Western Investor September 2012 Section A

09 Publications Mail Agreement 40069240

www.naicommercial.ca

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COMMERCIAL REAL ESTATE, FRANCHISES AND BUSINESS OPPORTUNITIES

Commercial Real Estate Services, Worldwide.

FOR LEASE

1,900 sq ft warehouse Abbotsford...$1,600 mo 2,560 sq ft warehouse Abbotsford...$1,800 mo 6,000 sq ft retail Surrey ...................$8,000 mo

FOR SALE

1,042 sq ft warehouse Abbotsford.....$188,700 2,200 sq ft warehouse Mission $327,000 2,628 sq ft warehouse South Surrey .$460,000

LOtS FOR SALE

6,000 sq ft commercial lot.................$275,000 Six residential lots serviced Langley .$280,000

BUSINESSES

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

BrUce sheldon 604-534-7974 bruce@naicommercial.ca lAndmArK restAurAnt 200 seAt With strAtA BuildinG $1,275,000 .....................................new Westminster

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

..................................... new Westminster

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

.................................................... Burnaby

mixed use development site neW Westminster

$1,790,000

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

don ellis, ri 604-691-6668 donellis@naicommercial.ca

3029 TOLMIE ROAD ABBOTSFORD

FOR SALE- NEW LISTING SELF STORAGE FACILITY EDMONTON, AB excellent location!!

• 438+/- units – 3.90+/- ac

sash sasidharan 604-691-6637 sash@naicommercial.ca

Adjacent to future FLYING J Truckstop and proposed Denny’s

vancouver • LOWER MAINLAND • vancouver island section

$4.29 september 2012 Vol. 27/issue 9

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

• 63,500+/- sf net rentable • Over 90% occupied priCe: Contact Broker

UNDER CONTRACT

AsKinG: Contact listing Broker

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

KEN KIERS*

604-534-7974 1-800-890-9855 kiers@naicommercial.ca *personal real estate Corp.

MERRITT, BC oppoRTunITIEs HOT pRICE

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

HALF ACRE C-3 SERVICE COMMERCIAL LOT • Close to Wal-mart. only $199K trades ?

3 LIGHT INDUSTRIAL LOTS

• 0.43 acres each Amazing price $69,900 ea.

chris langhaUg

11.4 ACRES DEV. LAND ADJACENT TO WAL-MART & HWY 5

• Ideal for home improvement store, shopping centre, hotel, RV Park & Storage • Now only $3.2 mil ($280k/ac)

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

MUST SELL!!!!!

INDUSTRIAL BUILDING FREE STANDING – LANGLEY

5349-273a Street, LangLey, BC

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

Commercial/Industrial Land Highway 1 Access and Exposure

• 15,376 sq.ft. Warehouse/ With some main floor offices • 1.2 Acres Paved lot - Fenced • 7 year old building – excellent condition • Ceiling height 18’ clear under joists • Fully sprinklered • Finished offices, washrooms & mezzanine • Heavy Power, Fenced and secure yard • Extra Yard area – Rare!!

• $2,260,000

don & angie Macdonald

FOR SALE – COMMERCIAL pROpERTY LANGLEY, BC

• Frontage on Fraser Highway • Zoned C-3 – uses include Dealerships, Home improvement centre, etc.

• Re-development to Multi-Family, Senior’s complex • Total of 2.57 +/- acres – 3 separate titles • Property includes 3 service bays and parts store • Secured lot • Sold with or without business • $3,500,000

604-534-7974 or 1-800-890-9855

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

PAYING FOR LAND “LIFT” 17

Hani Lammam of Cressey: No qualms about Coquitlam’s policy of making new condo developers ante up

EXECUTIVE GOLFER’S RETREAT at SEMIAHMOO - $1,195,000 New custom dream home w/nearly 4700 s.f. & quality high end appointments. 3 suites /detached gu 23 CALCULATING CAP RATES 6 WESTERN PERSPECTIVE 14 PROFITS IN HOUSING full bath 25 B.C. REPORT 9 REITS TARGET RETAIL Investors forced out of Metro Spectacular one a kind corner location bordering the #1 fairway & #18 hole, across from clubhou 27 DONE DEALS in search of positive cash flow 11 OFFICE BOOM BUILDING

executive golfer’s retreat at semiahmoo $1,195,000

• New custom dream home w/nearly 4700 s.f. & quality high end appointments. 3 suites /detached guest Casita w/full bath • Spectacular one of a kind corner location bordering the #1 fairway & #18 hole, across from clubhouse Call Mike (604) 288-7473 www.copacrealestate.com

A2 Lower Mainland country pines mobile home park and gallagher lake resort

• 109 MHP rental pads on approx. 20 acres, 145 campsites and 4 cabins on 10 acres • Lake front campsite with sandy beach • Excellent location with easy highway access • Price $9,200,000

investment opportunity 1993 RIVERSIDE AND 34252 & 34314 MARSHALL ROAD, ABBOTSFORD

• Retail investment opportunity • Three buildings totalling 43,283 sf on 2.87 acres of land • Opportunity to build approx. 9,000 sf additional office/retail space

www.westerninvestor.com september 2012 WESTERN INVESTOR for sale - west side gas station on c-2 site

for sale - high exposure corner lot

for sale - high profile corner property

1010 W. kING EDWARD AVE,VANCOUVER

2221 qUINN STREET, PRINCE GEORGE

14377 64TH AVENUE, SURREy

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

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

• 3 retail / 1 residential / 1 office units • Built in 2009; Lots of parking • Near Sullivan Heights High School and Bell Centre • Asking $2,200,000

don duncan * | chris driver*

hudge parmar* | burton van alstine*

brett aura

bill randall*

philip cheng

for sale - excellent new westminster investment opportunity

vancouver development site

tofino zoned campground/commercial totalling over 116 acres

multi-family residential development site

2001 INDUSTRIAL WAy, PRINCE GEORGE

• 7,429 sf penthouse floor of “The Westminster Building” • Close to skytrain, outstanding panoramic views • High ceilings, fully updated tele/data systems • Asking Price $2,150,000 chris driver* | andrew laurie don duncan*

for sale 3345 - 3353 kINGSWAy,VANCOUVER

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

2106 MAIN STREET, VANCOUVER

• Corner of Main and 5th Avenue • Lot size 8,718 sf (may be combined with neighbouring site) • 6,600 sf building (holding income/demo clause) • Price $3,800,000

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

craig haziza***

mark gallagher

bill randall* | noah freedman

port coquitlam multifamily development opportunity

downtown victoria office building for sale

saanichton industrial property for sale

2250 & 2280 SHAUGHNESSy STREET

838 FORT STREET,VICTORIA

6701 OLDFIELD ROAD, SAANICHTON

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

craig haziza***

chris driver* | don duncan*

for sale - 61 room hotel with restaurant

for sale surlang medical clinic

LOUGHEED HIGHWAy, MAPLE RIDGE

#106 - 19475 FRASER HIGHWAy

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

• 2,000 feet oceanfront • Never before available to purchase • Purchase as a whole - Offers considered on separate titles • Asking Price $24,500,000

1150 BAILEy STREET, SqUAMISH

• High profile medical clinic for sale on Fraser Highway • 19 year old business • Business and Real Estate for sale at $695,000 • Owners will consider a lease back

• Ideal for an owner/user as the main and 3rd floor are currently vacant • Approximately 18,000 sf building & basement • Excellent street presence • Price $4,500,000

• Approximately 1,000 sf of office space • 8,000 sf warehouse + mezzanine, yard and parking • 2 grade level bay doors • Price $1,800,000

anne tanner | jon buchanan call 250-410-3000

jon buchanan call 250-410-3003

for sale

15 year sale lease back

9321 96TH STREET, FORT ST. jOHN

613 COLUMBIA STREET, NEW WESTMINSTER

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

• NOI (year 1) $541,032 escalating to (year 15) $644,014 • Tenant - West Coast College of Massage Therapy - 5 colleges across Canada • Asking $9,870,000

for sale - prince george

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

for sale/lease 21755 LOUGHEED HIGHWAy, MAPLE RIDGE

• Excellent exposure on Lougheed Highway • High quality design and construction • New building partially leased to liquor store • Price $3,150,000 brett aura | craig ballantyne*

for sale - established long-term tenancy 1451 BOWEN ROAD, NANAIMO

• Freestanding, well-maintained building (15,126 sf) • NOI: $150,000 • CAP - nearly 8%; cash-on-cash 11.7% • Price $1,900,000

brett aura | chris driver* don duncan*

mike hardy | max zessel

eric walker

andrew laurie | max zessel

eric walker | bill hobbs*

full vancouver city block for sale

freestanding building in north burnaby

for lease/sale

fully leased mixed use building

for sale - long term government tenancy

1909 FRANkLIN & 200 VICTORIA DRIVE

4622 HASTINGS STREET, BURNABy

2835 DOUGLAS STREET, VICTORIA

11937 227TH STREET, MAPLE RIDGE

2455 MANSFIELD DRIVE, COURTENAy

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

gateway travel centre kAMLOOPS

PRICE REDUCED

• Fully operational travel centre comes with Denny’s long term lease • Price includes 3 adjacent development sites • 15.9 acres total (includes travel centre parcel) • Price reduced $8,950,000 bart vanstaalduinen* eric walker

• 3,200 sf single tenant building • Currently tenanted on a month to month basis • Great opportunity for owner/occupier or investor • Asking Price $1,085,000

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

alastair fergusson sean ungemach**

burton van alstine* | hudge parmar* anne tanner

for sale mission square centre

for sale - 0.78 acre flexible use development site

MISSION

FRASER HWy & 200TH STREET, LANGLEy

• Retail Centre on Lougheed Highway • Two buildings totalling 13,732 sf • Large 40,000 sf site • Asking Price $3,850,000 bill randall* | brett aura

• Located at the edge of downtown Langley with convenient access to the major traffic arteries in the area • Could accommodate an approx. 5,000 sf building • Asking price just reduced to $1,250,000

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

craig ballantyne*

eric walker

for sale

jameson house offices for sale/lease

32860 MISSION WAy, MISSION

• 43,000 sf industrial building on 2.45 acres • Excellent access to Lougheed Highway, Highway 11 and the Mission Bridge • Reduced Sale Price $3,050,000

mike hardy | john bentley

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

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

bill randall*

VANCOUVER

• Prime location in the heart of the financial district • New construction completed in 2011 • ‘AAA’ quality office space on 6th & 7th floors • Fully automated underground parking garage mark trepp* | boe iravani

contents september 2012

VancouVer • lower mainland • VancouVer island section

FEATURES 17 ON THE COVER Coquitlam’s shape shifting

On the cover Hani Lammam, VP of Cressey: building MThree, the tallest condominum tower in Coquitlam, just makes sense.

Photo: Kim Stallknecht Photography

spECiaL sECTiON • b16 LIFESTYLE PROPERTIES

City may have to forgo industrial land for housing

9

ADVERTISING DIRECTORy

REITS shopping for small-town retail

Top targets offer high yields and brand-name anchors

2–21 LOwER maiNLaNd 8-9 sERViCEs 22 sEa-TO-sky/suNsHiNE COasT REgiON

11 Office boom building across downtown

Score of new towers will change skyline and economics

14 Can anyone still make money in housing?

22–27 VaNCOuVER isLaNd

Yes, but investors may have to bail out of Vancouver

MORE OPPORTuNITIES …

COLUMNS

• iNTERiOR b.C. • aLbERTa • OTHER pROViNCEs • fRaNCHisEs … sEE sECTiON b

6 WESTERN PERSPECTIVE 25 WHAT’S HAPPENING IN B.C. 27 DONE DEALS

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

SUTTON GROUP WEST COAST REALTY

CALL Don

604-817-7338

Munro

botsold@intergate.ca

Prime Agricultural and Commercial / Industrial

Real Estate

Hw

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1

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nR kma

50915 Ruddock Road

8558 Chilliwack Mountain Road

ACREAGES

ACREAGES

ABBOTSFORD

5133 Bates Road $1,850,000 • Court Ordered Sale • 45.194 Acres • Private location to build your dream home • Used as a Dairy Farm but a great location for blueberry farm or other farming ventures

LANGLEY

27465 60th Avenue $1,299,000 • 5 acres w/ beautifully renovated log home • Large paved drive, lots of parking for large trucks • Fenced and cross fenced + future rezoning potential “Trophy Farm” $9,800,000 • 550 gallon per minute water supply • 12,583 sq.ft. home • Warehouse/shop, office, barn • 100+ acres fenced and cross fenced “Bare Farm Land” $3,500,000 • +/- 50 Acres • prime hayland • Terrific location • Relatively flat farmland & perfect for most crops 24453 60th Avenue $2,600,000 • Large 48 Acre parcel (divided from original 77.2 acres) • Located on the northern portion of 244583 60th Ave • SR-1 zoning & section zoned P2-G

✓ VALUE FOR $

Lic

ACREAGES

7437 253rd Street $1,049,000 • 4.63 Acres • +/- 1,264 sq.ft. 3 bedroom home • updated +/- 8 years ago • Septic field re-done +/- 4 years ago • Several paddocks and shelters as well as a hog fuel ring • 32’ x 80’ coverall building • 78’ x 100’ shop with 220 volt power • 36’ x 40.6’ barn with 5 stalls and tack room 7455 253rd Street NEW REDUCED PRICE $989,000 • 4.84 Acres • +/- 2,928 sq.ft. 6 bdrm one storey with partial basement home • renovations +/- 9 years ago • 1,160 sq.ft. shop w/ loft and 2 single car garage doors • Second dwelling is a split level 4 bedroom home with +/- 1,575 sq.ft. upper floors and +/- 400 sq.ft. basement 48th Avenue & 216th Street Open to Offers • 45.82 Acres (two parcels) • Possible Future Potential?

889 Lefeuvre Road $5,800,000 • 26.6 Acres • Mushroom Farm • Shop/Composting Facility • Growing Barn & Multi-Use Building 27691 Downes Road NEW REDUCED PRICE!!!!!

• 26 Acres • Potential Berry Land??

• Large Shop & Barn/Storage 7700 240th Street Open to Offers • Remodelled!! 16.2 Acre panhandled shaped lot • Large +/- 3,253 sq.ft., 3 bedroom rancher • +/- 1,126 sq.ft., 2 Bedroom Basement Suite • Jetted tubs upstairs & downstairs

✓ GOOD RETURN

44085 & 44109 Yale Road West COMMERCIAL/INDUSTRIAL

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

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

CHILLIWACK

50915 Ruddock Road $598,000 OFFE RS • 2.496 Acres • Excellent view property • close to many amenities • +/-2 year old 2 stry home w/ full finished basement • Beautiful large master bedroom with rear balcony, 4 pcs ensuite & walk-in closet

O

FFERS 51140 Ruddock Road $850,000 • Potential for 11 Lots! 27.98 Acres • Private, yet in close proximity to many amenities

45116 Yale Road 1.376 Acres • Excellent location just off Evan’s Road Exchange • Perfect location for your business • Currently M2 zoning Call For Price & Additional Information 44085 Yale Road West $1,250,000 • 1.01 Acres • Close proximity to TransCanada Hwy • M2 Zoning (sales, manufacturing, distribution, warehousing, food processing, outside storage allowed)

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

COMMERCIAL/INDUSTRIAL SURREY 11151 Bolivar St & 13340 112 Ave $2,750,000 • 2.3 Acres (on corner) • Zoned CHI (Highway Commercial) 19518 32nd Avenue $3,150,000 • 4.83 Acres in Campbell Heights • Designated Business Office Park

✓ TENANT COVENANT

CHILLIWACK

44109 Yale Road West $1,210,000 • 0.8 Acres • Home and large shop • Close proximity to Highway #1 • M2 Zoning 8558 Chilliwack Mountain Road $4,600,000 • 10.687 acre Vacant Industrial Lot • Zoned M3 (General Industrial) & M4 (Heavy Industrial) • Level lot with a compacted gravel base • Great Location! Great Price

✓ UPSIDE

✓ CAREFREE

A4 Lower Mainland

RARE

FORRES PACIFIC PROPERTY MANAGEMENT

OPPORTUNITY

YOUR PARTNER FOR SUCCESSFUL REAL ESTATE INVESTING

Established & Profitable

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

Health Food Store

MACDONALD COMMERCIAL REAL ESTATE SERVICES LTD. BOB SCR AGG

604.290.2906

94 Unit Hirise Apartment Bldg. For Sale

bscragg@macrealty.com Sparkling Commercial Investment Waiting for you 6% cap

In Downtown Chilliwack

SCOTT ETTLES DAYTIME EVENING

www.westerninvestor.com september 2012 WESTERN INVESTORW

Owner retiring Asking $450,000 Serious buyers

604 576 4407 604 724 1787

www.forrespacific.com

Call John 604-846-7666

settles210@aol.com

CHILLIWACK AVIATION PARK UNITS FOR SALE/RENT

• Prince George, BC

• 27256 Fraser Hwy, Aldergrove

• Located in Downtown Prince George near transit

• Central commercial frontage in town centre on main street.

• Building 6,500 sq ft/ Lot 66’X120’ • Can be re-configured into 3units (2,000 SF) all w/ street frontage.

• Mixed use redevelopment potential • Guaranteed 3-yr lease to yield near 6% yield • List Price: $750,000

• 94 units/11 Bchlr /35 1-Bdrm/47 2-Bdrm • Recently fire damaged & vacated.

