influx of students has been critical to the development of new businesses, said Amrit Manhas, acting economic development officer for Nanaimo. This is seen not only in the university area, with the makeover of University Village Plaza and other projects within walking distance of the university, but also downtown. “The demographic that the university attracts leads to the general vibrancy of the downtown,” Manhas said. “The university plays a key role in bringing the younger demographic into Nanaimo, which of course helps support and spur certain types of businesses.” Building permits, which peaked in 2007 at $258.3 million, dropped to $159.6 million in 2009 but have now edged back up to around $172 million annually. Residential construction is leading the way, with commercial and public projects following.

Nanaimo: $180 million in upgrades includes hospital and airport expansion. Upcoming is a $250 million university campus. Downtown is seeing a fresh optimism with a new convention centre and an influx of university students.

Transmission Corp.’s local facilities – downtown is being transformed by new residential construction and students. An eclectic mix of shops have taken over space formerly occupied by pawnshops and strip clubs, and though the old-timers can still be heard in local watering holes, they are being drowned out by the clatter of laptops and cappuccino cups. While classes were disrupted this past winter by labour action, student enrolment at VIU rose 14 per cent in 2010. This is boosting hopes for a 50-year master plan for VIU’s campus, which is located in Nanaimo’s Harewood neighbourhood. A campus centre is also located in Parksville, with regional campuses in Duncan and Powell River. VIU is embarking on a $250 million building

program that will expand the main university campus with science, health and sporting centres as well as a central building for the providing office space and classrooms. Harewood, a former mining community to the west of Nanaimo’s downtown, is benefitting from the activity. The local strip mall has been rebranded as University Village Plaza, and investment in residential properties is accelerating. But arguably the most significant impact of Malaspina’s recent accession to university status is in downtown Nanaimo, where boutiques and a multicultural array of restaurants are lending new character to old streets. While the city’s industrial past isn’t far away, it’s receiving a makeover in the form of condos, clubs and cafés that reflect the city’s aspirations.

Seaplane and ferry connections to Vancouver make the city an accessible destination, while average home sale prices for the area are steady at just over $365,000. Manhas, who grew up in Burnaby, is quick to point out that Nanaimo recently garnered kudos as the third most-livable city in the province. But it’s also a marketable city when it comes to commercial activity, according to Gerry Van Vaals, who handles commercial properties and investment sales for the Nanaimo office of DTZ Barnicke. “We’ve got a good influx of potential new users coming into the city and existing folks looking at buying light industrial,” he said. “The price of light industrial here on a persquare-foot basis is approximately 60 per cent of what the same property would cost you in Victoria.” Strata commercial and light-industrial properties are in particular demand as the city becomes a hub for distributors who feel the cost of space in Victoria is too high. The space supply is limited in Nanaimo, especially after two years of soft economic times, but new construction is ready to kick off as demand

Please see Lenders page A24

7BODPVWFS *TMBOE

Nanaimo RiverRegister Now The Nanaimo River acreages are a rare opportunity to acquire spectacular riverfront land at one of Nanaimo's summertime recreational destinations. Swimming, fishing, biking and hiking are just some of the activities enjoyed in this region which is located less than 20 minutes from the airport, ferry terminal and downtown Nanaimo. All acreages will have south facing orientation and be a minimum of 10 acres in size. Whether you are buying for permanent living or seasonal enjoyment, this limited opportunity to purchase waterfront on Nanaimo River should not be passed up. Register now to receive notification on lot availability. •For complete details, please contact a Couverdon sales representative. The Developer reserves the right to make modifications and changes to the information contain herein. Photos and maps are representational and are not accurate. Prices are subject to change. E.& O.E.

TOLL FREE

1.877.239.4811

Vancouver Nanaimo

Nanaimo River

grow here to learn more call Amrit Manhas Economic Development Office 250 755 4465

Victoria

couverdon.com

A24 Vancouver Island

www.westerninvestor.com MAY 2011WESTERN INVESTOR

-&/%&34 from A23 warrants. “There’s a new look being taken at some of the commercial projects,� Van Vaals said, noting that this spring has been especially busy. Green Rock Industrial Park, a new 24-lot light-industrial subdivision just off Bowen Road, will be coming to market this fall. Serviced lots adjacent to the Nanaimo Parkway will range in size from 9,688 square feet to 71,849 square feet. The best news for investors – who see greater room for returns here than in well-developed markets like Victoria – as well as developers of new space is that lenders are ready to do business. While loan-to-value ratios dropped to 50 per cent during the recession, Van Vaals said many lenders are now back to offering traditional levels of financing on projects. “They’re back to – some of them – lending 75 per cent.�

TWO PRIME LOCATIONS FOR SALE WITH POTENTIAL FOR CAREHOME OR CONDO SITES NEW PRIME RETAIL SPACE FOR LEASE CENTRALLY LOCATED NEXT TO POPULAR RETAILERS SUCH AS CENTRALLY NEXT SHOPPERSLOCATED DRUG MART TO POPULAR RETAILERS SUCH AS SHOPPERS DRUG MART.

COMOX

LANGFORD CONDO SITE APPROVED FOR UP TO 188 UNITS EXCELLENT LOCATION

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But if demand is driving new construction, it’s also what has helped stymie plans by InSight Holdings’ for a 26-storey residential development on the Nanaimo harbourfront. The downturn in real estate and financial markets in 2008 has delayed marketing and construction of the tower, which is approved and ready to rise from an excavation prepared for it. “We realize that this is a market that doesn’t pre-buy,� said Doug Bromage, general man-

LOCATED NEXT TO COSTCO, A SHERATON HOTEL, HOME OUTFITTERS, AND MANY OTHER RETAIL STORES 2.34 ACRES OF POTENTIAL

Please visit our website or call for more details.

monarkinvestments.ca

604-592-7250

Financing Available. Potential Trades.

Campbell River Development Site 3.14 Acres with 397 feet Water Front Zoned Commercial Four (C-4) with 180 degrees of views of Georgia Straight.

Jerry Raczkowski 780-932-2121 Crest Realty (Westside)

The site: 1430 South Island Highway is approved for 74 units’ quarter share Resort Spa with the building permit in place. Call Jerry Raczkowski for more details 604-602-1111 RE/MAX Crest Westside www.VancouverInvestor.ca

ager of InSight. “Right now, it’s just on hold.â€? 2VJDL GBDUT The pause in the market has meant a strategic approach is needed for the projects that are going ahead. First Capital Realty Inc. is moving ahead with a planned makeover of thePort BRITISH COLUMBIA Place Shopping Centre, but it will proceed in three phases. Port Hardy The first phase will transform the 19 145,000-square-foot enclosed mall into a vilPowell River lage-style shopping centre while subsequent Campbell River phases will add office and residential compoCourtenay Vancouver VANCOUVER nents. The project will add density to the city’s ISLAND harbourfront, potentially polishing its working NANAIMO âœŞ character into an urban gem. 19 But it may also feed demand for core retail space in a city where the majority of new mall /BOBJNP # $ construction has followed development at the Population 85,000 north end of the city. First Capital also owns Regional population 149,000 the Terminal Park, Woodgrove Crossing and Housing starts 786 (2010) Longwood Station malls on the north side of Average detached house price $363,985 Nanaimo, but redeveloping Port Place will Housing sales 2010 1,124 gives it a stake in the heart of the city. Mike Lowe, managing director, British Columbia, for First Capital, said economic hole in the core. prospects have been improving in Nanaimo While the city is seeking $3 million in damand the mid-Island area generally. Its invest- ages through the courts from Millennium, word ments reflect the confidence it has in the city. is that the city would grant the 17,000-squarefoot site beside the convention centre free to 'SFF MBOE any developer who could deliver the longThe one missing piece of the downtown puzzle awaited hotel. The hotel could have upward of is the hotel adjacent to the city’s convention 170 rooms, and would complement investments centre. The centre has helped anchor revitaliza- in downtown accommodation by the owners tion in the downtown core, but Millennium’s of the Coast Bastion Inn and the Dorchester failure to develop the adjacent site slated for a Hotel, which operates as a boutique property hotel (and ongoing legal wrangling) has left a under the Best Western banner.â—†