Insurance money available for buyer to repair or seller will deliver the bldg ready for occupancy

102 Acres Prince George For Sale

www.chilliwackaviationpark.ca

FOR INFORMATION CALL: 604-793-5938

ea Gr e l b nt va lie stme e b Un Inve

Office Building For Sale / Lease

t

• Designated - Residential & Commercial • Services available • Super investment • Gravel opportunity while holding • $2,500,000 $1,700,000

• Burnaby, BC • High profile location, close to transit • 75,000 sq. ft. total • 40,000 sq. ft. available immediately • Lease Rate $12/sq. ft. (long term) • For sale $17M

South Surrey Office/Retail Building For Sale • Solid Concrete 5,000 SF office/retail building on 3/4 of an acre at a busy intersection • Zoning permits additional development up to 25,000 SF • Ideal for owner/user • Asking Price $2,388,000

3221 140th Street, South Surrey, BC

CHRIS MIDMORE KELVIN LUK

604.714.4786 604.714.4766

Lakefront Resort Motel For Sale, Penticton, BC • 3-Bdr owner’s suite with private lakefront balcony • 140-Seat lakefront restaurant, currently leased • 31-Guest suites in excellent condition/ 2-Bedroom manager’s suite • Saltwater outdoor swimming pool • Asking Price $3.29M

bcapar t ment building s .com

BRUCE LONG DAVID FITZGERALD

604.312.2000 604.714.5522

Rare Golf Course Opportunity For Sale | Vancouver Island •

• Par 72, 6616 yards, 18 holes Championship Golf Course on 159 Acres • 12,000 sq. ft. club house with pro-shop, restaurant, lounge and banquet facilities • Full size driving range and large practice facilities • Preliminary plans for a 200 room hotel and convention centre • 8,000 sq. ft. custom built home

ERIC POON / KELVIN LUK 604.736.5611 •

Rare Opportunity - South Granville Apt Building For Sale

• 14 Suites / 1 -Studio & 13 - 1Bdr

List Price: $5,288,000 5,088,000

GARY KHAN / DAVID FITZGERALD /BRUCE LONG 604.736.5611 •

Kelowna Golf Range For Sale - Land, Building & Business • Land, building & business for sale. Approx. 10 acres in ALR. • List Price: $1,650,000 $1,450,000 GARY KHAN 604.714.4799

42 Unit Apartment Building For Sale - Kamloops, BC • 42-suite building on larger corner site / 7% cap rate • List Price: $3,880,000 DAN SCHULZ

778.999.5758

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

Vancouver 604.736.5611 Fraser Valley 604.590.2444 commercial@macrealty.com

www.macdonaldcommercial.com

WESTERN INVESTOR september 2012 www.westerninvestor.com

Lower Mainland A5

FFER

IPLE O MULT

APARTMENT BUILDING SPECIALIST KELOWNA

ABBOTSFORD

NEW WESTMINSTER

SOL

D

58 Unit/Concrete Highrise Extensive Renovations Gross Income $558,188

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

NEW WESTMINSTER

PORT ALBERNI

EAST VANCOUVER

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

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

17 Units/Mount Pleasant Penthouse/Laundry Gross Income $182,311

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

RETAIL INVESTMENT

INVESTMENT PROPERTY

INVESTMENT STRATA

RETAIL INVESTMENT

906 Main Street, Vancouver 4,314 sq ft on two levels • Restored heritage building • Exposure corner in trendy location • 5 parking stalls

1088 Seymour, Vancouver 1,182 sq ft • Downtown location Tenanted - 5 year lease High exposure corner

2780 Arbutus Street, Vancouver 5,791 sq ft building on 9,375 sq ft lot Key corner location • Stable long term Income • Care free management

1779–1799 Kingsway, Vancouver 3,005 sq ft ground floor strata Fully leased until Dec 31, 2015

1738 West 2nd Avenue, Vancouver 1,086 sq ft retail strata east of Burrard Underground parking • Approx. 5% cap rate • Leased until April 30, 2015

James Bayley, Meghan Kennedy

James Bayley, Meghan Kennedy

Don Mussenden

Conor Finucane

Conor Finucane, Howard Malchy

STRATA OFFICE SALE/LEASE

INVESTMENT OPPORTUNITY

DEVELOPMENT OPPORTUNITY

PRIME DEVELOPMENT SITE

EXPOSURE LOT FOR SALE

3410 Lougheed Hwy, Vancouver 552–6,696 sq ft • Attractive pricing Quality concrete office construction Close to SkyTrain/Broadway Tech

1751–1771 Savage Road, Richmond Two buildings totalling 110,340 sq ft on 5.483 acres • Fully leased to 5 tenants • Over 6% return

2450 Ticehurst Lane & Gately Avenue, Port Coquitlam 32,381 sq ft site • River frontage 48,571.5 sq ft of buildable density

860 Dominion Ave., Port Coquitlam 7.13 acres • Proposed M3 Industrial zoning • Great potential • Located in mixed-use development area

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

Anthony Lux, Don Mussenden

Conor Finucane, Casey Bell

James Bayley, Chris McIntyre

Steve Caldwell

Phil Gibbons, Steve Caldwell

DEVELOPMENT SITE

INVESTMENT OPPORTUNITY

INDUSTRIAL SALE

INDUSTRIAL SALE

INVESTMENT OPPORTUNITY

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

12682 82nd Avenue, Surrey 24,700 sq ft on 1.19 acres Fully leased generating $180,870 per annum • Asking $3,400,000

17597 55th Avenue, Surrey 11,287 sq ft strata warehouse Includes 4,047 sq ft of high quality office area • Priced below replacement

54370 Bridal Falls Rd., Chilliwack 14.165 acres • Development potential Exposure and access to Highway 1 3 phase power • Covered storage

904, 908–990 Victoria St., Kamloops 1.377 acres • C-4 zoned $216,000 gross rents • Two buildings on 9 lots • Asking $1,995,000

Rand Thomson, Sebastian Espinosa

Tony Capolongo, Sebastian Espinosa

Tony Capolongo, Sebastian Espinosa

Rand Thomson, Sebastian Espinosa

Steve Caldwell, Murray Wills

PR IC E

RE DU C ED

RETAIL SALE/LEASE

44 %

SO LD

Approx. 6% cap rate

King

George Blvd

For more information on our available properties and range of commercial real estate services please contact us today. Tel: (604) 684 7117 • www.dtzvancouver.com Although the information contained within is from sources believed to be reliable, no warranty or representation is made as to its accuracy being subject to errors, omissions, conditions, prior lease, withdrawal or other changes without notice and same should not be relied upon without independent verification. DTZ Barnicke Vancouver Limited, Real Estate Brokerage 08/2012.

A6 Lower Mainland/Business Opportunities Common sense comes from small towns

D

u r i n g t h i s s u m m e r ’s Vancouver Folk Festival, city police were writing tickets for up to $250 for people caught smoking cigarettes in the oceanside park where the annual event was held. Light up in 1,000acre Stanley Park and you could meet the same fate.

And don’t even think of having a beer before you drive in B.C., which has the toughest anti-drinking-anddriving laws in the country.

Some are now calling for an outright ban on any alcohol before driving.

It does appear that the nanny state is expanding so fast, it has overtaken sanity.

So, it was with some surprise when, during a visit to the B.C. Interior this summer, we came upon some pockets of common sense.

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

Raven said the changes are meant to soften smoking bans that were, “heavy handed and too intrusive into our rights and freedoms.”

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

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

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

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

Western perspective

8.75 AC COUNTRY ESTATE

September 2012 – Western Investor\ A western perspective / frank

FOR SALE

DRy CLEAning Plant Equipment

have gone too far,” McConnachie said.

Rebellion against the nanny state includes more than small-town complainers.

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

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

We’ll drink to that.

NEXT MONTH

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

FRANK O’BRIEN

september 2012 WESTERN INVESTORW Publisher Cheryl Carter Editor Frank O’Brien Contributing Writers, David Eger, Dave Husdal, Geoff Kirbyson, Glen Korstrom, Joel McKay, Peter Mitham, Luke Warren, Copy Editor Noa Glouberman Production Manager Rob Benac Production Natalie Reynolds, Tanya Van Advertising Sales Christine Campbell, Gary Takahashi, David Witherspoon Advertising Sales Coordinator Angela Foster Accounts Receivable Yvonne Posch Circulation Veera Irani, Newsstands Globe Distribution Services Printed in Canada at Kodiak. Western Investor is published monthly by BIV Media Limited Partnership VANCOUVER – HEAD OFFICE: 102 East 4th Avenue, Vancouver, B.C. V5T 1G2 Subscriptions and Advertising Sales Tel: 604-669-8500 Fax: 604-669-2154 Canada/ U.S. toll-free: 1-800-661-6988. Canadian publications mail product sales agreement #40069240, GST #105655567. Copyright 2002. While every effort is made to ensure the accuracy of articles and advertising that appear in each edition of Western Investor, the publisher may not be held responsible for any errors or omissions that may from time to time occur. No part of this publication may be quoted or reprinted in any medium without the express written permission of BIV Media Limited Partnership.

ADVERTISING DEADLINE

EDITOR wieditor@biv.com

OCTOBER 2012 issue: September 10, 2012

MOBILE HOME PARK NORTHERN BC- FORT NELSON 48 Site Park - $245.00/ site

• 40 lb dry cleaning machine 5.28 Acres. NO VACANCIES • 10 HP boiler/blow down tank HEAD = Common sense comes from small towns Revenue $ 133,000 City water & sewer • 2 Pant presses East Chilliwack, BC - 4ac in revenue producing $1,172,000 (ASSET) Hazelnuts, During 5,893s/f.this Architect designed Swiss summer’s Vancouver Folk Festival, city police were writing tickets forAsking up to $250 for • Zero Waste Water recycling machine style home 26’caught x 41’ shop, chickencigarettes barn, greenin the ocean side park where the annual event was held. Light people smoking up in $1,004,000 (SHARE) • 30 lb Washer house, & pond. All for only $1,189,900 1,000-acre Stanley Park and you could meet the same fate.

And more! Call for a complete list For more Information please visit William lee And don’t even think of having a beer before you drive in B.C., which has the toughest anti-drinking www.KafkaRealEstateTeam.com and driving laws in the country. Some are now calling an outrightOBO ban on ALL for:for$34,999 . any alcohol before driving.

TRudE KafKa It does appear that the nanny state isWill expanding fast that it for hasseparate overtaken sanity. install atso any location cost. leew@sutton.com 604-791-1304 Soemail: itcel: was with some surprise when, during a visit to the B.C. interior this summer, we came upon trudek@smartt.com Call Jeff 778-898-4692 for details Sutton Group West Coast Realty Sutton Group Realtysense.

Ltd. some pockets ofShowplace common In Revelstoke, for example, City Council is backing away from proposed restrictions on smoking G! in public places, including parks and beaches. Mayor DavidARaven L L I N said the changes are meant to soften C LOWRISE - MIDRISE - HIGHRISE S Y ’ intrusive into our rights and freedoms.” smoking bans that, he said, were, “heavy-handed and Ttoo DEV SITE w Multifamily $3.65M • Fraser Valley T U NtoI question B.C.’s drinking/driving regulations. The R O In Trail, a champion has also stepped forward P Build w Tenants on Half • 182 UPA • 1.5+ acres OP newPUB rules allow police to seize vehicles and issue driving bans for drivers who register even minute w Multifamily • Vancouver circa $2M Cash • potential 18% CoC ROI amounts of Dn alcohol.

PUB (Land & Bldg) Valley As in many$5.5M small• Fraser towns, driving is not an option in Trail. With no public transit after 6 p.m. and only circa $15k/day • Free Standing • Mint Condition Prince George B.C. Price $9.5m one taxi, residents must drive to most evening events.

PUB (Huge Potential) $500K • Vancouver Full service Hotel w/120units – 2.5m room “Zero tolerance is killing social clubs and fundraisers and putting a big strain on the community,” circa $1M/yr • Neighbourhood • Hidden Gem sales + restaurant /lounge, 9%+ cap Looking the opportunity to ownto a restaurant said PUB Trail$400K realtor Jack McConnachie, who has for complained directly the B.C. in Premier.

• Downtown Core sunny White Rock? Here is your is chance - all thatto go,” he said. The event Lease $5k/mth 13 yrs • cancelled Outdoor Courtyard “Trailfor Rotary its largest fundraiser because everyone too scared is missing is you! Established, stable and growing HOTEL w Xtra Land • Fraser Valley traditionally raises up to $15,000 for community services. Even the beer garden at the town’s annual Silver turn-key operation. The hard work and sweat equity circa $5.5M Cash Dn • potential 19% CoC ROI City Days was100+ shutunits down, resulting in a loss of about $20,000 in donations for local athletics. “Drinking are done.

Only $175,000!

WANTED: Concrete Multifamily and driving have gone too far,” McConnachie said.

HOTELS - MIXEDlaws USE PROPERTIES - PUBS SHARON GREYSEN / RICKtown MCNARY PREC Rebellion against the nanny state includes more than small complainers.

Recently, Boston-based A.Vitale, REALTOR® / Phone 778.986.1339 604-538-8888 Sutton West Coast Realty - Commercial WEST COAST REALTY professor Dr. Michael Siegel, an anti-smoking advocate who has fought successfully for Manitoba U.S. smokPrice $7.2m Franchise ing bans, concedes the regulations have gone too far. Banning smoking in large outdoor areas, suchMotel as w/80 units – renovated in & out – busy year round, built 1998 A NVancouver’s M O R E , Stanley B C Park are not needed, he said, because there is no evidence that fleeting second-hand smoke in an open space is harmful. simplebebuilding, land and — fanatics trying to “Once we leave the firm ground of science,Fee we could viewed as zealots business, currently operating as eliminate smoking anywhere and everywhere,” said Dr. Siegel. local grocery with Buntzen Lake We’ll drink to that.

604-671-2404

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

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

UrbanCastles.ca (info@)

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canoe/kayak rental. 2-bedroom residential apartment upstairs.

NEXT MONTH

Grande Prairie AB.

Price $4.4m

Motel w/62 units w/Laundromat & leased Excellent opportunity to grow into restaurant - $1m sales / yr Western Investor presents an in-depth report on the economy potential of Northern B.C. We thriving business.and C1 the zoning.

Clinton B.C. Price $1.3m + stock Gas Bar w/Grocery Mart - $3.8m sales /yr – on major Hwy, 20% cap

Chilliwack B.C. Price $2.4m Bowling Alley 24 lanes w/lounge – PH suite – 3 storey 40,000 sq.ft., 12% cap

Alberta Price $5.2m Motel w/52 units – 7yrs old – space for room expansion / shift to Flag - sales $1m+/yr

visit the Northwest Territories and follow the path of the planned pipelines. Our regional reporters file Street frontPlus visibility with the easynews and commentary Contact: John, C Nam from Churchill, Lake, Fort Saskatchewan and Terrace. we present ANMORE GROCERYCold STORE parking.

3275 Sunnyside Road, Anmore, BC needed by western investors.

Direct: (604) 805-9131 Fax: (604) 931-1209

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| (604) 219-5640 | Frank O’Brien Rebecca Permack rebeccapermack@gmail.com

C oronat i on We st

2185 Austin Ave, Coquitlam, BC

Email: chungnamjohn@gmail.com Coldwell Banker Westburn Burnaby, BC Canada

WESTBURN

Lower Mainland A7

WESTERN INVESTOR september 2012 www.westerninvestor.com

FOR SALE – 3838 & 3862 West 50th Avenue, Vancouver FOR SALE/LEASE – 2907 3rd Avenue, Port Alberni • Zellers building available for lease June 2013 • Demising options available • Abundant parking • Over 4 acres of land including 100,000 sf of big-box retail space Amanda Vissia

• Rare - West Side development sites • Across from Point Grey Golf & Country Club • Two (2) individual lots, each is 132 feet x 297 feet • Single-Family Subdivision Potential

Mark Hannah / Alex Messina SOLD – 1999 Nelson Street, Vancouver

LD O S

FOR LEASE – 1 Eighth Street, New Westminster

• Located west of Denman Street, one block from Stanley Park • Four storey plus penthouse concrete apartment building • Tremendous upside opportunity on rental rates • Rare opportunity to acquire a premier multi-family asset

• Premier 144,000 sf Class A office and retail space, year end -- 2013 completion • LEED Gold, energy efficient office bldg w/ large flexible floor plates • Adjacent New Westminster SkyTrain station • Abundant parking, amenities & spectacular views

Mark Hannah / Rob Greer

Darrell Hurst

FOR SALE – Abbotsford Industrial Land

• Rare serviced land • Zoned Industrial • 1.00, 2.25, 3.25, and 11.8 acre sites • Located at Mt. Lehman Rd & Brookside Ave

FOR SALE – Village Square, Bowen Island R T DE AC N U NTR O C

• Opportunity to acquire the marquee commercial property • 24,098 sf of commercial space and 27 residential rental units • Corner location with high-exposure to ferry traffic • High occupancy and attractive cash flow yield

Michael Farrell / John Eakin FOR SALE – 8515 River Road, South Mission • 6.82 acres • M-2 Heavy Industrial • Exposure onto Lougheed Highway • $2,387,000

Mark Hannah / Rob Greer SOLD – 277 Arrowstone Drive, Kamloops

LD O S

John Eakin / Michael Farrell

• 35 unit rental apartment building • Off market transaction • Significant upside in rents • Rare opportunity to acquire a South Kamloops rental building Chris Wieser

SOLD – 9532 194A Street, Surrey

LD O S

FOR SALE – 1102 Commercial Drive, Vancouver • Rare opportunity to secure a corner location • 0.445 acre lot with 10,687 sf building on ground floor • Entire property leased to a single tenant with triple net lease • 3 ton crane & heavy power • 2040 sf 2nd floor office • Below market rents with opportunity to reposition the property • Lease has “Demolition/Substantial Renovation” clause John Eakin / Michael Farrell Mark Hannah / Rob Greer

FOR SALE – 2405 – 2427 Crescent Way, Abbotsford

FOR SALE – 308 Forbes Avenue, North Vancouver

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

• 47 modern, well maintained rental suites • Major renovation completed in 2008 • Panoramic views of Burrard Inlet • Prominent lower Lonsdale location • Secured underground parking

Douglas L. McMurray / Bal Atwal FOR LEASE – 320 Ewen Avenue, New Westminster • Paved and fenced yard allowing for outside storage • Will consider tenancies from 4 to 8 acres • Excellent access to Annacis Island and Hwy 91/91A • Very flexible Heavy Industrial zoning

Rob Greer / Chris Wieser FOR SALE/LEASE – 1455-1475 East Georgia St., Vancouver E D I C CE R U PD RE

• 10,000–20,000 sf of Office / Warehouse available • I-2 Light Industrial zoning • Dock and grade loading • $3,350,000

John Lecky / Struan Saddler

Michael Farrell / John Eakin / Bal Atwal FOR SALE – 144 Lonsdale Avenue, North Vancouver E D I C CE R P DU RE

• Located in lower Lonsdale neighbourhood • 3,250 sf lot • Currently tenanted with potential to increase income • $1,288,000

FOR SALE – 3600 Viking Way, Richmond R T DE AC N TR UN CO

• 46,241 sf single-tenant building • 100% leased to Quantum Murray LP • Large 3.094 acre site

Mark Hannah / Rob Greer

Matt Thomas / Kyle Blyth FOR SALE – 6955 120th Street, Delta • 9,472 sf building on a 24,175 sf lot • Excellent exposure • Improved with retail bank on main floor & office space on 2nd floor

Matt Walker / Mona Khandan FOR SALE – 5118 Joyce Street, Vancouver • 16,374 sf of fully improved strata office space • 2 full floors • Available April 1, 2014

Matt Walker / Mona Khandan

FOR SALE – 701 East Cordova Street, Vancouver • • • • •

11,668 SF Warehouse/Mezzanine Storage 0.33 Acre Site 44 % Site Coverage Excellent signage opportunities $2,350,000 John Lecky / Struan Saddler

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

Chris Wieser

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A8 Lower Mainland/Services RoaRon

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When it comes to Commercial Development He’s the Best Rainmaker in the West

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A9

WESTERN INVESTOR september 2012 www.westerninvestor.com

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

Retail hits REIT radar pETER miThAm

WESTERN INVESTOR

T

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

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

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

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

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

While many multi-family REITs came to

Photo: RipCam REIT

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

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

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

“They would love to be here,” said David Goodman, a veteran apartment broker and principal of HQ Real Estate Services Inc. in Vancouver. “[But] our numbers just aren’t compelling enough. … They seem to be coalescing around Alberta and Ontario, where the yields are five, six, seven [per cent], as opposed to three, four, five [per cent in B.C.].”

Goodman points to REITs such as Calgarybased Boardwalk REIT and Toronto’s TransGlobe Apartment REIT, which recently went private, among those that have

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

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

“They go in and if they buy at a four cap, it’s really their intention to get it up to a 5.5 cap in about 18 months. But they spend a fortune – they refurbish, rehabilitate, retrofit.”

Small-town retail

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

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

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

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

“Investment options are limited compared to what they were prior to the recession,” explained Brady Fleguel, a principal at Vancouver appraisal firm Burgess Cawley Sullivan & Associates Ltd. “There’s not a lot of [retail] being built right now. It’s a scarcity combined with being a bit of a safehaven.”

The lack of new assets combined with a reluctance on the part of current owners to sell means cap rates have started to come down, but they’re still above what’s available in urban centres and double what bigcity multi-family properties offer.

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

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

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

Lower Mainland/Services FOR SALE .

ASED BE LE DETAILS Y A M L FOR CAL

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Kris Pope 604-318-5226 AUTOMOTIVE SHOP FOR LEASE CLARK DRIVE, VANCOUVER 4 or 5 bays plus office (3,000 to 3,600), 3 or 5 year lease with up to 20 years. High profile with many auto shops nearby, good clean building Asking $16.67 plus $6.40 op & taxes

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$500,000 to $1,500,000 with close to a 6 cap, retail or strata office possible, Greater Vancouver or Kelowna, quick close for a good property.

PRIME RETAIL INVESTMENT 3 strata title units sold together---control the entire retail component of this building. Partially tenanted at the corner of 12th and Arbutus in the acclaimed LUZON development. Arbutus corridor. Huge development happening in the immediate area. $2,988,000

Contact Kris Pope at 604-318-5226

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A10 Lower Mainland

www.westerninvestor.com september 2012 WESTERN INVESTOR

Chilliwack

FLAGSHIP PROFESSIONAL Maple Ridge Core SALE OR LEASE 3 STRATA UNITS Office & Retail 900 to 1500 sq.ft.

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vancouver.ca

NOTICE OF INVITATION TO OFFER FOR SALE: 1327 Marine Drive, Ambleside Village West Vancouver – Nine-unit commercial/retail building Sales packages available for pick-up at: Real Estate Services, Suite 300 515 West 10th Avenue, Vancouver Offer submission deadline: Friday, October 5, 2012 at 4:30 pm PT FOR MORE INFORMATION: Patrick Murphy, Real Estate Services 604-873-7130 or patrick.murphy@vancouver.ca

City of Vancouver Print Ad A12-084 Size of ad: 7.3 x 2.5 inches 3 block horizontal WESTERN INVESTOR Contact: Gary Takahashi gtakahashi@biv.com Insertion Date: September issue $303.00 plus HST per day PO number:4700000630 Account Number: 40027022/9410 Send invoice to: City of Vancouver APCentral@vancouver.ca or Accounts Payable PO Box 7757 349 West Georgia Vancouver, BC V6B 0L5 phone: 604-673-8355 Ad designer: Elaine Ayres Corporate Communications

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A11

WESTERN INVESTOR september 2012 www.westerninvestor.com

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

Office boom building

Photo: Oxford Properties

GLEN KORSTROM/BIV/WI STAFF WESTERN INVESTOR

A

“The downtown’s effective overall availability rate is 5.9 per cent,” according to a survey by Avison Young, which noted that more than 111,000 square feet was leased up during the first half of this year.

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

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

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

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

Photo: Selwyn Dodd Architects

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

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

Wakefield’s senior vice-president of office leasing.

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

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

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

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

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

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

Fresh demand

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

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

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

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

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

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

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

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

Other projects remain proposed but appear likely to proceed in the next two years.

These include Credit Suisse AG and Swiss RealGroup Canada’s planned 400,000square-foot tower on West Pender Street.

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

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

Lower Mainland LD

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September 2012 –Western Investor A office report / 12 blocks / glen and frank

353 WATER ST.

N

EW

21 WATER ST. - The Packing House

LD

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1523 E. PENDER ST.

LD

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611 POWELL ST.

350, 356 & 360 CARRALL ST.

Pullquote: Developers could deliver nearly three million square feet by 2017.

1428 W HASTINGS ST. – DOCKSIDE 608 W PENDER ST./515 SEYMOUR ST. EW • the MaLone’s doWntoWn & caMBie (seyMour) LIVE/WORK TOWNHOME N CUTLINE =•Rendering Suisse onrooM hosteL (74 Beds), a 125 seat hosteL.tower 40 guest BeautifuLLy shows finishedCredit Live/Work unitAG proposal for a 400,000 square-foot office West PenderinStreet. restaurant & a 180 seat PuB W/ an off saLes Lounge. coaL harBour • Located on the corner of West Pender st. and • iMPressive Layout With 2 fuLL WashrooMs and 1 Photo: Selwyn Dodd Architects haLf WashrooM • 2 Parking staLLs Photo: Oxford Properties• unit siZe: 1,315 sf (aPProx., as Per strata PLan) LIST PRICE: $ 988,000

EW

LD

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HEAD = Office boom building PARIS ANNEX COMMERCIAL EW RETAIL/OFFICE UNITS N Lead = Score of new towers meet “screaming demand” for modern space • good ceiLing heights

seyMour st.

• excePtionaL oPPortunity for investors, oWner-

oPerators and deveLoPers LIST PRICE: $ 8,500,000

604 – 55 E CORDOVA ST.

• corner Live/Work Penthouse strata • fLoor to ceiLing WindoWs W/ exceLLent vieWs • Parking avaiLaBLe • Large retaiL disPLay WindoWs • Large Patio With the PotentiaL of having • neWLy re-deveLoPed concrete construction GLEN KORSTROM/BIV/WI STAFF a rooftoP deck • unit siZe: froM 941.84 sf to 2,044.06 sf WESTERN INVESTOR • unit siZe: 1,996 sq.ft (aPProx., as Per strata PLan) (aPProx., as Per strata PLan) • Zoning: ha-2 (gastoWn historic area) • Zoning: dd (doWntoWn district) $1,990,000 LIST PRICE: FROM $389,000 As Vancouver’s downtown office vacancy rate drop to a four-year low – and Class LIST AAAPRICE: vacancies

plunge below 1 per cent – a fresh building boom could deliver nearly three million square feet of

ROBERT THAM • MARC SAUL • Corbel Commercial Inc. www.corbelcommercial.com • Tel: 604.609.0882 • Fax: 604.609.0886 • Info@corbelcommercial.com

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

A12 Lower Mainland JOHN KLASSEN / BILL BARTLEmAN 604-859-2341 RE/mAX Little Oak Abbotsford

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

CHILLIWACK RETAIL BUILDING #3 – 45150 Luckakuck Way

OFFICE

FOR LEASE: Freestanding retail building in prime location on Luckakuck Way with excellent exposure to the Trans Canada Hwy. Same site as Value Village and MJM Furniture and Mr. Mike’s. 60’ x 120’ (7,200 sq.ft.) building with 18’ + ceiling and 18’ wide roll-up loading door at rear (Currently occupied by End of the Roll).

Available September 1st. 2012.

Asking $12.75/sq.ft. NET (+ net3 costs $2.75/sq.ft.)

2309 McCallum -2461sq ft$15.00+$7.50 -1250sq ft $12.00+$7.12

WAREHOUSE – NEW

WAREHOUSE

2044 sq ft – 58000 sq ft $4.75 – 5.75 sq ft + cam

Townline – 3900 sq ft $5.00 sq ft SED Gross rent LEA

WAREHOUSE – Newer TILT-up

fraserelliott1@gmail.com RE/MAX Progroup Realty

411 3rd Avenue - $3,288,000.

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

Future development potential.

dAve vAllee P.R.E.C. – Team Dave Vallee

AdvAntAge

reAlty 601.526.2888 • info@teamdavevallee.com Each office independently owned & operated www.teamdavevallee.com

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

- Fully rented at $6800/mo net - 3 parking stalls at rear, sec. gated davie RestauRant 1175 Davie St. (Near Thurlow) Price: $199,000 (sales: $50k/mo) - Laziza Modern Mediterranean - newly established (Jan 2012) - West End loc. 1500 s/f w/48 seat - 8yr lease + 5yr option, $7250/mo all in CoMMeRCial stRata units 102/103/104 – 1625 Hornby (at beacH) Total 943 s/f (3 S/L’s) Price: $829,800 1740 – 4311 Hazelbridge Way, rmd Was used as a clothing store, was rented @ $1700/mo. Strata Fees $400/mo. Lowest priced unit in Parker Place Mall. Price: $169,000

Les Twarog (604)671-7000 1428 W 7th Ave., Vancouver, B.C. Sept 2012

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

www.AlbertaInvestor.com

WANTED:

APARTMENT BUILDINGS AND MULTI-FAMILY SITES IN BC & ALBERTA WE ARE LOOKING TO PRESENT YOUR REAL ESTATE PROJECTS TO CHINESE INVESTORS

Crest Realty (Westside)

MEHRAN MOALLEM RE/MAX CREST COMMERCIAL DIVISION

B.Elec. Cert. Marketing Business and Commercial Consultant

778-858-9025

mehranmoallem@gmail.com PROPERTY & BUSINESS

Industrial space in S. Burnaby Over 1500 sqft in 5 year old prime central location fully improved to suit most needs (½ office ½ warehouse w/ loading overhead door) 5% ROI Fast food Downtown Vancouver Location Location Location. in business for many years right across the Stadium. Seller will train. A must see. ....................................................... $99k Retail space fully improved 1238 sqft many uses, ideal for medical, dental or ...

Dunbar Vancouver ........................$859k Industrial space 7000 sqft space & land, 2 offices, auto & body shop, hoist, paint room Lynmore North Vancouver ............$1,998k Denny’s Great opportunity 5000 sq ft, 12 years, located at busiest shopping centre in the area Greater Vancouver .................... $499k Industrial retail “with property” 5000 sqft & woodworking/ cabinet business Port Coquitlam ....................$1.3 Million Gift/convenience store @ Marriott Hotel 3 years old, great income, easy to operate, high profit margin. ...........................$129k Indoor Amusement park 7500 sqft 3 years Great income, spent over $750K. Laser, bump car, ball room and more. Surrey ......$469k BUSINESSES

Grocery Store - Coquitlam, .............$59k Restaurant & Property waterfront Downtown Vancouver .........$1.690 Million Fresh Slice Pizza at Coquitlam Center mall, financing available ..........................$249k

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

INVESTMENT OPPORTUNITIES CAMPBELL RIVER, BC

WANTED WINERY IN ALBERTA OR

OF LAND.

Fast Food Mediterranean at UBC food court great income .....................................$99k Ladies shoe Store & bags - Downtown Vancouver .......................................$29k

Print Shop. Commercial scale - Greater Vancouver .....................................$395k

BRITISH COLUMBIA MINIMUM 50 ACRES

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

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

Make-up Manufacturing. Net income of $350k - Greater Vancouver ..$2.2 million • 3.14 acres • 397 feet of Water Front • Zoned Commercial Four (C-4) • views of Georgia Straight

$3.5 M $2.2 M

JERRY RACZKOWSKI

To view listings please visit:

www.6717000.com/biz

fraser elliott 604.728.2845

fraser elliott 604.728.2845 fraserelliott1@gmail.com RE/MAX Progroup Realty

2044-58000sq ft $4.75-$5.75 sq ft net

rAre oPPortunity!

Two tenants (Fields, IDA Pharmacy).

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

Subscribe

RETAIL 33,119 sq ft sfw ground floor - 3000sq ft $15.00+$4.60 - 1475sq ft $15.00+$4.60 2316 McCallum ground floor -2260sq ft $13.00+$4.60

www.westerninvestor.com september 2012 WESTERN INVESTORW

780-932-2121 • jrcoach@telus.net

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

Mill work & Woodworking business fully equipped - North Vancouver .........$300k Food Court Fast Food - Richmond Lansdowne Mall. Make an offer! ..........$59k

www.Bonded Business Brokers.com

Lower Mainland A13

WESTERN INVESTOR september 2012 www.westerninvestor.com

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

SURREY

• Mall – 3 acres 6% cap

$16 Million

Richmond

• Mall – Alexandra & Hazelbridge

whitE Rock

• Towncentre highrise site

$7.8 Million $14.4 Million

rIck luI 604-644-6182 rick@naicommercial.ca

www.naibusinesses.ca RV REntAL & SALES wEStERn cAnAdA neW lIsTIng Well established RV business, consistently profitable. Experienced staff and management. Online reservation system overseeing a fleet of over 300 rental motor homes. .......................$11,000,000 VAncoUVER iSLAnd RESoRt & SPA Profitable resort, lodge and spa offering world class dining and spectacular ocean views. Situated on 8.56 acres of oceanfront property with future development potential. ......................... $PoA hALcYon hot SPRinGS ViLLAGE & SPA Year round outdoor playground with spectacular facilities. Profitable resort & spa business with natural hot springs. 35 acres with 800m water frontage and strata chalets. Business and property. $15,900,000 cUStom miLLwoRk (Van Island) neW lIsTIng Over 20 yrs in commercial millwork and custom door manufacturing. Averaging $5M in revenue Top of the range equipment. ...................................................... $1.95m inc equip mEtAL FABRicAtion (Lower Mainland) neW lIsTIng In business for over 20 yrs. Traditional metal processing and installation company.

Sales average $5.4m ....................................................... $2,490,000 inc working cap coFFEE FRAnchiSE (Lower Mainland) neW lIsTIng Well known coffee franchise with two high traffic locations. Easy to manage. Combined sales approx $1m. Turnkey operation ..............................................................................$499,000 both VAncoUVER dinnER cRUiSE BUSinESS REDUCED In business for over 15 years operating two yachts from Downtown Vancouver. Nets $310,000 ..............................$1.85m inc yachts LowER mAinLAnd AUtoBodY ShoP neW lIsTIng 30 years in business. ICBC Valet accreditation since 2008. Well maintained paint booth with oven. Long lease on 3600sq.ft shop ......................................................................$249,000 inc equip SUccESSFUL cAFE REStAURAnt reduced Hugely popular cafe in downtown Squamish. Approx $620K annual revenue. Rent only $1,100/mth. Easy to operate. Turnkey operation ......................................................................$249,000 inc equip

alf sanderson delon cheung 604-691-6646

alf@naicommercial .ca

604-691-6654

delon@naicommercial .ca

kAmLooPS 34 SUitE APARtmEnt Bd • Gross Income $265,000, NOI $210,000 • Good tenants and well maintained • Price $2,750,000 kAmLooPS moBiLE homE PARk • Gross Rev. $177,000, NOI $134,000 • Asking $1,800,000 moBiLE homE PARk, mERRitt • Gross Rev. $182,688, Net Income of $113,118 • Good expansion potential • Price $1,775,000 RV & mini StoRAGE, cRAnBRook • 4.65 Acres, expansion options to double number of units • Gross Revenue $189,700, Net $152,600 • Price $1,650,000 mini StoRAGE BUSinESS, mERRitt • 147 Storage Units, 9% cap rate • Gross Revenue $154,500, Net $117,000 • Price $1,300,000 12 SUitE APARtmEnt Bd, kAmLooPS • Gross Income $121,800,000, Net $95,813 • Price $1,300,000

MIchael MarckWorT 604-691-6638 michael@naicommercial.ca

COMMERCIAL STRATA FOR SALE LAngLEy FRASER HIgHwAy FROnTAgE COMMERCIAL STRATA UnITS - 2 TO CHOOSE FROM • 2160 sq. ft. ready for your improvements • HVAC and sprinklers to an open plan • wAS $635,000 now ASkinG $605,000 • 2617 sq. ft.

• Income from current lease until 2013 • wAS $749,000 now ASkinG $710,000 InVESTMEnT InDUSTRIAL STRATA FOR SALE 102/103 26730 56 AVE LAngLEy • 6% CAP on ask. Good tenant with new 5 year lease • 4908 +/- sq. ft. footprint with 1560 sq. ft. office and 1560 sq. ft mezzanine • Asking: $689,900 #3 27250 58 CR. LAngLEy • 6% CAP on ask. International Tenant • New 3 year lease with options • 2000 sq. ft. footprint with 1000 sq. ft. office and 1000 sq. ft. warehouse down, and 1000 sq. ft. office and showroom up • Asking: $465,000 RETAIL STRIp InVESTMEnT DOwnTOwn LAngLEy • 5 CRU’s • 10,484 sq. ft. rentable on a 14,636 sq. ft. lot • Strategic corner location • PROFORMA NOI $147,312 or 5.9% CAP on ask • Owner may guarantee income for 1 year to allow further lease up • Asking: $2,500,000 JESKE CORpORATE CEnTRE Executive Office Suites FOR REnT • Individual Private Executive offices • 24/7 secure access • Sizes from individual (134 sq. ft.) to multi person (256 sq. ft.)