Subscribe 1-800-661-6988

www.westerninvestor.com

ED HANDJA PERSONAL REAL ESTATE CORP. www.bcoceanfront.com

Phone: 1-800-563-7322

edhandja@bcoceanfront.com

Cell: 250-287-0011

QUADRA ISLAND RESORT 8 incredible, commercially zoned oceanfront acres with 390ft of low-bank shoreline, south west exposure & outstanding marine views. This resort-style property has a friendly topography with heavily forested areas, expansive lawns, 2100sqft main residence, 3 duplex cottages, large shop & substantial private moorage. Ideal resort development! $1,090,000

CAMPBELL RIVER AIRPORT 2 buildings totalling 5040sqft on .22 leasehold acres adjacent to the runway. The hangar is 56’x70’ & partitioned into a 56’x46’ area ideal for small corporate jets or up to 5 smaller aircraft & a work area, storage & ofďŹ ce. Structures are built to seismic code with split-face concrete block construction, metal roofs & spark proof work areas. $335,000

ALERT BAY ORCA INN 2 titles totalling almost half an acre with amazing unobstructed marine views, 7300sqft building with owner’s suite, 5 hotel rooms, 49seat restaurant, 35-seat pub & a Beer & Wine Store. Extensive upgrades include: new ďŹ re suppression system, 4 monitored security systems & renovated bathrooms. An affordable West Coast business opportunity. $450,000

QUADRA ISLAND CORE SERVICES! 1.6 fully serviced, commercial acres with 511ft of road frontage & an 11,070sqft 3 level plaza with a great cross section of tenants, the only Petro Canada self-serve station on the island, 4 residential suites, drilled well & water storage system, extensive paved parking, large gravel parking area & 3-phase underground electrical service. $1,285,000

FISHING ADVENTURE LODGE 30x10m barge facility on the West Coast of Vancouver Island situated in Galiano Bay. Equipment, docks, breakwater & moorage equipment, assignment of a .55-acre foreshore license of occupation & conditional water license on Chinootka Creek. Excellent value in a region of spectacular coastal exploration, incredible ďŹ shing & amazing adventure! $359,000

ALERT BAY OCEANVIEW CABINS Well maintained resort style accommodations with 12 renovated free-standing ocean view cabins including 2 duplex-style cabins, ranging in size from 300–640sqft & separate manager’s lodgings mins from the amenities of town, incredible ďŹ shing, scenery & unlimited adventure. Adjacent to an airstrip –  y your clients with style! Good Revenue! $1,125,000

PRIVATE ISLAND AIRSTRIP Spectacular 160-acre property on the southern tip of Cortes Island featuring a 3100ft Transport Canada approved airstrip, active mining license with a reserve of gravel & other aggregates, a 3923sqft, 5-bedroom main residence with 2 additional self contained 1-bedroom suites, beautifully forested areas & complete privacy. Fly home to paradise! $1,650,000

VANCOUVER ISLAND AIRPORT Ideal  ight service & maintenance facility on 1.12 level leasehold acres in Campbell River with a 50x50’maintenance building with overheight ceilings, 40’ overhead door, 2000lb hoist & built in compressor as well as an attached 20x24’ shop & an attached 20x50’ space incorporating a self-contained 2bedroom suite, an ofďŹ ce & reception area. $250,000

Vancouver Island A25

WESTERN INVESTOR MAY 2011 www.westerninvestor.com

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Full Property Management Services (Residential and Commercial) including Facility Management Services in Victoria and Prince Rupert, B.C.

Contact Dale Schuss

1-250-658-8060

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ictoria’s multi-family market will continue to be characterized by low capitalization rates and high per-suite prices, according to a report from Colliers International. The typical cap rate for recent apartment building sales are in the 4.6 per cent range, and walk-up buildings are selling for around $130,000 per suite, according to Colliers, Victoria. Average rents in Victoria are $1,024 for a two bedroom and $806 for one bedroom, up 2 per cent from a year ago. The current vacancy rate is 1.5 per cent, the sixth lowest in Canada. Colliers expects vacancy rates to fall to 1 per cent this year in the capital city, and is predicting that cap rates will remain among the lowest in Canada.

recently toured China including “small cities with 10 million residents.” Philips said he was told there was a three-year lineup for Chinese residents trying to get Canadian visas. Fellow panellist Jennifer Podmore-Russell, real estate advisory leader at Deloitte Touche, noted that B.C. “gets 47 per cent of all investor-level immigrants and 90 per cent of these settle in Vancouver.” Such immigrant investors must prove a net worth of $1.6 million and post an $800,000 five-year bond with Ottawa. Last year, 5,500 such Asian investors came into Vancouver, among 40,000 immigrants, the majority from China. But Philips added a caution, which was echoed by other forum speakers. “The [development] industry is betting big on the Chinese buyer,” he said, “and it is risky.” A change in China policy toward residents taking money out of the country, an Egypt-type revolt or simply too-high prices in Vancouver could slow or stop the wave, forum delegates were told.