Ted WeIbelzahl 604-514-6825 or 1-800-890-9855 tedw@naicommercial.ca

Tobiano golf Course, Kamloops BC • Court Ordered Sale!

• Fully operational Golf course and clubhouse • Ranked best public course in BC & 10th overall in Canada • pRICE: $5,500,000 10,105 sq. ft. Office Building, Abbotsford BC • Court Ordered Sale!

• 3 storey office building totaling 10,105 sq. ft.

• 25 underground parking stalls & 7 surface spaces • REDUCED: $2,400,000

COURT ORDERED SALES

160 Acre Development Site, Abbotsford BC • One legal quarter section totalling 160 acres • Zoned LU/R-1(Limited Use Resource/Residential) PRicE: $3,900,000 459.1 Acre Development Site, Cranbrook BC • Zoned CD-1 & UH-R allowing for low & medium density residential • Surrounding Gary Player designed golf course PRicE: $22,300,000 1.37 Acre Residential, Coquitlam BC • One legal parcel totaling 1.37 acres • Zoned RS-2 • Close to all amenities PRicE: $1,225,000 116.53 Acre Development Site, Invermere BC • Triple Zoned R-1, A-1, & SH-3 (various uses) PRicE: $1,499,000 INDUSTRIAL & DEVELOPMENT SITES 43,560 sq.ft. Industrial waterfront Site, new westminster, BC • Zoned M-2 (Heavy Industrial) • Five contiguous water lots • 330 feet of riverfront PRicE: $950,000 1.04 Acre Light Industrial Site, Squamish BC • Excellent exposure site within the Squamish Business Park • Preloaded site with plans available and access to Highway 99.

• Zoned I-1 (Light Industrial) PRicE: $850,000 15.1 Acre Development Site, north Vancouver • One legal parcel totaling 15.1 acres • Zoned RS1 & PRO (one unit per 43,056 sq.ft.)

PRicE: $5,250,000 23.3 Acre Agricultural Site, Delta BC • One legal parcel totalling 23.3 acres • Zoned A-1 (Agricultural) • Easy access to Highways 99, 91, & 10 REdUcEd!: $2,200,000 27.6 Acre Agricultural Site, Langley BC • One legal parcel totalling 27.6 acres • Zoned Ru-5 (Rural Floodplain) • Adjacent to Nathan Creek dyke REdUcEd!: $2,000,000

gary haukeland or j.d. Murray

604-683-7535

gary@naicommercial.ca jdmurray @naicommercial.ca

GRAnd PRAiRiE Mixed O/R $130,000 stabilized N, 9% Cap kAmLooPS 254 Royal Ave 45 units

$2.6 m

kELownA 64 Unit Condo/retail. Core area. “build to suit’ $11.75 m PRincE GEoRGE 118 Acre, 4 M Meters gravel, (abuts airport) $3,200,000 1063 Great St., 5 acres, 17,500 s.f.

$2.8 m

PRincE GEoRGE 3 Separate Apts. 12-16 units SUncoR/mcdonALdS diSP. 4 sites 13,000 s.f. to 40,000 s.f. qUESnEL 1.7 Acre, 3 nationals, 19,500 s.f., $281,500 $4,700,000, 6% RAmAdA VALEmoUnt 70 Rooms, all amenities, share sale, 9% Cap Rate wiLLiAmS LAkE Portfolio $467,049, NOI, $6,225,000, Cap 7.50%, 5 Buildings

PeTer seed 604-691-6608 peter@naicommercial.ca

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

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

elIzabeTh WoznIczko 604-691-6648 elizabeth@naicommercial.ca

Ted sTellakIs 604-691-6692 stellakis@naicommercial.ca

Committed to Canada. Connected to the World.

A14

www.westerninvestor.com september 2012 WESTERN INVESTOR

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

“Tougher to make a buck in housing” WeSTerN INVeSTOr

V

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

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

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

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

It’s not just the toney West Side seeing a downturn.

“The Lower Mainland is in a buyers’ market,” confirmed Helmut Pastrick, chief economist with BC Central 1 Credit Union,

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

Central 1 quotes real estate board figures that suggest the big price correction has already happened, and average prices will see just a further 0.6 per cent drop this year.

The credit union forecasts that the “peak to trough”price drop will only be about 5 per cent, but recent numbers make that appear optimistic.

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

Photo: Greyfriars Realty/Englewood Village

FRAnk O’bRiEn

Condo market

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

“On a whole, new [condominium] prices haven’t really moved a whole lot either way. Pricing is always sticky as developers are very reluctant to publicly discount,” said Jeff Hancock, senior manager with MPC Intelligence Inc., which publishes the definitive Metro Vancouver Condo Market Opportunities Report.

“We have seen some downward pressure in some submarkets, but overall average prices haven’t really moved too much. What has changed is the size of units being offered, typically smaller, and an increase in unadvertised incentives and more price negotiating.”

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

“If you have to sell, sell now.”

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

postponed.

The resale condo market is equally shaky.

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

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

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

Whimper, not a bang

That appears to be the only concern in Vancouver real estate circles: not a crash, just less chance to see equity gains. real estate analyst Ozzie Jurock, who will present his 20th annual real estate Outlook conference September 15 in Vancouver, is also bearish on the short-term housing market in Metro Vancouver.

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

Lower Mainland

COURT ORDERED SALE • 98 Unit Multi-Family Site • 125,710 buildable square feet • 82 condos; 16 townhomes • Oceanfront view site • Foundation and site servicing

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

RE/MAX Sea to Sky Real Estate Squamish

SPECIALIZING IN COMMERCIAL INVESTMENT SALES FOR OVER 23 YEARS WE HAVE BUYERS FOR YOUR PROPERTY "BUY-SELL-DEAL WITH SUCCESS"

Restaurant For Sale

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

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

Historic Chinatown

REtaIL FoR LEaSE

office/Industrial For Lease 2nd Floor 1691 East Pender

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

Available immediately.

Near corner of Commercial & Hastings.

Chinatown Investment Prop 416 Main Street LD

SO

5600 sf on two levels.

Variety of allowable uses Growing residential area Reasonable rents

Growth potential in emerging area.

High exposure & foot traffic.

Established tenant asking $1,225,000

For more details: Success Realty & Insurance Ltd.

JoRdan Eng (604) 728-0883 jordaneng@telus.net

A15

WESTERN INVESTOR september 2012 www.westerninvestor.com

house prices over the past three years.

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

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

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

Snapshot of B.C. housing prices July 2012 Avg. price*

Greater Vancouver Fraser Valley Chilliwack Kamloops Kootenays Okanagan Mainline Vancouver Island Victoria Province

$667,500 $479,500 $312,400 $311,400 $275,500 $381,200 $315,400 $475,700 $474,900

% change from 2011 - 12.4 - 4.8 + 1.4 + 8.5 - 6.3 - 6.6 - 1.1 + 1.9 - 12.2

*All types of housing combined. Source: BC Real Estate Association

Photo: Concord Pacific

Rental investors

The rental apartment market is even tougher for small investors. The average price of an apartment building in Vancouver this year is $227,000 “per door,” up 28 per cent from a year ago, according to David Goodman, a multi-family specialist with HQ Realty Services Ltd. In the suburbs, the average rental apartment in an older walk-up rental building sells for more than $166,000, a 12 per cent jump from last year. Meanwhile, the capitalization rates for rental apartment buildings are at record lows, not uncommon to be below 3 per cent.

It is hard to make money with those numbers, said Walter Shultz, manager of business development with TD Commercial in Vancouver. Schultz said he discourages novice investors from buying Vancouver-area apartment buildings because the prices are too high and returns are too low.

“There are no more deals in the rental apartment market,” he said, adding that smaller investors are left with what REITs and other big players have already picked over.

Market

Schultz said investors should look at secondary markets, where prices are lower and yields are higher. Good examples in B.C. could include Chilliwack, Nanaimo and Kamloops, he suggests.

Secondary markets

The latest B.C. sales figures back this up. This summer, areas outside of Metro Vancouver posted an 11 per cent sales increase, compared with a year earlier, while they fell 18 per cent in the city. Some small markets posted big numbers. Home sales were up 25.8 per cent in Kamloops, 24.5 per cent in Chilliwack and saw double-digit jumps on

An estimated 6,000 highrise concrete condos started marketing this year in Metro Vancouver – and about 45 per cent have already sold.

central Vancouver Island and in the Kelowna area, reports the BC Real Estate Association.

Both Kamloops and Chilliwack also posted modest increases in average prices, bucking a 12.2 per cent decline seen across the province in July, which dropped the average house price in B.C. to $474,954.

Alberta

Serious residential investors should bypass B.C. altogether and head straight to Calgary and Edmonton, says Ed Deprato, an Alberta realtor and investor who will speak at Jurock’s Real Estate Outlook conference this month.

A buyer could purchase three or four hous-

es in either of Alberta’s biggest cities for the price of a bungalow in Vancouver, he noted.

And, unlike Vancouver, housing sales and prices are accelerating in both cities.

Calgary posted a 21.3 per cent increase in MLS sales in July, compared with July 2011, and the average price of a house spiked up 9 per cent to $432,000. Condominium sales rose nearly 10 per cent, with average prices up 2 per cent to $247,600.

The rental vacancy rate in Calgary, meanwhile, has fallen to a tight 2.5 per cent, according to Canada Mortgage and Housing Corp., and the typical rent for a two-bedroom apartment is now north of $1,000. Alberta has no rent controls.

But it is Alberta’s capital city that is really ripe for residential investors, Deprato said. “You can buy a $300,000 duplex in Edmonton that will have immediate positive cash flow,” he said.

With a vacancy rate of 2.7 per cent, a young population and near zero unemployment – “the oilpatch flows through Edmonton” – the city has among the lowest house prices of any major city in Canada. “There is nothing to be afraid of in Edmonton,” Deprato said.u

Lower Mainland

FOR SALE

. . . . . . .

. . . .

.

SOLD

.

• LANGLEY, 62 unit Strata building, Condo quality • SURREY,, 210+ units development Site, 3rd reading completed • CHILLIWACK, townhome and SF sites • QUEBEC, 2100 acres zoned for Single Family, Retail, Golf course & Hotel

Amrik S Rai

Royal Pacific Realty 604-709-9200

amrik@incomerealty.ca

PENTICTON

. .

FOR SALE Well built 57 unit Motel Located in central interior town.

• with some kitchen units, • indoor pool and restaurant.

Exceptional buy at $1,300,000.

Owner financing with $250,000 down. Motel needs some updating.

Call Joe at 604-926-1623

A16 Lower Mainland

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A17

WESTERN INVESTOR september 2012 www.westerninvestor.com

COVER City’s smart ideas include taking a cut of land lift and zoning lots for higher-density housing

Coquitlam the new hub fRank O’bRiEn WESTERn InvESToR

T

Photo: Kim Stallknecht Photography

Cressey was allowed maximum density on the site by paying the city a fee that will be used to help build the Lincoln transit station at Pinetree Way on the Evergreen Line that starts running in 2016.

The zoning density lifted the value of the Cressey site, helped create the residential mass the city is aiming for in the area and assured a new transit station within a short walk of Cressey’s MThree site.

“We wrote a cheque for 50 per cent of the land lift [value],” explained Hani Lammam, Cressey’s vice-president of development and acquisitions. Coquitlam Mayor Richard Stewart said the density bonus payments are part of a transparent approach the city takes to development. “Developers know up front exactly what their costs are,” he said.

For instance, rezoning of a residential site from a 2.5 floor space ratio (FSR) to 5 FSR includes a formula for bonus payments that is part of the rezoning package. Recently, developers Onni and Polygon paid $1 million each to add extra space to residential

Photo: Beedie Living

op-tier developer Cressey has begun construction of its 42-storey MThree residential project, and it represents more than the tallest tower in Coquitlam. MThree, the third in a series of towers at Cressey’s Metropolitan complex in Coquitlam’s town centre, is also indicative of an innovative civic bonus formula that has pumped millions of dollars into a Coquitlam transit plan.

Hani Lammam at MOne, the first residential tower in Cressey’s Metropolitan Residences series in Coquitlam. a second tower is nearly sold out. The series’ pinnacle building, MThree, at 42 storeys high, will be Coquitlam’s tallest tower. inSET: rendering of the 89-acre fraser Mills site by beedie Group, which begins construction next year.

towers in the area.

This bonus money is earmarked to help cover the $20 million cost of the extra station that was sketched in as an option when the $1.4 billion Evergreen extension was announced.

As well as residential developers, Pensionfund Realty Ltd., owner of Coquitlam Centre Mall, has kicked in funds in return for future density bonuses and donated part of the mall parking lot for the

Lincoln station. Coquitlam has also received $7 million in federal government funding for the station as part of a P3 project with Pensionfund.

Stewart expects at least a dozen more highrises to be built in the area.

“The developers are the ones who will benefit most from the extra transit station, so they should help pay for it,” the mayor said.

Judging from sales, Cressey and other home builders may have little argument.

“We had such tremendous success with Mone and now with MTwo about to sell out, the decision to continue investing in Coquitlam was obvious,” Lammam said.

MThree will have 319 condominiums, starting at $230,000 for a one bedroom, and about 8,000 square feet of retail space.

“We like Coquitlam,” Lammam said, noting that Cressey is also active in Richmond and vancouver. “The land is cheaper and the density is higher.”

Coquitlam is also pushing ground-level density in established neighbourhoods, where one-quarter-acre housing lots are common.

Under a density program, the city encourages up to four extra housing units – such as two duplexes or small carriage houses – to be built on existing single-family lots.

Industrial

But it is in the industrial sector that Coquitlam faces its biggest challenge. Quickly running out of land as the Port Mann Bridge expansion and Highway 1 improvements near completion, the city is feeling the pressure.

Coquitlam recently chopped its industrial requirements from nine potential uses to three. Stewart said, “now you can use industrial land for just about anything.”

If you can find the land.

“Land is at a premium in Coquitlam with just one acre of industrial land for sale,” Avison Young found in a survey this spring, adding that there was also only one industrial building for sale in the city. Coquitlam’s total industrial land covers 834 acres, just 3 per cent of Metro vancouver inventory.

“It would cost $30 a foot, or about $1.2 million to $1.4 million an acre for industrial land in Coquitlam,” noted Rob Gritten, an industrial specialist with Avison Young, who Please see Radical page A18

Lower Mainland POWELL RIVER INVESTMENT O P P O RT U N I T I E S STORAGE FACILITY

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

CONVENIENCE STORE Only store in the Townsite community. Turn-key w/ ATM, Lotto & Keno, seating area, deli. Bright, clean, well maintained. Office & storage in basement.

Building & land included, stock added at cost. $189,900

IDEAL AGRI-BUSINESS OPPORTUNITY 102 acres fairly level land; many possibilities; easy access; in ALR $569,900

COMMERCIAL

•

FRANCHISE

•

BUSINESS

•

DEVELOPMENT

COMMERCIAL BUILDING FOR SALE $1.198M

NORTHERN, BC HOTEL FOR SALE $3.49M • Large-Motel with Property • 72 Rooms, High Exposure, Prime Loc. • Additional Lots avail, in price • Well Recognized brand • Full service large Restaurant • High profit, Call for Details. .

• Busy Langley Downtown-C1 Zoned • 2 levels with multiple units and tenants • Great Street Front Exposure. High Revenue • Perfect for Professional Services, Realty, • Lawyer’s offices, Doctors, Education..

• Upper level available for Lease Option as well

• Established Long Term Location • High Revenue with Future Expansion Opportunity • Government Approved with Subsidy • Consistent Year Round Enrollment

• Large building-6600sqft Corner Lot, High Traffic • Upper 4 bedroom-2bath-2decks • 2000sqft Unit Lower • Set up for grocery-can easily be converted

COMMERCIAL & RESIDENTIAL PROPERTy - $939,000

DAyCARE wITH PROPERTy $769,000

Multiple commercial options available. VISIT www.RAjThINd.COm fOR mORE INfO

RESTAURANT

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AwARD wINNING BURGER FRANCHISE

RESTAURANTS

HUGE EXPANSION OPPORTUNITY. Aggressive Alberta Expansion is now under way. This top franchise is now set to open in Alberta. CALGARY is SET FOR INITIAL EXPANSION, CALL TODAY FOR A FRANCHISE PACKAGE. INITIAL PLACEMENT IS LIMITED - FRANCHISE INCENTIVES AVAILABLE. Lower mainland locations available: - Granville Broadway ................................$269,000 - Aberdeen Mall ........................................$239,000 - Pitt Meadows .........................................$369,000

• LARGE KINGSWAY SITE – Great Lease.......$369,000 • SUTRA RESTAURANT – Downtown Van........$289,000 • SAFFRON – High Profit Indian Concept...........$268,000 • TAF’S LOUNGE – Granville & Robson........ $280,000 • REST. W/PUB – 2 locations - Best Western...$369,000

ADDITIONAL OPTIONS

• Express News-High Revenue ..................... $149,000 • Express News-Maple Ridge Mall ................. $69,000 • Food Truck ................................................. $49,000

Raj Thind PERSONAL REAL ESTATE CORPORTATION

778-554-(sold) 7653 rthind@sutton.com

www.rajthind.com

West Coast

SENIORS CARE (Government funded) Investment Opportunity North Okanagan 10+% CAP/YIELD Principals Only

$5,975,000

Robin: Michael:* Michael baragon, PRec 778.999.7020 w *604.816.2886 carewest@shaw.ca baragon@telus.net

www.carewestproperties.com

STRIP MALL MAPLE RIDGE, BC FOR SALE BY ABSENTEE OWNER n Approx 7500 sq ft, 5 units n Potential 4% cap rate n Lots of parking, new roof n 2 new HVAC units n Busy street exposure n Excellent visibility n $2,625,000 Contact Ejaz Khan: 702-823-4362 or 702-483-6466 cell: 702-325-2868 efax: 702-529-0847

A18 Lower Mainland FOR SALE DEVELOPMENT SITE VICTORIA FOR SALE 1.74 ACRE 168 UNITS $12.95M INDUSTRIAL PROPERTY DELTA, BC I-I ZONE, 11,680 SF BUILDING ON ½ ACRE ................. $1.699M OFFICE SPACE FOR SALE/LEASE 2002 SF AT 6TH AND SPRUCE .................... $1,050,000 OR $23/SF PLUS OPERATING. 2 LIQUOR STORES FOR SALE SALES $4M & $2.7M ........ CALL FOR DETAILS 2 LIQUOR PRIMARIES DOWNTOWN VANCOUVER PRICED @ ...... $1.1M & $1.8M SEYMOUR RESTAURANT FOR SALE 2400 SF ................................... REDUCED TO $250,000 WEST 4TH AVE RESTAURANT FOR SALE 2000 SF ........................................... $250,000

Alex Yuen (PREC)

VANCOUVER BC SPORTING GOODS STORE Established sporting goods store.