China moves big into B.C. coal

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Chinese group is preparing to inject $1 billion into B.C. coal mining. China’s Shougang Group, with Canadian Kailuan Dehau Mines Co Ltd., plans to develop three underground coal mines all close to Tumbler Ridge in B.C.’s north. The goal is to start construction on the hile most residential real estate develfirst mine late next year, with the companies opers in Metro Vancouver are confi“moving forward at a very rapid rate,” said dent that the current tsunami of Mainland Chinese investors and buyers will keep com- Pat Bell, B.C.’s jobs minister. “They have the fiscal resources already in place to do it,” said ing, some are warning that it is dangerous Bell, who met with executives at Shougang to count on it. and other consortium partners in Beijing on a Such off-shore buyers are credited with trade mission. “It’s a very big deal.” driving home prices on the West Side of The companies are looking to produce as Vancouver and Richmond into “the stratomuch as eight million tonnes a year from sphere”, according to Cameron Muir, three mines. That figure is equal to approxichief economist with the BC Real Estate mately one-quarter of all of the coal producAssociation, who chaired a panel at the tion in B.C. Vancouver Real Estate Forum last month. To develop mines to unearth that much coal Figures show that the average house price would take at least $1-billion in construction on the west side is now $1.8 million and has costs. The mines would employ 1,200 workers topped $1 million in Richmond for the first and generate about 5,000 more indirect jobs, time. which is roughly twice the number of people “This trend is deep,” said Chris Philips, in Tumbler Ridge. president of Fairborne Homes Ltd., who

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anson Development is waging “hundreds of thousands of dollars” that B.C. voters will kill the controversial harmonized sales tax (HST) in a mail-in vote this coming June. At the opening of its new Eight West condominium development in New Westminster last month, Wanson spokesman Bill Morrison said the company has refused to charge the HST on 160 condominiums. Morrison said the HST, which is charged on new homes but not on resale homes, is driving prices for resale homes higher than the cost of new housing. “Can you imagine paying more for a sevenMarketer Bill Morrison at Eight West year-old car than a brand-new one?” asked condo launch: “we believe the HST Morrison. “At Eight West, we have one-bedroom will be overturned.” suites from $168,800 and our homes are priced less than comparable seven-year-old resale product right across the street and throughout New Westminster. As a result, the decision to buy new or used is determined by the requirement to pay HST.” He added that the HST has damaged one of B.C.’s largest economic drivers, the new-home industry, which affects everything from labour to lumber. Other developers disagree. Speaking at the recent Vancouver Real Estate Forum, Ralph Archibald senior vice-president of Polygon Homes Ltd. said new-home buyers appear to have accepted the HST and that the affect of the tax on labour and building-material prices is starting to benefit developers. “There is a lot of confusion about the HST,” Archibald said. “First of all it is not 12 per cent on every new home.” Under the HST guidelines, buyers of new homes are eligible for a rebate of 71.43 per cent of the provincial portion of the HST paid on a new home, up to a maximum of $26,250. Homes above $525,000 receive a flat rebate of $26,250. The rebates do not apply,however, for investors buying a condominium, for instance, as a second residence. On a $168,000 condominium bought by an owner-occupier, the HST would be $8,753. If bought as a second home, the HST would be $20,160. “We are putting hundreds of thousands of dollars of our own money up as collateral because we believe the HST will be overturned,” Morrison said. Eight West is currently the largest residential land assembly in New Westminster, totalling more than 160 condominiums and townhomes located on Eighth Street. When fully built out, the value of the entire Eight West community is expected to be approximately $50 million. Photo: Pilothouse Inc.