This store received the Couriers Readers Choice Award since 2007.

Income to owner operator $75,000.

Priced at $99,000 plus inventory.

VANCOUVER BC UNIFORM SHOP Sales over $500,000 per year established over 30 years net profit to owner $90,000 per year Owner works short hours.

Priced at $209,000 plus inventory.

Please contact

Dir: 604.338.1800 Off: 604.926.6718

alex@alexyuen.ca

www.westerninvestor.com september 2012 WESTERN INVESTORW

RE/MAX SELECT PROPERTIES

Iain MacDonell 604-328-3929 www.macdonells.com

RADICAL from A17

said Coquitlam ranks as a premier industrial destination in Metro Vancouver.

Stewart suggested that older big box stores with large parking lots “may have to be dynamited” to make way for higher-density industrial. He recommends developers consider two, three and even six-storey industrial buildings to maximize available land.

Gritten, however, said Coquitlam may have to consider an even more radical approach.

“Perhaps they should forget about industrial and zone land for the highest and best use,” he said. “Look at West Vancouver, it does very well with no industrial real estate.”

Fraser Mills

In fact, the largest project underway in Coquitlam’s historic industrial area leans much more toward housing and retail than warehouses. When the 89-acre Fraser Mills project is completed by Beedie Group, only 15 acres will remain as industrial and less than that set aside for a park.

The giant project, now underway, includes up to 3,700 homes in 13 towers, 275,000 square feet of retail and restaurants and 72,500 square feet of amenities for nearly 8,000 residents. It links historic Mallairdville

City of Coquitlam

Quick facts North Vancouver Barnet Hwy 7

Vancouver

Ca

Burnaby

na

1

da

7

W ay

Coquitlam, B.C. Population 127,785 Average detached house price $719,900 Annual housing starts 1,460 (2011) Construction permit value $394.1 million (2011) Acre industrial land $1.2 million - $1.4 million

with the Fraser River waterfront.

Beedie is reportedly paying up to $12 million to the city as part of the development, including $5 million towards affordable housing, and donating about 20 acres for public parks and green space.u

Sidebar: Quick facts

Population 127,785 Average detached house price $719,900 Annual housing starts 1,460 (2011) Construction permit value $394.1 million (2011) Acre industrial land $1.2 million - $1.4 million

-30-

Coquitlam is one of the fastest growing communities in British Columbia. Our City offers: 

Proximity to the Metro Vancouver, US and Asian markets



Access to major transportation corridors and networks



Transportation infrastructure improvements like the Hwy 1 / Port Mann Bridge and Evergreen Line projects



A large, skilled and highly educated labour force



Diverse recreation, arts and culture, housing and education opportunities



An open, accessible and progressive municipal government

We invite you to contact us to learn more about the advantages Coquitlam has to offer.

3000 Guildford Way, Coquitlam, BC, V3B 7N2 Phone: 604-927-3442 | Email: economicdevelopment@coquitlam.ca

www.coquitlam.ca

1

Richmond

Coquitlam, BC

Economic Development

COQUITLAM

Lower Mainland A19

WESTERN INVESTOR september 2012 www.westerninvestor.com

Ray Veenbaas 0257

Call Ray or Richard for all of your Real Estate Needs! email us at richardtherealtor@hotmail.com

LITTLE OAK REALTY 604 309

1-800-668-8661

"All offices independently owned and operated"

Richard Riemersma 604 309 8541

RESIDENTIAL, COMMERCIAL, INVESTMENT & AGRICULTURE

Little Oak Realty

INVESTMENT REVENUE

FEATURED PROPERTY

BUSINESS OPPORTUNITIES

New westmiNster Office (4 strata UNits) Shows $35,000 net annual income. Asking $659,900

BC’S BEST HOTEL DEAL!!!

steakhOUse aNd iNdiaN BUffet - Great location & Great lease.

Reduced to $199,000

33 ROOMS WITH RESTAURANT & PUB.

fraNchise restaUraNt on major highway in a flagged motel. Comes with a bonus 12,000 sq ft banquet hall.

Asking: $389,000

staNd alONe restaUraNt BUildiNg with Profitable Asian food tenant Asking: $799,000 aBBOtsfOrd Office / retail Office miX - Shows $52,000 net annual income.

Asking $849,000

thai fOOd restaUraNt BUsiNess Most popular in town.

Asking: $188,888

(Only 3 hours from Vancouver)

$699,600

affOrdaBle mUlti-teNaNt Office Building with stable revenue.

Asking: $988,000

Easy to operate, Seller Motivated

mUlti-teNaNt iNdUstrial BUildiNg - in excellent area. Easy to rent small units, never vacant.

Asking: $2,425,000

98 UNit mUlti-family site Close to shopping centre, hospital, recreation and lakeside walking trails (Plans available) Asking $2,900,000

DEVELOPMENT SITE

TF 1-800-668-8661

maNUfactUriNg BUsiNess gOiNg cONcerN laNd, BUildiNg & BUsiNess seller may maNage fOr New OwNer, Or BUy OUtright aNd take tO NeXt level.

askiNg $4,000,000

#9–2630 Bourquin W., Abbotsford

"EACH OFFICE INDEPENDENTLY OWNED & OPERATED"

Lindsey Gauthier

Personal Real Estate Corporation lgauthier@sutton.com

NEED NOW!!!

$3 - $15 MILLION SHOPPING CENTRES

604-798-2977

EXCLUSIVE LISTINGS EXCLUSIVE LISTINGS HOT INDUSTRIAL PROPERTY

AUTO RECYCLER

BUY IN CHILLIWACK

NOW IS THE TIME!

MECHANIC SHOP- This business makes money $$$$$$

Hot Property Rare and hard to find established turnkey auto recycler.

Owners have been doing this business for over 25 years. Large inventory of high end salvage and a customer database of over 3000.

$1,900,000 GREAT BUSINESS INVESTMENT

BUILDING BUSINESS AND LOT for sale!!! Largest Laundromat in Chilliwack, with separate 3 Bay Car Wash. Great Clientele, and located on a busy road, surrounded by lots of rental buildings for a flowing supply of Laundromat customers

$699,000 Building and Land w/Car Wash Business $125,000 Laundromat Business Only

HUGE EXPOSURE ON MAIN DRAG

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

78 surface parking units, with 2 separate road entrances. and visibility on a main arterial road in Chilliwack. Lease Rates $18.00 - $23.00 per sqft.

$1,659,000-$1,679,000 MLS®H31200120-121 STRATAFIED BUILDING WITH 3 UNITS

4,400 sqft. Building on 8,000 sqft. Stratafied lot with a large bay door on the Mechanic Shop, Residential Suite, and Beauty Salon. Great for a business owner looking to own their own REAL ESTATE. This is a great 3 unit Strata to increase your investment portfolio.

$599,000

MLS ®H3120167

BUILDING IS FULLY LEASED! 31,279 sq.ft. corner lot property with a beautiful well maintained building that is fully tenanted, in a highly desireable industrial area with amazing exposure. This property has highway exposure, and is located in a growing area. SUPERIOR LOCATION!

$1,925,000 FIRM GREAT CAP RATE!!!

LEGAL 4-PLEX IN MISSION

Beautiful 4 Plex in a great area of town with a fenced back yard, Shop, RV Parking, 2 driveways with Carports, and Separate Entrances. This is a newly renovated 4 Plex with two 3 Bedroom units and two 1 Bedroom units with Fridge, Stove, Washer & Dryer. This is a great investment property. House was built in 1984 and has just been renovated. This is a must see property and won't be on the market very long!!

$525,000

Established business that has a dedicated Clientele and is located on a main arterial road.

C2 Zoning, large freestanding building with 7 bays including a RV bay, ample parking, office space and classroom located on the second floor. building is over 5,000 sq.ft. with 2 floors and the purchase includes the Business, Building and Land.

$1,650,000 BED AND BREAKFAST

4 TITLES BIG CORNER LOT

4400 Sq.ft., Custom Built, 5 Bedroom House plus den on Corner Lot on a Flat .42 of an acre. Breath Taking Covered Deck. 3 Gas fireplaces, Gourmet Kitchen with Island and Granite CounterTops.

Impressive Master Bath ensuite with walk in shower. New septic field.

4 lots that make a large corner lot in a residential area of town. 1 bare lot, and 3 rental homes. This is a great purchase for someone wanting to build multifamily building in a quiet area of town close to all the amenities. These properties add up to 34,056 sqft of land.

$939,000 INVESTMENT PROPERTIES AND LAND FORSALE SALE INVESTMENT PROPERTIES FOR Motel/Pub/Restaurant 1.67 AND 5.461 ACRES OF M5 ZONED

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

$890,000 3 STRATA UNIT BUILDING

MLS®H3120089

Two available parcels Zoned M5 (Industrial Salvage), has the benefit of easy access and Heavy Industrial Zoning. These lots offer incredible opportunities for a Business to develop in an Industrial area that is growing fast. 1 km from the Trans-Canada Highway #1 and the CNR Tracks. These lots are ideal pieces of Land, and are located in a arterial area at the end of a cul-de-sac making the opportunities vast. All the utilities are at the road ready for hook up. $799,000 - $1,599,000 MLS ®H3120171-172

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

$575,000 or $195,000 each

MLS®H3000403/405/407

Lindsey Gauthier Personal Real Estate Corp.

$799,000

EXCELLENT LOCATION! BUILD HERE 1.66 Acres in 2 Titles, zoned M2 in an absolutely prime location. Highway #1 exposure, access from Yale Road, or Chalmer Place (cul-de-sac). Set in the heart of the industrial area with easy access to the City and National transportation routes. Zoning allows for wide variety of uses. This property is in a desirable arterial route on Yale Road located between Evans Road and Lickman overpass. The area is booming in new development, and is the place to be for an industrial business.

$1,580, 000 MLS®H3120202 & 204 RESIDENTIAL WITH COMMERCIAL FRANCHISE OWNER WANTED STOREFRONT

3 Bedroom home with den upstairs, and retail space on main floor. Commercial and residential investment opportunity in downtown core of Agassiz.

Lots of renovations, and endless potential for the main commercial space. Tons of retail exposure being on an arterial route. This is a must see property.

$349,000

H1203143

Profitable franchise restaurant priced right for the net income, nice restaurant with Banquet room that seats 230, a conference room that seats 50, a patio that seat 60, and the restaurant with 120 seats.

$175,000

GauthierTeam.com

MLS®H3120114

showplace realty ltd.

A20 Lower Mainland

Fraser Valley

CITY OF VANCOUVER Rare opportunity to find well-located multi-family dev. sites Application in process

153.49 acres with 2 titles.

RARE LARGE PARCEL! UNDER $50K PER ACRE! Great Sumas Prairie location, minutes to town.

Fertile parcel is tile drained every 40’ with Big “O” tile & a 1000 gpm spring fed well. 65 acres planted with 2 varieties of blueberries, 3 bdrm home and shop. $7,488,000

EASY TO OWN Fully leased commercial automotive centre on main drag. Very good condition & good return. $1,380,000 SURREY / LANGLEY HOTELS Several attractive money making packages from $3.9million LANGLEY DEVELOPMENT LAND Near freeway - some ready to build soon; others for short hold

Kam K. Sahota

604-614-1015 1-888-355-6771

sahotakam@gmail.com

West Coast Realty LangLey

Showplace Realty Ltd.

ATTENTION INVESTORS

traceybosch.com

TRACEY BOSCH

Personal Real Estate Corporation

“Building Clients for Life”

Wolstencroft

www.westerninvestor.com september 2012 WESTERN INVESTOR

RAY LEWIS

604-812-9733

JUST LISTED ONLY $598,800

8.6% RETURN SOUTH LANGLEY – ½ ACRE 4209 SQ FT – DUPLEX HIGH EXPOSURE LOCATION Attention Investors 8.6% return! Large Duplex located on ½ acre in South East Langley. 8 bedrooms, 6 baths, 3 kitchens. Currently rented to one long term tenant that wishes to stay. $4900 month rent for the dwellings and the owner still has use of the property for parking or what ever you want. High Exposure location. Loads of parking.

Close to U.S. Border. Fantastic investment - Call today!

604-539-SOLD (7653) – toll free 1-877-768-6171 - traceybosch.com

LONG TERM INVESTMENT FOR SALE $2,950,000 This property is located in the Fraser Valley and has 2 Triple “A” National Tenants on Long Term Lease.

The Main tenant is a Farm Equipment Dealership and the 2nd is a Mini Storage Co. Both have been there for the past few years and planning to stay there for a long time. This property can be purchased with, or without tenants.

To view call: Rae Forest

604-791-2179

WhEELEr ChEAM

LIST

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

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

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1-800-661-6988



  

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HOMELIFE

COMMERCIAL DIVISION Edson, AB – 148 sites – 21 ac ............. 10,700,000 Edson, AB – 93 pads – 15 ac ................ 7,300,000 Golden, BC – 101 pads, 13 acres ........ 5,900,000 North Battleford, SK – 60 pads, 9.58 ac ..2,700,000 McLeese Lake, BC – 69 pads, HSE, 25ac ......950,000 Langenburg, SK – 60 pads, 14 acres ......... 927,000 Houston, BC – 20 pads, 33 RVs 23 acres .. 895,000 Houston, BC – MH & RV Park, 40 ac+/- .... 299,000 604-302-3771 or TF: 1-888-251-2822 Fax: 1-888-804-1394 Email: hjesse@mobileparks.com

Homelife Glenayre Realty www.mobileparks.com

Attention

LIQUor StorES, PUbS, HotELS/MotELS nanaIMo PUb & LIQUor StorE 2½ acres. Land & buildings. asset sale. includes 2 suites. brInG oFFErS!! caMPbELL rIVEr WatErFront PUb & LIQUor StorE In bUSy SHoPPInG cEntrE. rEDUcED to $1,450,000 For SHarES. QUIck PoSSESIon. PUb In bUSy SHoPPInG cEntrE LocatED In SUrrEy PrIcED bELoW rEPLacEMEnt coSt. GrEat tErMS. QUIck PoSSESSIon. try yoUr oFFEr!

SUrrEy PUb & nEW 4000 Sq Ft LIQUor StorE. Land & bldgs. Plus commercial rental income. $4,250,000 PoWDEr coatInG bUSInESS Fully operational. in South burnaby, ready for turnkey operator.

Equipment cost exceeds asking price. try yoUr oFFErS!

Agents: to advertise

here

call Gary Takahashi toll-free: 1-800-661-6988 direct: (604) 608-5111 gtakahashi@biv.com

nanaIMo 15 + Lot PotEntIaL SUbDIVISIon 4 .447 aCrES $1,495,00

Liquor StorES - PubS - HotELS - rEStaurantS If we don’t have It lIsted we wIll fInd It for you!

barry bock / Don kaytor Homelife BencHmark TiTus realTy

604-575-5262

604-599-9287

Fax (604) 575-2214

Email: barry_bock@telus.net

www.barrybock.com

COMMERCIAL DIVISION w w w. h o m e l i f e . c o m

5 Gas statioNs witH laND & bUilDiNGs fraser valley, over ½ acre land, 4500 sq.ft. building, 2 road frontage, fiber glass tanks, 4 dispensers, lots of parking, good gross and net income.

Price $2.9 Mil fraser valley, gas station, c-store, 5 dispensers with chip system, high volume u/g fiber glass tanks. Busy road, over 3 million liters gas sales and over $3000 daily c-store sales. only $1.99 Mil fraser valley, gas station, 6 dispensers, brand new with chip system, high volume underground f/g tanks, electronically monitored, 4 million liters gas volume, $3000 daily c-store sales plus propane sales. Excellent gross and net income $2.99 Mil Gas statioN with land and building, over 3 million liters gas and over $1.5 million c-store sales.

Priced at $2.4 Mil UPPer fraser valley, over 8 acres land, gas station, land and building, c-store, house restaurant, all in one price at $1.1 Mil iNvestMeNt ProPerty iN cariboo Land & Building leased for $4000/mo. $385,000 Motel 16 Units, Restaurant & Pub. Over 4 acres commercial land. Lake front on major hwy in Cariboo area. $450,000 for More Details call or visit My website:

PAMMI MANDAIR Cell: 604-825-8121 OffiCe: 604-859-3141

pammimandair@gmail.com www.pammimandair.ca

glenayre realty

A21

WESTERN INVESTOR september 2012 www.westerninvestor.com

FEATURE “Group of seven” forges forest strategy as industry eyes 30 per cent drop in Interior harvest

After the pine beetle WESTERN INVESTOR

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s o-called “group of seven” has been charged with providing an answer to perhaps the biggest challenge in B.C.: what will happen to the multibillion-dollar forest industry in the wake of the pine beetle devastation? The group has been given the task of redefining the value of B.C.’s landscape with a report expected to be made public this fall.

The seven-member party of MLAs is kneedeep in annual allowable cut regulations, old-growth management areas and a host of other bark-and-branch terms that amount to one question: how can the government alter B.C.’s timber harvesting regulations to keep Interior mills running?

During the past 13 years, the mountain pine beetle has killed more than half of the province’s harvestable pine trees, resulting in mill closures that have thrown thousands out of work.

In response to the problem, the province ramped up harvest levels to eat through the beetle kill before it became too rotten to harvest. What’s left in B.C.’s Interior forests is quickly losing its value. According to one report, the annual allowable harvest is consequently set to plunge more than 30 per cent to 40 million cubic metres per year.

That means more mill closures and job losses.

But this isn’t news in the north or to anyone even remotely tied to the industry.

Foresters have closed mills and recapi-

talized others throughout the province in anticipation of leaner times and quietly acquired tenure in areas where the forest remains vast and healthy.

Industry is quick to point out that if anyone has arrived late to the party, it’s the government.

The committee was struck this spring after a number of bad news headlines about the province’s response to the timber supply problem made the papers.

B.C. researchers seek future of forest industry after a Much of the story centred 13-year beetle attack killed half the pine trees. on the explosion at the Babine Forest Products mill in Burns Lake, which abroad, particularly to China, and helped is located at ground zero of the pine beetle generate profits. epidemic.

The committee has also suggested increasThat region’s harvestable timber is expect- ing the harvest of marginally economic timed to drop 75 per cent to 500,000 cubic metres ber. The challenge with that, said one industry in the coming years. This means the only expert, is that most companies have already hope of rebuilding a mill in Burns Lake rests passed over those stands, which will remain with changes to the way timber is harvested financially unviable to harvest as long as in the Interior. market prices for lumber remain low.

A draft government report “leaked” to But the industry’s biggest concern is the media earlier this year suggested the govern- domino effect of changing regulations in one ment might change logging rules in parks and forest district and not others. old growth and wildlife habitat management If handled incorrectly, a change to the tenareas. But even if those changes increased the ure system could have a devastating effect that timber supply to mills, the industry may want would cascade through the industry for years.

The province has already said publicly it no part of logging in parks.

Forestry companies have established a will ensure no company is left worse off than global reputation for sustainable harvesting it was before. How it plans to do that while practices. Those practices have earned cer- finding enough timber to keep the industry tifications that have increased market share afloat after the beetle, maintain environmenPhoto: Government of B.C.

joEl mckAy

Canfor posts profit

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fter two quarters of bleeding red ink, Canfor Corp. is back in the black, thanks to a recovering U.S. housing market and subsequent increasing demand for lumber.

The sustainable wood producer reported a net income of $4.5 million on consolidated revenue of $701 million in its second-quarter financials. Canfor had reported a net loss of $16.2 million ($0.11 per share) in the first quarter of 2012.

The higher revenues are the result of an improving U.S. market for B.C. lumber, and a backlog of lumber inventory in China coming back down to normal levels, the company said in a press release.

Canfor recently acquired two sawmills in the Kootenay region, which helped the company increase lumber shipments significantly over the previous quarter to 1.2 billion board feet – a 16 per cent increase.

Canfor, headquartered in Vancouver, owns 22 sawmills, pulp mills and woodproduct manufacturing plants in B.C. It also owns one lumber mill in Quebec and five plants in the U.S. – Nelson Bennett/BIV

tal standards and support a new mill in Burns Lake is one of the most perplexing problems in B.C. business today.

The group of seven was due to deliver its report to government by August 15.u Joel McKay is director, communications, at the Northern Development Initiative Trust.

Lower Mainland Sidebar: HEAD = Canfor posts profit After two quarters of bleeding red ink, Canfor Corp. is back in the black, thanks to a recovering U.S. housing market and ED subsequent increasing demand for lumber. EDUC R The sustainable wood producer reported a net income of $4.5 million on consolidated revenue of $701 million in its second-quarter financials. Canfor had reported a net loss of $16.2 million ($0.11 per share) in first quarter of 2012.

The improved revenues are the result of improving U.S. market for B.C. lumber, and a backlog of lumber inventory in coming back downMLS# to normal the company 34594China 4th Ave., Abbotsford F3200005 levels, 7648 197th St., Langleysaid MLS# F1209538 0.38 Acres High Exposure C3Zoning $599,000 2 Acres - Latimer Plan Townhome Designation $1,595.000 in a -press release.

Canfor recently acquired two sawmills in the Kootenay D D region, UCE which helped the company increase Elumber UCEshipments D D E R significantly over the previous quarter toR 1.2 billion board feet – a 16 per cent increase.

Canfor, headquartered in Vancouver, owns 22 sawmills, pulp mills and wood product manufacturing plants in B.C. It also owns one lumber mill in Quebec and five plants in the U.S. - Nelson Bennett/ BIV 34801 Delair Rd., Abbotsford Approved 31 Unit Townhome Site

$1,860,000

21722 Maxwell Cr., Langley 5.02 Acres - First Time For Sale

We have buyers for development sites in the Fraser Valley.

MLS# F1209709 $988,000

32270 Lougheed Hwy., Mission 5.03 Acres - High profile Commercial site Adjacent to SuperStore & Rona

7216 Horne St., Mission Restaurant / Land near Waterfront

$4,500,000

MLS#F3200544 $779,000

Please contact JOE VARING at 604-859-3141

w w w. VA R I N G G R O U P. c o m

20425 82nd Ave., Langley 2.5 Acres Yorkson NCP Single Family Designation

32024 Joyce Ave., Abbotsford Land / Building, Prime Location, ZONING C6 - Commercial

$2,195,000

MLS# F3200806 $1,475,000

A22 Sea to Sky/Sunshine Coast/Vancouver Island SUNSHINE COAST Established Motel For Sale

TWO COMMERCIAL BUILDINGS SIDE X SIDE

ML#V4021517 “The Dock” Sechelt Now $1,190,000

Main street, downtown location with excellent exposure in Sechelt. 2 level building with retail, store, offices and zoned for residential above. High traffic area with lots of parking. 10 tenancies in place, many long term and great cap rate. Call Terry for more info.

ML#V4024655 Main St, Sechelt

SQUAMISH INVESTMENTS

Situated on prime commercial property in downtown Sechelt, the Cozy Court Motel is enjoying a renaissance. The current owner has invested heavily and has turned the operation into a financial success story. Invest and run this turn-key operation while you long term plan for the future. Excellent family business opportunity.

Now $779,000

Commercial building, 5,300 sq. ft. with excellent tenant located right next to “The Dock” also for sale. Prime location on the main street with upgrades and high visual presence. Triple net lease.

T E R RY & PA M B RACK E T T

Sechelt, BC

OCEANVIEW REALTY

PRIVATE ISLANDS

RE/MAX Sea to Sky Real Estate Squamish

FOR SALE crepe montagne A very profitable Whistler Restaurant 4368-116&108 Main Street

T

his popular French creperie restaurant has been in business since October 1997 and has developed a loyal clientele by providing consistent quality food in a cozy and clean environment with excellent service. Since the Olympics, the sales growth has been very strong. Its prime location and proximity to free parking adds to the customers’ convenience.

LAKEFRONT ACRES FROM

$495,000

$859,000 Call Allan for a complete information package.

VIEW BCPRIVATEISLANDS.COM WARK REALTY INC.

Strata Office Space Dwtn 1,714 sf $325k Strata Office Garibaldi 548 sf $169k Industrial Revenue Property $1.1 mil 10 acre Riverfront Lots $1.175 mil + Retail for Lease off Hwy 99 1,300-10,000 SF Adjacent to Home Depot, Walmart & Rona Commercial Site on Hwy 99 $1.65 mil C-3 gateway site: DP for 82 unit hotel, Zoning for: drive-thru, gas, restaurant 1 acre Light Industrial lot $699k

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

GORD CLAYTON 604-740-6302

terry@thebrackettgroup.com SECHELT Remax Oceanview Realty

AND

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

Information package available.

1-800-895-4313

WESTERN INVESTOR

Alan Jenner

604.946.8710

604-905-9589 allanjenner@wrec.com

For more commercial listings and information on the commercial market in Whistler visit:

www.whistlerrealtor.co or www.allanjenner.com

fuLL SERvicE HOTEL + winE + bEER STORE Must be Sold Due to Family Matter 28 rental rooms, generating $8000 monthly.

115 seat pub plus full service kitchen.

Fully renovated hotel incl. new windows, newer roof and full exterior paint.

This property was formerly listed at $1.8 Mill.

Asking $1.2 Mil. Seller will look at all offers

DALE SHORTT

Bus: (250)

758-3700 •

Toll Free

1-800-665-8313

Ocean Pointe

640 Trans Canada Highway, Ladysmith, B.C. V9G 1A7 • Email: daleshortt@shaw.ca

NANAIMO & vANcOuver IslANd PrOPertIes FOreclOsure cOurt Ordered sAles

develOPMeNt sItes & lANd

3 Acre tOWNHOMe dev sIte Stunning ocean view up to 30 units. $995,000

develOPMeNt sItes & lANd

$399,000 ½ Acre PrOPertY With large rental home. Ocean view. Subdividable, build 2nd home or re-zone for 8 town homes.

Financing available at 2.15%.

OceAN vIeW develOPMeNt sIte 21 condos or 8 townhomes. $379,500

HOtels & PuBs

FANtAstIc OceAN vIeW rM-5 dev sIte Unrestricted views, overlooks cruise ship pier. Approved for 35 condos, No DCC’s. $729,000 NANAIMO Best BuY! MIdrIse develOPMeNt sIte Located in the Downtown core. Nanaimo: Commercial or condo site.

NOW $159,900 excellent Buy 2.47 Acre cOuNtrY lOt ZONed FOr 4 HOuses Allows for Bed & Breakfast, dog kennels, country market.

City water. $298,000 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 57 Acres WItH PeAt MOss 17 acres sub-dividable into 2 acre sites. Located on Beck Lake. Marketing coal tailings for large exportation contacts located on large aquifer for water or sales. $1,100,000

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

5 Plex NANAIMO 5 meters, over $4,500 monthly revenue. Covered parking. Storage lockers. Separate meters. Asking $749,500 Just lIsted: 2 HOMes W/ AddItIONAl suIte + 2 cOttAGes Total of 6 rental units. Located on 2 separate ocean view lots. $579,000 5 reNtAl HOMes – All together 5 sep. adj. lots. starting at $169,900 or all for $1,150,000. seller will finance.

10% down at 3 per.

21 uNIt tOWNHOMes reveNue PrOPertY ON tHe GOlF cOurse. 2 & 3 bedroom units, private patios. Monthly income: over $20,000, assumable mortgage. Ideal property to hold or strata conversion. $2,875,000

cONdOs & HOMes dePt BAY BeAcH FrONt HOMe This smaller 2 bedroom home awaits your ideas. Great year round or vacation home, swimming & beach right out off your front veranda. $599,000 OceAN vIeW reveNue HOMe 3 bedrooms up, and 2 bedroom suite down. Monthly income over $1800. Lots of upgrades: New flooring, windows, countertops, bathroom fixtures and deck. $229,900

dAle sHOrtt

INcOMe PrOducING + reveNue PrOPertIes

Bus: (250)

dIstress sAle, 1700 sQ Ft WAreHOuse Incl. 7000 sq ft retail store front, plus 2 additional freestanding buildings with large overhead doors on 1.1 acres in the city. Assessed value $1,030,000. Asking Price $529,000 tHe GlOBe HOtel $1,395,000 restAurANt & PuB Opened in 1887 – restored 3 storey masonry building. Home to 145 seat pub restaurant.

Full facility kitchen. 8 – 1bdrm suites. Great investment & return.

758-3700 • Toll Free 1-800-665-8313

640 Trans Canada Highway, Ladysmith, B.C. V9G 1A7 • Email: daleshortt@shaw.ca

Ocean Pointe

A23

WESTERN INVESTOR september 2012 www.westerninvestor.com

INVESTING101 Novice property investors must understand how capitalization rates are measured

Calculating cap rates Yet, as an appraisar, I always ask: “How is the cap rate calculated?

The simple formula when determining cap rate is: cap rate = stabilized net operating income divided by the purchase price.

But how is the stabilized net operating income calculated?

There are two approaches to cap rate calculation: discounted cash flow (DCF) and overall capitalization rate (OCR).

The DCF converts a series of cash flows into a current-day expression of value. The income to be generated is typically forecasted over a 10-year period, or the time span which allows the majority of leases in place to expire or “rollover” at market.

The OCR method measures the relationship of value to the stabilized or potential net operating income at full occupancy. The OCR method is also referred to as the direct capitalization method. The direct capitalization approach takes a single year of income and converts that into a value expectation.

Most novice investors will use the overall capitalization rate approach. This is often used as the second valuation approach in the

Photo: David Eger

A

ccording to a recent study by CB Richard Ellis Ltd. (CBRE), the average national capitalization rate in Canada is 6.3 per cent, which is the lowest level on record. In Vancouver and other large Canadian cities, average “cap rates” can be even lower.

INVESTING101

appraisal of investment properties, or for smaller or less-complex income-producing properties.

The OCR has the advantage of being a practical, less-complicated approach to valuation, and it is commonly used in the marketplace by investors.

Unlike the DCF approach, the OCR does not explicitly reflect income and expense fluctuations over the holding period. Rather, anticipated changes to the income are implicitly reflected in the single overall capitalization rate.

Income approach

Investors can, and perhaps should, also use the “income approach” to calculate returns on their property investment.

The basic premise of the income approach is that the value of a property is related to the present worth of the future income stream that it is capable of producing over its economic life when developed to its highest and best use.

The income approach is based on the assumption that a purchaser of income-producing real estate uses the income generating potential as a measure of value and as a result, the principle of anticipation is fundamental to the approach.

Generally, the relationship is that the higher the income is, the higher the value will be.

Income is typically generated from two basic

David Eger, appraisar and senior director of Altus Group Ltd., Vancouver Strategy: Buying real estate for cash flow.

Question: How do you estimate its true market value?

Problem: How can you trust quoted cap rates?

Solution: Use the “income approach.”

sources, the cash flow received over the period of ownership (investment horizon) and the future sale price (reversionary value).

The approach involves the estimation of the stabilized or potential income to be received as well as stabilized or potential expenses. These are estimated through an examination of the subject property, as well as comparable properties for which income and expense information is available.

The basic steps of the income approach are: • Estimate the annual stabilized or potential gross income at “full occupancy.” From this is deducted an allowance for vacancy and bad debts to arrive at the effective gross income.

The effective gross income also includes any ancillary sources of income such as parking, signage or storage.

• Estimate the total annual operating expenses. This includes all of the normal expenditures required to generate and protect the income stream.

• Calculate the net operating income by deducting the annual operating expenses from the effective gross income.

• Deduct an appropriate structural allowance to arrive at an adjusted net operating Income.

• Select an appropriate method of capitalization and the appropriate capitalization rate.

• Using the appropriate mathematical method, convert the estimate of net operating income into an indication of the capital value. Make any appropriate deductions for tenant inducements, lease commissions, rent abatements, capital expenditures and lost rental and recovery revenue associated with any vacant units.

• If necessary, make any appropriate adjustments where the current rents are significantly below or above the current market value.

Investors should not necessarily be wary of a low cap rate, because it can be improved through improved cash flow and astute management.

For example, a rental apartment building may have a 3 per cent cap rate, but the cap rate can be increased through higher rents and reduced operating expenses.u

David Eger is a senior director of Altus Group Ltd. and general manager of the Vancouver office; he has been providing professional services since 1989. Eger specializes in the valuation of complex and larger-sized income-producing real estate assets. He is an accredited appraiser of the Appraisal Institute of Canada. He can be contacted at 604-683-5591, ext. 1651.

Vancouver Island

COmmERCiAL REALTORS® knOw ThE mARkET Jim Bailey

Des Dennis

Rodney Henderson

Ross Marshall

Dale Sheppard

Jack Barker

Fedele Di Salvo

Bev Highton

Jason Middleton

Ed Sing

Garry Barsalou

Komal Dodd

Randy Holt

Amanda Neal

Graham Smith

Les Bjola

Jim Donaldson

Robert Hunter

Ron Neal

Eric Spurling

Jerry Bola

Grant Evans

Jason Kahl

Glenn Nicholls

Peter Tanner

John Bruce

Ken Featherby

Bill Knowles

Rick Pettinger

Tim Taylor

David Brumby

Brenda Ferguson

Ana Kraft

Kevin Pirie

Clive Townley

Fraser Campbell

Dennis Fimrite

Mike Lagadyn

Kyle Porter

Dave Vogel

Dan Chilton

Wayne Garner

Robert Law

Gail Reaney

Ed Williams

Bill Chudyk

Robert Garry

Doug Ledding

Bill Robson

Robert Young

Jack Davis

Michael Hadfield

Griffin Lewis

Stephen Shea

Tony Zarsadias

Royal LePage Coast Capital RE/MAX Camosun Peninsula Devon Properties Ltd. Turner Lane Real Estate Svcs Pemberton Holmes Ltd. DFH Real Estate Ltd.

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NAI Commercial (Victoria) DTZ Barnicke Victoria Ltd. Devon Properties Ltd. Kahl Realty Inc. DFH Real Estate Ltd. NAI Commercial (Victoria) Burr Properties Ltd. Colliers Macaulay Nicolls NAI Commercial (Victoria) DTZ Barnicke Victoria Ltd.

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Cornerstone Properties Ltd. DTZ Barnicke Victoria Ltd. RE/MAX Alliance Pemberton Holmes Ltd. DTZ Barnicke Victoria Ltd. NAI Commercial (Victoria) NAI Commercial (Victoria) Colliers Macaulay Nicolls Pemberton Holmes Ltd. Pemberton Holmes Ltd.

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Greater Victoria commercial REALTORS® have the local knowledge and expertise you need. z BUYinG

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A24 Vancouver Island

QUALICUM BEACH $ VALUES $

• Walk-on waterfront lot + rental cottage $575,000 • ½ acre lots – treed, paved rd. Serviced.

Walk to beach & fishing. No restrictions .............................................................$109,900 • Ocean view 1800 sq ft West Coast style home �������������������������������������������������������������$394,900 • Town home, updated, ocean view, 1100 sq ft �������������������������������������������������������������$219,000 Free Vancouver Island listing info upon request.