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www.westerninvestor.com MAY 2011WESTERN INVESTOR

China joins a crowded list of proposals for additional mines, including Teck Resources Ltd.’s plan to resurrect the Quintette mine, closed in 2000. Quintette could be once more producing three million tonnes of coal by 2013. “It’s definitely a boom time. The northeast is really going great guns right now,” saidPierre

" Villa Madrona "

Vancouver Island & Gulf Islands Saanich Inlet: Secluded natural state .85 ac. Amenities: concierge, 24 hr security, swimming pool, oceanfront w/south exposure. Updated & tastefully fitness center, workshop, putting green. Close to all decorated 1½ lvl 1724 sq’ home. ......$1,550,000. amenities. ......................................$2,075,000 . Galiano I: West coast home sited close to water Thetis I: A very special secluded waterfront 10 ac w/west exposure. Comfortable 1700 sq’ home set estate w/main residence of 2963 sq’, guest cottage in secluded .83 ac w/ocean on 3 sides + dock in a & 4 ancillary buildings. The park like property is peaceful cove. ...................................$1,100,000. mostly lvl w/gentle slope lo bank frontage of 800’ +/- w/dock. .......................................$1,549,000. Tsehum Harbour: Attractive 2 lvl West Coast 10 Mile Pt: Modern oceanfront Mediterranean 3921 sq’ home sited @ waters edge. 1/2 ac lo bank style 8500 sq’ 3 lvl family home w/expansive marine lvl property. Situated on quiet cul-de-sac. Built w/ views. Situated quiet no-through rd. ..$4,850,000. attention to quality, detail & decoration - as new! Can buy w/furnishings-turn key! Close: marina’s, Ardmore: 2 lvl oceanfront home set in .67 ac Sidney, airport, ferries. .......................$1,799,000. w/easy beach access. Well maintained w/recent upgrades. Expansive west views & beautiful sunsets. Victoria: Penthouse w/ever changing SW marine, .......................................................... $1,495,000. Juan de Fuca Strait, Olympic Mtn views! Situated Thetis I: Secluded 2.16 acs w/300’ of lo bank frontprestigious “Shoal Point” complex. Modern well age. Older 1 lvl country home sited close to water w/ planned (designed for elevator) 2 lvl 3706 sq’ suite. west exposure. .....................................$899,750.

Peter Nash | 250.384.0566 direct 877.388.5882 realestate@peternash.com www.peternash.com

Victoria

Gratton, CEO of the Mining Association of BC “There’s potential for a lot more.” Peter Thompson, who is a managing broker with Re/Max Tumbler Ridge Realty Ltd., noted that a 400-lot subdivision is being planned eight kilometres from town. That, he said, includes three condo buildings and retail space.◆

Magnificent Vancouver Island Oceanfront Estate villamadrona.ca

A

Luxurious Waterfront Estate of Exceptional Quality and Design known as ‘Villa Madrona’. Sited close to the ocean the residence of four bedrooms being 11,000 sq ft (1022 sq.m), Guest House 3,461 sq ft (322 sq.m) and studio apartment. Indoor swimming pool/conservatory, theatre, gym, games and entertainment rooms, sports court, large patios, greenhouse, garaging for 8 vehicles, boathouse and an excellent private beach. Set in a secluded and beautifully landscaped & treed tranquil two acre (.81 ha) gated property with 400 ft (122 m) of prime oceanfront. Westerly exposure with very impressive expansive marine views. Situated on the Saanich Peninsula in the District of North Saanich on Satellite Channel being easily accessible from Vancouver and only 35 minutes from Victoria. Further information, photos and video see our website villamadrona.ca

Peter Nash | 250.384.0566 (d) 877.388.5882 (t) realestate@peternash.com www.peternash.com

Victoria

A27

WESTERN INVESTOR MAY 2011 www.westerninvestor.com

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From: DTZ Barnicke, Vancouver. DTZ agent Ryan Saunders reports the following sales: Deal: 12,028-square-foot office building with production space, East 8th Avenue, Vancouver. Price: $2.3 million. Deal: 8,134-square-foot industrial building with showroom, East Hastings Street, Vancouver. Price: $935,000. From: LandQuest Realty, Fraser Valley. Landquest agents Freddy Marks, Linda Marks and Rich Osborne report the following sale:

From HQ Real Estate Services Inc. , Vancouver. HQ agents Dave and Mark Goodman report the following sale: Deal: 15-suite apartment building, Lonsdale Avenue, North Vancouver. Price: $2.73 million. Recently completed a major commercial real estate deal? For a free mention here, Tyee Lake Lodge near Williams Lake sold send details to wieditor@biv.com. for $650,000.