KEN SALMOND 1-800-668-3622 RE/MAX ANCHOR RLTY. ktsalmond@shaw.ca

•

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RETAIL/OFFICE/LIGHT INDUSTRIAL SPACES FOR LEASE $6.00 – 14.00/sq ft

• PRIVATE OCEAN VIEW 2.39 ACRE High density multi-family site ............ $2,200,000

•

LIGHT INDUSTRIAL STRATA +/-1500 SQ FT Over 20' ceilings ......... $274,900

• 3300 + SQ FT IN COURTENAY Retail/Office/Warehouse (Strata) .......$275,000 •

HIGH QUALITY STRATA OFFICE

•

.71 AC LOW RISE APT SITE ......$850,000

•

3,000 SQ FT RETAIL BUILDING

•

1 ½ ac OF GREENHOUSES on 6.5 ac

2,400 sq ft ..............................................$599,900

On ½ ac, Courtenay $925,000 NOW $799,000

Campbell River ....................... $1,500,000

SOLD

•

8 UNIT APT & MOBILE on 6.36 ac.

•

HIGH-END WILDERNESS RESORT.

N. Courtenay ................................. $850,000

Forbidden Plateau ....................$2,395,000

Rob Samsom

AACI CCIM FRI Personal real estate CorPoration

1-888-829-7205

www.robsamsom.ca

www.westerninvestor.com

RE/MAX Ocean Pacific Realty

QUALICUM BEACH HOUSE $995,000 Unique opportunity to relax and enjoy your own waterfront investment escape! Relax, rent, or share this spacious 2 level, 2 suite, fully furnished walk on waterfront building. Commercially zoned. Great for family, friends, or joint venture. Good cash flow.

Partial trades considered.

Ian Lindsay & Associates ian@ianlindsay.ca • RE/MAX First Realty - Parksville www.ianlindsay.ca • 1-888-243-1071 for additional info contact

The Halliday House For SAle

188 McCarter Street, NaNaiMo, BC • Fully

occupied 20 room, 22 bed intermediate Care Facility built in 1992 • Favourable demographics in the Parksville region • 12,619 SF building • 12,701 SF site • Priced well below assessed value $1,350,000

Jason Winton

Brad Archibald

DIR 250 740 1060 EXT 2224 brad.archibald@colliers.com

For Sale 2.05 Acre Prime Development Site - North Nanaimo On Old Island Highway adjacent to Long Lake.

3.95 Acre Ocean Front Resort—Tofino Zoned C-5 Tourist Commercial. Property includes 40 room lodge.

Light Industrial Land and Buildings - Chemainus 3.83 acres with 5 buildings on site.

253 Acre Development Property - Sproat Lake Area Commercial Land and Building - Downtown Parksville 0.85 acre with 3,870 sq ft building on Island Highway.

Strata Commercial Unit - Central Nanaimo 4,417 sq ft office with 12 offices, boardroom, reception and lunchroom.

New Light Industrial Building - Comox 5,200 sq ft on Shamrock Place.

Partially Constructed Commercial Development - Nanaimo Ample parking and high exposure, zoned COR-2.

$2,595,000

Commercial Re-Development Property - Downtown Nanaimo 2 legal lots on Victoria Crescent with 4,900 sq ft building.

3.46 Acre Light Industrial Property - South Nanaimo 1.2 Acre Residential Development Site - South Nanaimo Commercial Land and Building Zoned DT-2 - Nanaimo 1,395 sq ft office building in Old City Quarter.

Residential Development Property - Nanaimo 4.88 acre property near the Nanaimo Parkway.

Commercial Land and Building Zoned I1 - Nanaimo 7,560 sq ft lot with 1,350 sq ft building plus room for expansion.

Commercial Property Zoned COR-3 - Nanaimo 2 lots on Kerrisdale Road totaling 19,600 sq ft.

Commercial Property Zoned COR-3 - Nanaimo 9,800 sq ft lot with 1,037 sq ft office off Bowen Road.

Hangar Building and Office - Campbell River Regional Airport Commercial Development Lot Zoned DT-8 - Nanaimo Vacant 0.29 acre property.

Light Industrial Strata Unit - Central Nanaimo Large warehouse with appointed office space.

$ 655,000

$2,495,000 $1,995,000 $1,700,000 $1,495,000 $ 849,000 $ 855,000 $ 775,000

$ 549,000 $ 475,000 $ 359,000 $ 319,000 $ 319,000 $ 299,000 $ 260,000 $ 199,000 $ 129,000 Call for Details

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

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

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

Well priced at a 9% cap rate.

Offered for sale at $2,475,000 Business Opportunity Located in downtown Port Alberni. Price includes rental equipment, inventory, parts, goodwill and land and building Offered for sale at $1,900,000 Family Restaurant and Pub Located on scenic oceanfront property near Campbell River.

Features patio seating overlooking the ocean and banquet room.

Offered for sale at $219,000 Heavy Industrial Property Located at Duke Point in Nanaimo, this 5 acre site is paved and fenced and includes an approximately 18,000 sq ft building.

$2,000,000

Saratoga Beach Golf Course - Black Creek 37.47 acre redevelopment property with executive style golf course under foreclosure.

$ 1,419,000

Green Rock Industrial Park 24 Light Industrial lots, of which 7 remain, in prime Nanaimo Location 9,710 to 59,376 sq ft Excellent highway access and “Green” construction. $199,000 to $834,000

For more information, please call or email: DIR 250 740 1060 EXT 2223 jason.winton@colliers.com

Business Is Better On Vancouver Island

VAnCouVeR ISlAnd Comox Valley

QUALICUM BEACH B.C

CALL NOW 1-800-661-6988

www.westerninvestor.com september 2012 WESTERN INVESTOR

Ken Cloak

250 414 8372 ken.cloak@colliers.com

DIR

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marketing your franchise?

Call the

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

Business Opportunities ESTABLISHED PLUMBING AND HEATING BUSINESS—Nanaimo SEWING MACHINE AND QUILTING RETAIL BUSINESS—Nanaimo AWARD-WINNING KITCHEN AND BATH BUSINESS—Sidney JUMPING JIMINY’S PLAYLAND AND CAFÉ—Nanaimo Well known children’s entertainment business ESTABLISHED HOTEL AND PUB—Port Alberni ESTABLISHED PLUMBING AND HEATING BUSINESS—Nanaimo On 7,560 sq ft lot with 1,300 sq ft building WHOLESALE DISTRIBUTOR BUSINESS ONLY—West Coast WHOLESALE DISTRIBUTOR—West Coast On 1.039 acres with 7,320 sq ft building LIQUOR STORE IN LEASED PREMISES—South Vancouver Island

$ $ $ $

175,000 180,000 199,000 399,000

FRANCHISED MOVING AND STORAGE CO.—Central Vancouver Island LIQUOR STORE WITH LAND AND BUILDINGS—Port Alberni With Commercial Tenant

$2,550,000 $2,600,000

$ 439,000 $ 495,000 $ 549,000 $1,295,000 $1,500,000

Gerry Van Vaals Personal Real Estate Corporation DTZ Barnicke Nanaimo Ltd.

Tel: 1 800 769 5757

gerry.vanvaals@dtzbarnicke.com

www.dtznanaimo.com

Vancouver Island A25

WESTERN INVESTOR september 2012 www.westerninvestor.com

Natives threaten BMO: “Metro commercial British Columbia pipeline blockades real estate still a top play” Shuttered schools G V put up for sale W h at ’ s h a p p e n i n g i n

A

Multi-family leading target

A

WATERFRONT & WATERVIEW PeterNash.com Cowichan Lake: Private island w/custom solar powered cottage. Sited to take advantage of views & sunsets. Great room/kitchen, 2 bedrms & bathrms, high ceilings, picture windows, large decks, french doors, wood fireplace, treatment plant, Dock w/Legend boat. $925,500

ancouver is among the top-tier markets for income-generating commercial real estate, according to BMO Economics.

The bank notes that such real estate is now attracting even conservative investors looking for sustained yields.

“After a severe and protracted market downturn in the 1990s, the commercial real estate industry in Canada has been characterized by cautious development and prudent lending practices,” said Earl Sweet, Vancouver seen among top commercial senior economist and managing director, real estate markets in Canada.

BMO Capital Markets.

Sweet noted several factors make the sector attractive for investors: • supply is limited, with vacancy rates lower than historical norms in many cities; • risk-averse operations have helped to improve balance sheet performance of developers, construction firms and realtors; • robust corporate performance – along with lending discipline – have maintained the quality of real estate loans at a high level; and • ultra-low interest rates have supported real estate development and prices.

Vancouver is particularly attractive because an ongoing lack of supply has maintained higher pricing in all commercial property asset classes, BMO notes. This, along with low bond yields and volatile stock markets, is driving traditionally conservative investors into commercial real estate, the report found.

BMO added that commercial strata sales are attractive now to both investors and owneroccupiers, some of whom can lease out part of the property. “Now may be a particularly good time for businesses to invest in commercial property for their own use,” said Steve Murphy of BMO’s commercial and treasury management department.

The outlook is not all rosy, however. The BMO study cautions that fallout from the European financial crisis and a slowing U.S. economy could stunt commercial real estate sales. “The [commercial property] market is likely to grow at a more tempered pace this year and next, with Canada’s economic growth expected to ease to 2 per cent,” Sweet warned.

Photo: About Vancouver

rand Chief Stewart Phillip of the Union of BC Indian Chiefs has warned of a court fight and possibly blockades to stop the proposed Northern Gateway oil pipeline.

Calgary-based Enbridge Inc. plans to decline in elementary school enrolbuild the $6 billion pipeline from the ment has led to the sale of schools Alberta oilsands to the B.C. north coast. across B.C., with the latest listing in “In the event the joint review panel Saanich. either supports or rejects the Northern The Saanich School District is lookGateway project proposal, and Prime ing to sell its vacant McTavish Elementary Minister [Stephen] Harper simply sweeps School and property for at least $1.3 milthat aside and endorses it, clearly from that lion. The district posted a request for propoint we’re headed to the courtrooms and posals on the B.C. Bid website in hopes of that will be a long, protracted legal fight,” getting offers on the 1.7-hectare site near Phillips said. the Victoria International Airport.

“And in the event, miraculously, we move The school, which covers 18,000 square feet, opened in 1951. It was closed in 2008 beyond that point, we’ll move on the land itself to defend the environmental integrity of due to declining enrolment. our territories. It’s just not going to happen.”

Enrolment projections show there is no Roughly 100 B.C. First Nations have need for McTavish Elementary to provide signed the Save the Fraser Declaration. school programs in the future, the district Signatories to the document state they will says. not permit the Northern Gateway pipeline “It’s excess to needs and it is a property “or similar tar sands projects” to cross their that we are permitted to sell because of that,” said board chairman Wayne Hunter. territorial land, most of which was never ceded through treaties.

The site is currently zoned for use by a public institution, and about half the property is in the Agricultural Land Reserve.

“If someone wanted to purchase it for an institutional use, it would make it a lot easier to use than if someone wanted to redevelop it,” Hunter said. study of Canada’s commercial real Early this year, Finance Minister Kevin estate market by Altus Insite notes Falcon confirmed that boards of education that multi-family investments pay the have the authority to dispose of surplus smallest returns but are seen as the most schools and land to help finance new capi- “stable property investment” in a genertal projects. ally optimistic market.

School enrolment in B.C. has fallen nearThe findings are in Altus’ Investment ly 10 per cent in the past decade.

Trends Survey, which polled 300 investors,

managers, property owners, lenders and analysts on their take on the commercial market.

The survey found that yield for suburban multi-residential ranges from a low of 4.4 per cent in Metro Vancouver to a high of 6 per cent in Halifax.

This asset class remains popular because

residential vacancy rates have been constantly declining nationwide, the survey found.

Altus’ survey of investor sentiment found that nearly 40 per cent expect values to continue to increase and 57 per cent expect no change in values. Just 4 per cent expect real estate values to decrease.u

ED HANDJA PERSONAL REAL ESTATE CORP. & SHELLEY MCKAY Your BC Oceanfront Team Specializing in Unique Coastal Real Estate in British Columbia

Ed: 250-287-0011 • Shelley: 250-830-4435 Toll Free: 1-800-563-7322 edhandja@bcoceanfront.com & shelleymckay@bcoceanfront.com

Wise I: West Coast solar powered cottage in private .42 ac & sited @ waters edge w/lo frontage.

Dock 3 minutes away. Natural state Is - 3 parks, path length of isl, community water, 2 docks.

Close to Galiano I. $489,500 Galiano I: West Coast home @ waters edge w/panoramic western views. Set in .82 ac level point of private land w/Dock. $850,000 Harlock I: Close to No. Saanich. .92 ac w/all tide & weather Dock. Basic cabin, hydro & water.

Close marinas, ferries, airport, Sidney. $720,000 Deep Cove: 2.3 ac estate w/SW exposure. 6000 sq’ home sited @ waters edge. 2nd home, cottage, greenhouse, swimming pool, all weather Dock. $4,350,000

703 FLOATPLANE OPERATION Located on the British Columbia coast, this floatplane operation is an established, profitable and well-situated business with an excellent asset base. Domestic and International Licenses, share sale. $1,350,000

PORT ALICE RENTAL COMPLEX 7-unit building across from the marina and boat launch and just a short walk from local amenities.

Low maintenance building, currently vacant. In Port Alice, on Vancouver Island’s west coast. $270,000

PORT HARDY INDUSTRIAL RIVERFRONT 3.6 acre riverfront property, highway frontage & access. Zoned light industrial, offers opportunities for retail, industrial works yard, restaurant or more! Hydro, water & sewer, city road access. $339,000

CAMPBELL RIVER INVESTMENT Campbell River Fishing Village and RV Park sits on a 2.72 acre semi-oceanfront and oceanfront property minutes from town. A yearround business, fronting the Island Highway, on prime development property. $1,699,000

Galiano I: Westcoast 2 lvl 2780 sq’ home w/views of Montague Hbr. Set is .50 ac easy care private lot. Possible B&B. $629,000 Cowichan Bay: West Coast home of timeless design! Sited to take advantage of ever changing panoramic marine views over Cowichan Bay. Includes 2nd lot. $1,695,000 Evening Cove: Gated south exposure lo frontage 5 acs. Great care & expense expended to prepare for building. Permission for Dock w/design. $1,395,000

PETER NASH

www.peternash.com

250.384.0566 d / 855.384.NASH t realestate@peternash.com

Victoria

www.bcoceanfront.com

A26 Vancouver Island

www.westerninvestor.com september 2012 WESTERN INVESTOR

NANAIMO & VANCOUVER ISLAND COMMERCIAL

DEVELOPMENT & INVESTMENT OPPORTUNITIES Each Office Is Independently Owned And Operated

NANAIMO - COLLEGE AREA Development site in the thriving University area. This upscale development of 10 residential lots and 26 luxurious townhomes has all the necessary plans, reports & approvals in place. Development permit for construction can commence within a short period of time. Excellent opportunity for small builder!

Call DARWIN MAHLUM for details.

NANAIMO - CENTRAL AREA Excellent redevelopment Property with holding income from existing Hotel. Great location for a strata of�ce complex where current demand exceeds supply. Located right on Highway 19A with excellent rear entrance and only a few blocks from the Regional General Hospital.

Call DARWIN MAHLUM for details.

WOODGROVE AREA

Coming Soon!One of the BEST Multi | Care Facility sites in the north of Nanaimo. Over 9 acres cleared with a gravel loamy base. Close to many amenities makes this a perfect multi use seniors� village.

Call DARWIN MAHLUM for details.

Development Land on Vancouver Island

Call 250.760.1066 NANAIMO -BEBAN PARK AREA

 Quiet No-Thru Road near Bowen Road (on Bus Route).  R6 Zoning Allows 20 4-Plex Units.  Preliminary Layout & Plans Complete.  Not Much Work Left to Obtain Dev.Permit.  Well Below Assessed Value.

Asking $699,000  Asking $699,000.

Call DAN ROB GRONDIN BORDEN

DOWNTOWN CHEMAINUS FOR SALE OR LEASE

RARE Opportunity! Land and building located in the heart of Chemainus (the Central Island�s premier tourist destination).

Call ROBERT BORDEN ROB BORDEN or or SHARON JENSEN for details.

VANCOUVER INDUSTRIAL Very close to the City - older building of 5808 sq. ft. occupies entire lot. Grade level door, 2 separate offices plus wide open space (except for roof pillars).

Owner is currently undertaking environmental one study.

Call ROBERT ROB BORDEN BORDEN

For Sale or Trade Stunning Waterfront Acreages

Nanaimo Village at Summerhill Summerhill provides one of the best development options available in Nanaimo. These are the last undeveloped commercial properties between the fully developed Westhill Shopping Centre and Nanaimo Regional Hospital. Lots range from 1.12 to 1.55 acres, sufficient for a multi-structure development designed for retail, office, medical or other commercial uses, including residential space. The property has been recently subdivided with all city services, sidewalks, streets and major utilities installed to the property line. $800,000 to $1,150,000

Nanaimo Airport Area 1755 Vowels Road (Old Waterloo School). Rare opportunity to purchase former school property on nearly 2 acres of level land. Adjacent to highway frontage businesses and near Nanaimo Airport (rural setting) $267,000

Ladysmith Holland Creek Heights Phase I Ten fully-serviced lots in this single family residential subdivision. Quiet setting above the town of Ladysmith, adjacent to Holland Creek. Lot sizes range from 7,200 sq ft to 13,131 sq ft. Varied topography allows a range of floor plans.

Priced from $90,000 to $114,900 Phase II Holland Creek. 33 lot subdivision on 9.49 acres of land; services to be extended from existing Phase I. $330,000

Esplanade Avenue

23,400 sq ft of land with fantastic visibility from the Trans Canada Highway (Esplanade Avenue), just one block from the main commercial street and offering captivating views of the harbour. $550,000

    

Vancouver Island oceanfront properties (Yellow Point Area) Private 3+ acre lots, one with a large residence and guest cottage Walk-on waterfront with a private bay and seasonal moorage Priced from $1.5M Trades will be considered for development or income producing properties in Western Canada

For more info please refer to Pylades Waterfront Retreats at www.platformproperties.ca/properties or call: 604-563-5002 or email: info@platformproperties.ca

Chemainus

Oak Street Level, 7,600 sq ft commercial building lot in the heart of town

$257,000

Randall Taylor

DTZ Barnicke Nanaimo Ltd. randall.taylor@dtzbarnicke.com

Tel 1 800 769 5757

www.dtzbarnicke.com

westerninvestor.com news.archives.reports.updates Waterfront Retreat

Contact us for more information: 604-669-8500 or advertise@westerninvestor.com

A27

WESTERN INVESTOR september 2012 www.westerninvestor.com

From: Whitecourt Advantage Real Estate, Whitecourt, Alberta. Whitecourt associate broker Leo Zelinksi reports the following sale: Deal: 17,500-square-foot industrial building, Whitecourt, Alberta, leased to national tenants, was sold to an out-of-town investor.