Photo: Realty Executives Commercial

From: Barry Commercial, Calgary. Barry Commercial principal Karen Barry 12,000-square-foot East Vancouver office building sold for $2.3 million. reports the following sale: Deal: 626.25 acres of flat, vacant land, 11 kilometres east of Calgary, with highway access. Price: $12 million.

Classic home in Edmonton, converted to office space, sold for $824,000.

Photo: Frontline Real Estate Services

From: Realty Executives Commercial , Edmonton. Realty Executives broker Mike Eurchuk reports the following sale: Deal: Classic home in central Edmonton sold for conversion to office space. Purchased by Inside Education Society of Edmonton. Price: $824,600.

From: Frontline Real Estate Services , Surrey. Frontline agentJordan MacDonald reports the following sale: Deal: 14,580-square-foot industrial building, freestanding, on 56th Avenue, Surrey. Price: $1.62 million.

Photo: DTZ Barnicke

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Deal: Tyee Lake Lodge , Williams Lake. Sold to a Russian investor. Price: $650,000.

Photo: LandQuest Realty

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

14,580-square-foot industrial building, Surrey, sold for $1.62 million.

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marketing your franchise? Call the

LAND for Sale

VICTORIA, BC

555 Acres of prime sub-divideable forested land with approx. 55,000 cubic metres of coniferous timber, located on 11 contiguous titles with gorgeous ocean views, 45 minutes from Victoria on Vancouver Island. All services at property boundary.

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

39 Unit Apartment Building ◆ Large lot ◆ 10 minutes from downtown ◆

Phone (250) 561-7061 or (250) 565-5448 or email to 550031@telus.net.

$4,100,000 Info: dr.brand@shaw.ca

Courtesy to Realtors

NANAIMO & VANCOUVER ISLAND PROPERTIES

Ê Ê- ",// Ê / Ê, É 8Ê" * " FORECLOSURE COURT ORDERED SALES 3 ACRE TOWNHOME DEV SITE Stunning ocean view up to 30 units. $995,000 26 UNIT CONDO DEVELOPMENT SITE Fabulous ocean views. 1 acre. Financing available. Approved plan with city. $729,800 FORECLOSURE OCEAN VIEW DEVELOPMENT 9 Acre, 28 lot subdivision in Chase River Quiet neighbourgood property is beautifully treed And would accommodate 28 single family homes or small lots. Mortgager may finance. Trades welcome. Foreclosure Price: $848,000

DEVELOPMENT SITES JUST LISTED; FANTASTIC OCEAN VIEW RM-5 Dev site, unrestricted views, overlooks cruise ship pier. Approved for 34 condos, No DCC’s. $729,000 PANORAMIC OCEAN VIEW DEV. SITE 24 Lots approved residential subdivision property Cost estimates available. Asking $1,475,000 142 ACRE DEV. SITE Nanaimo $5.8 M “NANAIMO’S BEST DEV SITE” 9 acres park like setting. Plan for 28 detached smaller homes. $988,000 DUPLEX LOT $129,000

4 PLEX LOT $199,000

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

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HOTELS & PUBS FULLY SERVICED HOTEL Recently renovated, 30 rooms, 125 seat pub, wine and beer store. Generating over $1.5 million annually and growing. $1,590,000 NORTH ISLAND HOTEL & PUB, WINE & BEER STORE 50 Rooms and restaurants. 2 lots. Over 3.9 Million annual sales. $2,995,000 6 ACRE DEVELOPMENT SITE Zoned RM5, 4 Phases approved for townhome & condos. Central Nanaimo. Asking $2,195,000 FINANCING AVAILABLE HOTEL & WINE & BEER STORE 8 suites, pub. Close to Nanaimo airport. $1,190,000 FULL FACILITY SUPER 8 MOTEL Central/southern Vancouver Island. High profile Location. 36 rooms, with franchised restaurant plus 125 seat pub 1.5 acre property. $3,950,000

CONDOS & HOMES PACIFICA OCEAN FRONT CONDOS 38 Front Street Units for sale. Walk-on waterfront townhome $509,000 no HST. Call Dale for other available units. WATERFRONT TOWNHOME 1740 SF 2 bedrooms, hardwood floors, granite counter tops, roof top patio. $599,000 1 BEDROOM PLUS DEN $239,900

DALE SHORTT Bus: (250) 758-3700 U

INCOME PRODUCING + REVENUE PROPERTIES SECURE INVESTMENT 6 brand new homes, all with legal suites, 2 meters each, 10 yr warranties, separate titles, 5 1/2% CAP, or hold & sell. $2,550,000 NANAIMO DUPLEX 3 bedrooms per side, 2 separate titles. Excellent income. $424,900 5 RENTAL HOMES – All together 5 sep. adj. lots. Starting at $234,900 or all for $1,150,000 DISTRESS SALE 71 UNIT APARTMENT BLOCK 4 separate buildings. New Renos. Over $500,000 spent. North Island location. Over $27,000 monthly income. Management in Place. $2,350,000 Now reduced to $1,999,000 HERITAGE APARTMENT BLOCK 13 self contained units. 1 commercial space plus lease pub & license. Gross revenue $10,000/month. $925,000 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

TOLL FREE 1-800-665-8313

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Ocean Pointe

A28

www.westerninvestor.com MAY 2011WESTERN 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

BUYER/TENANT REPRESENTATION

Have you done a proper Lease vs. Buy Analysis? Independent Representation for Buyers or Tenants Have your Commercial Professional source your requirements:Properties, Bylaw Compliance, Investment Analysis, Negotiations Call or email David! Your Agent works for YOU!

DEVELOPMENT SITE COQUITLAM For Commercial Ground Level, Apt or

Office above 10,000 Sq. Ft. Lot. Busy location – 1665 Como Lake Avenue. Call or email David!

INDUSTRIAL WAREHOUSE/OFFICES NE

W

PR

IC

E

COQUITLAM High profile end unit off United Boulevard.

5000 square feet – 3500sf office, 1500 sf. warehouse 2 grade level doors. Leased until June 2012 – suits a User Occupant. $850,000 CLS#V4024075 Call or email David!

PORT COQUITLAM

FOR SALE OR LEASE IN CHILLIWACK

An example of this is, defer taxes annually into commercial property and let it grow tax free! YOU CAN LAUGH AT MONEY WORRIES – IF YOU FOLLOW THIS SIMPLE PLAN

PROGRESS WAY INDUSTRIAL PARK BUY OR LEASE

Fort St John, Investment opportunity. Well kept up light Industrial building in Prospect Park close to Highway. Four years left on 5 year lease. Phase 1 and 2 available. 5 bays, offices on main and above with lunch room. Fenced yard with storage sheds. $1.1 Million (8.4% cap)

UÊ{äääÊõÊvÌÊ } ÌÊ `ÕÃÌÀ > Ê iÜiÀÊ­ÓääÇ®Ê building in Dawson Creek, BC. UÊ Ìi Ê ÛiÃÌ i ÌÊ «« ÀÌÕ ÌÞÊ Ê ÀÌ Ê East BC

DAVID KEARNEYCCIM www.davidkearney.com dkearney@remax.net

604-942-0606

Toll Free: 1-888-942-0606 RE/MAX S ABRE REALTY

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

YOU GET WEALTHY BY STRATEGY

UÊ->ÞÊ} `LÞiÊÌ ÊÞ ÕÀÊL ÃÃ]Ê> `ÊV iÊ own this turnkey biz in Abbotsford. Sales of books and teacher supplies. Easy biz to learn and owner will train.