Price: $1.82 million.

Deal: 10,000-square-foot industrial property, leased to an international client, was sold to the same out-of-town investor as above. Price: $975,000.

From: Jones Lang LaSalle, Calgary. Chris Chornohos, vice-president of Jones Lang LaSalle, reports the following sale: Deal: 38,772-square-foot commercial build-

ing on 2.2 acres, 36 Avenue SE, Calgary.

Sold for vendor Willow Holdings Ltd. to the City of Calgary, for use as its Water Resource Group. Price: $7 million.

From: Avison Young, Vancouver. Avison Young agent Chris Wieser reports the following sale: Deal: 51-suite rental apartment building, Duncan Avenue, Penticton, B.C. Sold to Ratzlaff Development Corp. Price: $3.8 million.

From: Frontline Real Estate Services, Surrey. Frontline agent Kevin Volz of Personal Real Estate Corp. and Andrew Green of Cushman Wakefield, the seller agents, with buyer agent Garth White of Personal Real Estate Corp., announce the following sale: Deal: 10,600-square-foot flex industrial warehouse, 192 Street, Surrey, B.C. Price: $1.39 million.

From: CBRE Ltd., Edmonton. CBRE announces the following sale: Deal: 15,600-square-foot lot with 5,343square-foot commercial building, leased, Fort McMurray. Price: $3.2 million.

From: Cushman Wakefield, Edmonton.

Cushman Wakefield partner Doug Fogg and agent Adam Martinson sold the following: Deal: 13,390-square-foot Edson Landing strip mall, Edson, Alberta. Price: $3.79 million.

Doug Fogg and agent Howard McCann sold the following: Deal: 150,000-square-foot Village Landing retail centre, St. Albert, Alberta. Price $44.3 million.

Recently completed a major commercial real estate deal in Western Canada? Send details for a free report here to:

Photo: Avison Young

D

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

51-suite apartment building in Penticton, B.C., sold for $3.8 million.

Photo: Cushman Wakefield

DONE DEALS

150,000-sq.-ft. Village Landing retail centre, St. Albert, sold for $44.3 million.

Vancouver Island Q U A D R A I S L A N D PROPERTIES COMMERCIAL OPPORTUNITIES!!

250-285-2800

• 20 units + mgr's suite • hot tub and • 1.64 acres oceanfront swimming pool September 2012 – Western Investor A done deals / frank / 8 blocks• gorgeous landscaping • Photo done deals Duncan ave close to ferry shopping CUTLINE = 51-suite apartment and building in Penticton, sold for $3.8 million.

Photo: Avison Young • bordered by parkland $1,425,000.

Photo done deals Villlage • 24 strata lots in total

CommerCial marina and large Home inwieditor@biv.com. DUNCAN, BC prestigious maple Bay – Vancouver island Vitamin And Health Food Store Enjoy oceanfront living and operate your own marina.

• High traffic retail location Over 3000 sf home, several cash flow venues, 1720 ft • Vitamins, herbal supplements, organic bulk foods & herbs of docking facility, 2 boat houses, 1.87 ac of land and • Health & beauty aids, weight loss products foreshore lease. Rare opportunity!

• Homeopathic medicine & sports nutrition ..........................................$1,995,000 Building and land in Central dunCan Excellent Trans Canada Hwy location, very solid 9000+ sq.ft. log building w/ many upgrades & ample parking. Fully leased and showing 8% CAP rate.

Great potential for expansion. ............................................ $998,000

• • • • •

Snack bar, soups & baked goods Large selection of gluten free products Serving the Duncan area for over 18 years Turn key operation for immediate financial return Opportunity knocks for only $249,000 12-095 MLS® # 336109

JOHN FINLAYSON 1-877-854-7468 or 250-748-4443 johnfinlayson@osborne-realty.com View pictures on www.osborne-realty.com

For more details call or text:

CUTLINE = 150,000-square-foot Village Landing retail centre, St.Albert, sold for $44.3 million.

Photo: Cushman Wakefield Call Michael Lynch or Nancy Allwarden for further information on these, or any of our residential/recreational listings. Enjoy an island lifestyle! See more details at: www.discoveryislandsrealty.ca

Head = Done Deals

CONSTANTIN POPA: 250.709.1077 Photos at www.mcpopa.com SUTTON GROUP WESTCOAST REALTY

vaNcouver islaNd commercial

Lead – Our readers report on recent commercial real estate sales across Western Canada Jay Cousins

Frank Johnson

Done Deals is our monthly feature highlighting some of the major real estate transactionsofcompleted recently frank@remaxofnanaimo.com in Western Canada’s vibrant commercial real estate marjay@jaycousins.com Jay cousins realty Nanaimo 1-877-423-0984 ket,

www.nanaimoremaxcommercial.com

1-877-335-4380

FOR SALE

INVESTMENT OPPORTUNITIES

INVESTMENT OPPORTUNITIES

www.nanaimoremaxcommercial.com

INVESTMENT OPPORTUNITIES

• 4-PLEX • CENTRALFrom: NANAIMO – Almost 2 acresAdvantage of land fronting onReal the Whitecourt Estate, Whitecourt, Alberta.

Whitecourt broker Leo Zelinksi reportsINVESTMENT the following sale: MULTI-FAMILY PROPERTY IN PARKSVILLE Desirable • DOWNTOWN LADYSMITH LANDMARK • TWO COMMERCIAL STRATA UNITS Nanaimo’s north endassociate – C3 zoning could allow higher commercial or mixed future uses.

Millstone River, next to the Pryde Vista golf course, and a new high PROPERTY 6,000 Sq. Ft. over 2 levels,investor. full renovations in $1.82 2,525 totalWhitecourt, Sq. Ft. in Long Lake Businessto Park.

Blow out price at Deal: 17,500-square-foot industrial building, leased national tenants, was sold to an out-of-town Price: million.

Quality tenants in place, exceptional street presence ocean views quality subdivision on a no thru street. Zoning allows for a single 2005, new roof in 2011, income shows over 7% CAP rate at just of $200 per Sq. Ft. Main level (no stairs) & complex has high $569,000 from upper suites 10,000-square-foot industrial leased to international tenant, was sold to an investor.

Price: $975,000. family unitDeal: with a suite/carriage house. Fully serviced. $200,000 property, current occupancy.

Quality tenants include upper end retail, visibility on Old Island Highway. Motivated seller says get them • OLD CITY NANAIMO COMMERCIAL WAREHOUSE/OFFICE MLA office, pilates studio. $689,000 • MULTIFAMILY DEVELOPMENT SITE - approved for 16 gone! $529,000 COMPLEX 11,497 sq. ft. main level plus 6,600 Sq. Ft. mezzanine, • COUNTRY COMMUNITY STORE WITH LAND & BUILDINGS one bedroom units. No Development Cost Charges,, close to • 5 ACRES INDUSTRIAL ZONED PROPERTY South of LaSalle, Calgary.

Chris Chornohos, vice-president of Jones Lang LaSalle the offollowing sale; large dock & grade level doors, paved & fenced yard, easy access, DUNCAN AREAreports – Over 2 acres land, ample parking, downtownFrom: Nanaimo Jones with some Lang ocean views.

Development permit Nanaimo, 4,800 Sq. Ft. Steel clad building incl. approx. 400 sq. ft.

Zoning will allow multi-res, retail, restaurant, ofstorage for warehouse & terrific highway exposure.

Store Ltd. special-to thecorner in place, Deal: vendor financing available or joint venturecommercial possibilities.

38,772-square-foot building 2.2Highway, acres,Telus 36tower Avenue SE, Calgary. Sold vendor Willow Holdings Citylocation. of Calgary.

Price: $7 million. office. Close on to Island on property generates izes in animal feeds, garden products, groceries, produce & fice, but current configuration favours warehouse & related uses Reduced $299,900 revenue by way of a 30 year lease. Drilled well & septic field yet to hardware. Inventory to be purchased separately on completion. $899,000 • CENTRAL NANAIMO - Approximately 21 acres of multi-family be finished $699,000 Information Portfolio. $998,000 • GABRIOLA ISLAND WATERFRONT LODGE Includes a From: AvisonResidential.

Young,Municipal Vancouver.

Young agent Chris Wieser the following sale: land, zoned R-6, Townhouse services toAvison • ½ AN ACRE OF TERRIFIC EXPOSURE NEARreports NANAIMO’S • 110 UNIT MINI STORAGE IN SALTAIR on 3.63 Acres with turnkey pub/restaurant in a 1 ½ storey rustic log building. 10,000 the lot line.

Located51-suite close to the Beban Parkapartment Recreational facility, THOROUGHFARE 2 Level 4,000 B.C. Sq. Ft. building Deal: rental building,BUSIEST Duncan Avenue, Penticton, Sq. Ft. of rooms & dining/eating area. Large deck takes in the over 2 acres undeveloped & ready for commercial development. shopping, and many other amenities. $2,950,000.00 with 3,800 Sq,. Ft. showroom/warehouse, lots of parking & High visibility,Price: 85% capacity round, outdoor RV & boat gorgeous views. Over 4.9 acres of undeveloped land available for for SALE vendor Nelson Motors (1976)zoning Ltd.hastobroad Ratzlaff Development Corp. $3.8year million. easy access. Industrial uses. 8 Leasable tenant • COURT Sold ORDERED – Rooming House 4,400 sq. & ft. Equipment storage as well. Great business opportunity. $1,795,000 further expansion. Info available. offices/warehouse spaces show good income REDUCED $675,000 Character home, located within walking distance to downtown REDUCED $995,000 Nanaimo. Zoned CC-2 (Neighbourhood Centre) which provides • TOFINO COMMERCIAL/RESIDENTIAL BUILDING Located • LIGHT INDUSTRIAL ZONED COMPLEX – MID ISLAND • PORT Real ALBERNI MOTEL Corporation COMPLEX 14 Room and Motel Andrew plus 6 From: Frontline Real Estate Services,inSurrey. agent Kevin of Personal Estate Green of Cushman Wakefield Ltd., for a variety of commercial uses. $291,000 downtown Frontline core with harbour & ocean views. 2Volz Commercial Excellent revenue opportunity currently generating in excess Unit RV Park, 2 level Managers residence, units fully updated,

unitsWhite on mainof withPersonal long term leases & Estate 3 residentialCorporation, suites the seller agents, with buyer agent Garth Real announce following sale: outdoor pool, excellentthe visibility of highway route to West Coast FOR LEASE OR SALE with month-to-month tenancies. 10 parking stalls on site beaches & resorts, consistent 11% CAP rate $1,195,000 Deal: 10,600-square-foot flex industrialabove warehouse, 192 Street, Surrey. $1,299,000 Price: $1.39 million.

of $164,000 annually. Island Highway exposure, easy access, 6 buildings in total, all on 2.88 acres. Current rental rates with vacancies filled will show nearly 8% CAP rate. $1,895,000

• RESORT, MOTEL & CAMPGROUND IN QUALICUM 7.1 Acres of prime riverfront property, includes 36 Motel units, store, office, manager’s suite, cottages, 2 swimming pools, mini-golf & • Franchise Fitness Business South Nanaimo $69,900 HealthyBiggs profit picture for this investment • Used booksMcMurray, / consumer servicesAlberta. retail – Nanaimo $59,900 as aplayground. restaurant, Avenue (Lowerproperty.

Townsite) Fort Price: $3.2 $95,000 • Western Wear & Tack Store – Duncan 10% CAP rate on asking price. $3,125,000 million.

• Successful Pump & Motor Business – Nanaimo $99,000 • RARE OCEANFRONT DEVELOPMENT OPPORTUNITY Mid• RE-DEVELOPMENT OPPORTUNITY Existing Alzheimers/ • Seasonal Wreath Business – Qualicum $99,000 Vancouver Island. Currently used as an RV Park this walk-on dementia care facility w/90 beds plus separate residential home • Mid-Island Diaper pick-up & delivery Service $119,900 beachfront propertyWakefield has 4 legal parcels, full service RV sites, Cushman partner Doug Fogg andavailable agent Martinson following: • NORTH From: NANAIMOCushman WAREHOUSE Wakefield, – Newer 12,106 sqftEdmonton. warefor Adam conversion to congregate care orsold rezonethe to multi-res• Casual Dining Restaurant North Nanaimo $169,900 Tenting/Camping sites, rental cabin, residence etc. Current zonhouse onDeal: a 1 acre 13,390-square-foot paved and fenced yard area. Overhead and idential etc.

44,255 Sq. Ft. building on 1.87 acres near Nanaimo Edson Landing onwellYellowhead Highway, Edson, Alberta. Price: 3.79 million • Ricky’s All Day Grill – Ladysmith $199,000 ing strip permits mall RV use as as resort condominium development, dock height loading. Nicely appointed office and showroom plus hospital. Society owner will remain with one year lease at current • Ricky’s All Day Grill – Courtenay $249,900 hotel, etc.and Initialagent research Howard suggest a re-zone could allow upsold to a 30the following: Cushman and Wakefield partner Doug Fogg McCann an additional 990 sqft of mezzanine area. Excellent North Nanaimo market rents during planning/feasibility phase of redevelopment.

• Sports Retail Clothing & Accessory Store Duncan $249,000 unit single family development. Upper bench of the property has Village centre, Alberta. location. Deal: 150,000-square-foot For Sale @ $2.2 million Landing $4,500,000 • Panago Pizza Franchise Parksville $384,900 dramaticretail views. 100% share St.Albert, sale. $2,995,000 • PARTLY DEVELOPED PROPERTY LADYSMITH with Plans From: CBRE Limited, Edmonton. CBRE announces thelotsfollowing sale: for single family lots, 4-plex & section of land currently zoned for townhomes. A lot ofcommercial work has been donebuilding & some infrastructure Deal: 15,600-square-foot lot with 5,343-square-foot leased is already in place. Potential of up to 29 doors $1,600,000

Anchored by Save-on-Foods and Shoppers Drug Mart, with 31 other tenants. Price: $44.3 million

FRANK JOHNSON

JAY COUSINS

JAY COUSINS

BUSINESSES

JAY COUSINS

A28

www.westerninvestor.com september 2012 WESTERN INVESTOR

COMMERCIAL

RE/MAX TREELAND REALTY

RE/MAX LITTLE OAK REALTY

RE/MAX BOB PLOWRIGHT REALTY

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

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

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

COMMERCIAL BUYER/TENANT REPRESENTATION Call or email David DEVELOPMENT SITES

Central Port Coquitlam RS4 20,000+ Sq. Ft. Zoned for 3 lots! Holding income. Offered at $897,000 CLS#: V4030642 Call or email David RETAIL STORES FOR SALE 2570 Kingsway Ave in Port Coquitlam presently a restaurant.

Property only for sale Call or email David not the business – don’t ask for business numbers please. 748 Sq. Ft. $309,900 CLS#: V4030490 RETAIL STORE FOR SALE

2568 Kingsway Ave in Port Coquitlam – presently a convenience store Property only for sale not the business – don’t ask for business numbers please. 821 Sq. Ft. $339,900 CLS#: V4030247 Call or email David INDUSTRIAL FOR LEASE

#64 - 1833 Coast Meridian Rd Port Coquitlam 15 0 0 s f i n c l u d e s showroom, offices and warehouse. Perfect for electrician, plumber, mechanical contractor $1600.00 / month! CLS# (#TBD!) Call or email David

DAVID KEARNEY CCIM www.davidkearney.com dkearney@remax.net 604-942-0606 Toll Free: 1-888-942-0606

RE/MAX SABRE REALTY

“LOOKING FOR SOME HELP IN STARTING OR EXPANDING YOUR INVESTMENT PORTFOLIO, LETS CHAT, COFFEE ON ME.” • Fort St John, Investment opportunity. Well kept up, light Industrial building in Prospect Park close to Highway. 5 bays, offices on main and above with lunch room. Fenced yard with storage sheds. $1.1 Million .

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

rayy@remax.net www.rayyenkana.com (listing details)

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

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• Say goodbye to your boss, and come own this turnkey biz in Abbotsford. Auto Body biz for sale. $159,000 • 4000 sq ft Light Industrial newer (2007) building in Dawson Creek, BC.

RE/MAX SABRE REALTY GROUP

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RE/MAX LITTLE OAK REALTY

768 ACRE 5 TITLE CATTLE RANCH AND PLAYGROUND

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  

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 An ideal opportunity for any individual, family, or group purchaser. This working cattle ranch also prvides a private year round playground that may be coupled with a significant bed and breakfast business. Go hunting, fishing, hiking or horseback riding for miles on trails suitable for ATV’s in summer and snowmobiles or cross country skiing in winter. Snowboard and ski the ranches own private downhill run. Currently set up to raise 250 to 300 head of cattle this ranch is Located just off HWY 97, 20 minutes South of Quesnel B.C. The 768 acre property has 5 titles plus approximately 3000 acres of attached range lease with water licence for irrigation. Beautifully finished and landscaped the 10 yr old 1730 Sq. Ft. ranch house has a panoramic view of the Fraser River Valley. Also included a 1400 sq. ft. cabinet shop, a 24’x40’mechanic shop, a 2880 sq. ft. machine shed, a bunk house, a 3 yr old 72’x80’ hay barn, and a large older log barn for cattle and 100 tons of hay. Excellent value! Offered at $960,000 Call or email roy@mufford.com for additional pictures.

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. $2,188,000

CALL ROY MUFFORD 604-533-3491

RE/MAX TREELAND

TROUBLE FREE INVESTMENT This 1067 sq ft corner strata retail unit is in a high visibility location across the from the Clayton Mall. Only 2 years old and the owner will lease back at $20-22 psf, net.

Strata will look after the building and all you have to do is cash the rent cheques! $425,000.

Call

AL BAINBRIDGE at 604-533-3491 for more info.

RE/MAX TREELAND

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       

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       

  