Rarely available – M-1 Industrial unit 1944 sq. ft. 1044 sq. ft. footprint, 3 legally finished offices above $229,000 CLS#4026408 Call or email David

RE/MAX SABRE REALTY GROUP

RAY YENKANA CCIM, ABR 1-800-668-8661

rayy@remax.net www.rayyenkana.com (listing details) RE/MAX LITTLE OAK REALTY

Investment property in the Gloucester Industrial Area. There are 2 homes on the property and over 5000 sq ft of covered storage and warehouse (shop) space. Income Potential at this time is over $6000/ month. $2,300,000 For more information contact

xGreat opportunity for business

owners and investors xGet in at ground floor and pick your

spot today

SALE FROM: $183,000 OR LEASE FROM: $8/S. F. TN

SIMILAR

xArchitecturally Controlled xFully Serviced Lots xWill Build to Suit xIndependent or Strata Warehouse for sale or Lease from 2,000 to 500,000 sq. ft. x20 Minutes to US Sumas Border

BU TO ILD SU IT

1 to 20 Acre Development Lots

xLocation: Lickman Rd. Interchange and Hwy 1 Chilliwack Usage: Warehousing, food processing, manufacturing, general commercial and light & heavy industrial uses. Outside storage

FOR SALE IN CHILLIWACK INVESTOR ALERT xFully

Leased Commercial building with national tenant “Auto Glass Shop” xNew 3 yr lease with 3 yr option

xTenant has occupied for 15 yrs xEasy access & great exposure xLocated on busy street x12,196 s. f. lot - 4,212 s. f. bldg

SALE $599,900

COMMERCIAL DEVELOPMENT SITE xHigh profile location xEasy access & great exposure xOver 125’ of Frontage xLand size 48,326 sq. ft.

xSite profile available xFully Leased - current

income $4500/month gross xBuy & develop for future profit

SALE $1,244,000

FORECLOSURE PROPERTIES xGood street exposure xPlenty of City Parking xRenovated in 2007 x11,293 sq. ft. lot

x8,940 sq. ft. building xCompletely renovated xLight Industrial Building xWarehouse & Office

SALE $925,000

SALE $599,000

INVESTMENT PROPERTY

FORECLOSURE PROPERTY

xCompletely Renovated xIn Harrison Hot Springs x1,057 sf strata property x Fully Leased- 7% CAP

xIdeal opportunity for live/work xProperty is .60 acres xModular home & Restaurant xZoned C2 (HWY Commercial)

SALE $177,900

SALE $209,000

LIVE/WORK PROPERTY

LIVE/WORK OPPORTUNITY xMixed use 3,250 sq. ft. building x4 Bays with in floor radiant and

separate gas and electric meters

Storage

xSeparate 3 bdrm, 2 bath home

SALE $649,900

SALE $689,900

INDUSTRIAL LAND

Garth Olson Re/Max Treeland Realty 604-533-3491 realestate@garth-olson.com

SPECTACULAR VIEW 36.4 ACRE PROPERTY – 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. First time offered at $2,198,000

604-533-3491

SUMMERLAND 57 ACRES 4,800 sq. ft. superior craftsmanship home.

$1,600,000 KEITH SETTER

x14 units to choose from xLocated on busy main road xHigh visibility xFrom 746 sq. ft. to 4,654 sq. ft.

x2,843 sq. ft. 4 Bdrm Home x1 Acre zoned light industrial xZoned CD14 - Outside

26713 56th Ave

CALL ROY MUFFORD

BRAND NEW RETAIL/COMMERCIAL STRATA

604-533-3491

2 LOTS - 1/2 ACRE EACH Zoned M-2 $339,000 EACH 1 LOT - 10.6 ACRES Dual Zoning M-3 & M-4 $4,850,000

Lots are level with compacted gravel base x Offering dual road frontage xManufacturing, distribution, outside storage, warehousing, food processing, etc. x

FOR LEASE Lease from $12$13/sq ft.

Lease $9/sq ft.

xWell Located next to new Safeway xOffice and/or retail space xSpace available 850 to 7,000 sq ft x4,450 sq. ft. air conditioned xOn site parking and good access x9 private offices, reception etc.

Lease from $6.50$12/sq ft. xOn high traffic corner x806 to 1,900 sq. ft. xWell maintained building

Bob Plowright RE/MAX Bob Plowright Realty CHILLIWACK, BC 1-800-830-7175 - 604-858-7179 bob@bobplowright.com www.bobplowright.com

OFFICE FOR SALE

Langley, BC #104-6351 197th Street. A rare opportunity to own a 1446 sq.ft. office in a Prime Langley location, the ‘Willowbrook Professional Centerî. The office has two entrances and parking at both front and rear of building. Office should lease out between $17-$20 / sq ft. Immediate Possession.

RE/MAX TREELAND

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