Western Investor May 2011 Section A

11 DOCS CURE STRATA WOES Physicians buy offices in new Class A towers Marketing agents Allan De Genova and Sarah McPhee: doctors bought entire floors at Brewery District in NW

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$4.29 MAY 2011 Vol . 26 / Issue 5VANCOUVER • LOWER MAINLAND • VANCOUVER ISLAND SECTION

15 IS IT TROPHY OR IS IT TRASH?Investors shake out the U.S. commercial market

23 NANAIMO: SO MUCH YOUNGER New university, fresh investors pump life into waterfront city courting Vancouver commuters

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

Commercial Real Estate Services, Worldwide.

www.naicommercial.ca

MERRITT, BC OPPORTUNITIESMINI STORAGE ON 1 ACRE PARCEL

$1.475 Mil

HOT PRICE

Asking $699,000

SPLIT ZONING

Asking $2.95 Mil

3 LIGHT INDUSTRIAL LOTSAmazing price $69,900 ea.

11.4 ACRES DEV. LAND ADJACENT TO WAL-MART

$3.39 Mil

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

INVESTMENT PROPERTIES FOR SALE LANGLEY AREA

$2,100,000

INVESTMENT/END USER FREESTANDING BUILDING

Basic rate starts at $7.50 sq ft net

LANGLEY - FOR LEASE VACANT EX-SPORTS COMPLEX

DON MACDONALD, CCIM OR TODD BOHN 604-534-7974 or 1-800-890-9855 [email protected]

CHRIS LANGHAUG 604-534-7974 or 1-800-890-9855 [email protected]

KEN KIERS OR KEN HICK

ALFRED LEUNG CHRIS LANGHAUG

604-534-7974

KEN KIERS or KEN HICK [email protected]

604-534-7974MICHAEL MARCKWORT 604-691-6638 [email protected]

TERRY HARDING 604-683-7535JACKSON TANG

INDUSTRIAL LAND – AGASSIZ11 acres – 3 titles (Can be purchased separately)M-2 Heavy Industrial5 acres pavedAsking $3,299,000

POTENTIAL DEVELOPMENT2.7 acres, LangleyBordering major developmentYorkson OCPAsking $2,565,000

42-SUITE PORT MOODY APARTMENT BUILDING

KAMLOOPS 42 SUITE APARTMENT BD

HALSTON MINI STORAGE, KAMLOOPS

Asking $2,300,000

ACE SELF STORAGE, KAMLOOPS

Asking $1,700,000

COURT ORDERED SALE ABBOTSFORD FREE STANDING BUILDING

$550,000

JUST LISTED 2.11 ACRES BROOKSWOOD / FERNRIDGE OCP

Asking $1.299 Mil Bring Offers

Asking $3.088 Mil

9 SUITE APARTMENT BLDG 967 ACRES

Priced at $8.0 Mil ($8,275/acre)

PENDINGOFFER

www.naiapartments.ca604 683 7535

PUBLICATIONS MAIL AGREEMENT 40069240

RETURN UNDELIVERABLE CANADIAN ADDRESSES TO CIRCULATION DEPARTMENT:

102 EAST 4TH AVENUE, VANCOUVER, B.C. V5T 1G2

R E C R E A T I O N A L R E A L E S T A T ER E CR E CE C R E AR E AR E A T I OT I OI N A LN A LN A L R ER ER E A LA LA L E S TE S TE S T A T EA T EA T EHOT PROPERTIESSPECIAL SECTION • B12

INVEST IN WASHINGTON STATEApartment buildings - Self-storage facilities - Mobile Home Parks

Good cap rates - Some seller financing

Call Mike, your Washington buyer’s advocate, 1-360-366-3357or visit me at my Ferndale office to discuss opportunities.

A2 Lower Mainland www.westerninvestor.com MAY 2011 WESTERN INVESTOR

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, it is not g uaranteed by Cushman & Wakefield. Kevin Meikle is licensed with K.H.M.Realty Ltd. and has a contractual relationship with Cushm an & Wakefield Ltd. Bart Corbett is licensed with BG Corbett Realty Advisors Ltd. and has a contractual relationship with Cushman & Wakefield Ltd.

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

Moving with confidence

Cushman & Wakefield Ltd. Suite 700 - 700 West Georgia StreetP.O. Box 10023, Pacific CentreVancouver, BC V7Y 1A1

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

PURCHASE RETAIL STRATACALERA, SURREY, BC

ERIC WALKER

FOR SALE - $1,065,000

RON EMERSON

TRIPLE AAA TENANTS - INVESTMENT OPPORTUNITY

DAG MEYER

MULTIFAMILY DEVELOPMENT SITE

*BILL RANDALLNOAH FREEDMAN

PERSONAL REAL ESTATE CORP.

PEMBERTON MULTIFAMILY SITES

BILL RANDALLPERSONAL REAL ESTATE CORP.

FOR SALEMERRITT JUNCTION

DEVELOPMENT OPPORTUNITY

±

MARK GALLAGHER

FOR SALE - 9948 100TH STREET, FORT ST JOHN


BRETT AURA DON DUNCAN / CHRIS DRIVER PERSONAL REAL ESTATE CORP.

FOR SALE - WEST END MULTIFAMILY

DEVELOPMENT OPPORTUNITY

MARK GALLAGHER

RETAIL SHOPPING CENTRE - INVESTMENT OPPORTUNITY

HUDGE PARMARPERSONAL REAL ESTATE CORP.

RETAIL INVESTMENT OPPORTUNITY


GROCERY ANCHORED SHOPPING CENTRE

*CRAIG HAZIZA

ADAM FRIZZELL

OWN YOUR OFFICE PREMISES - SOLARIS PITT

MEADOWS

*CRAIG HAZIZAERIC WALKER

MARK GALLAGHER


COURT ORDERED SALE

FOR SALE - 2.7 ACRES OF INDUSTRIAL LAND

*SEAN UNGEMACHMICHAEL THOMPSON


FOR SALE: BRAND NEW STRATA BUILDING

BILL RANDALL / DON DUNCAN CHRIS DRIVER


BRETT AURA

FOR SALE - SALT SPRING ISLAND RESORT


DEVELOPMENT OPPORTUNITY WITH INCOME

SENIORS HOUSING OPPORTUNITY

MARK GALLAGHER

200,000 SF INDUSTRIAL FACILITY, RICHMOND

LOT 6, SMITH CREEK ROAD, WEST KELOWNA

CHRIS J. NEWTONMATTHEW MACLEAN

TWO FULLY LEASED COMMERCIAL BUILDINGS ON

1 ACRE OF LAND

WILLIAM N. HOBBSPERSONAL REAL ESTATE CORP.

FOR SALE - INVESTMENT

BILL RANDALLPERSONAL REAL ESTATE CORP. ERIC WALKER

FOR SALE-3 FULLY LEASED INDUSTRIAL BUILDING

PORTFOLIO

BRETT AURA DON DUNCAN


FOR SALE37 ROOM MOTEL

DAVID POTTINGER

FOR SALE

RICK EASTMANPERSONAL REAL ESTATE CORP.

RARE FREESTANDING 5 UNIT INDUSTRIAL BUILDING


RETAIL INVESTMENT OPPORTUNITY - HERITAGE

POINT CENTRE

CRAIG BALLANTYNEBILL RANDALLPERSONAL REAL ESTATE CORP.


SILVER CHALICE PUBHOPE, BC

FPR SALE - WILLOW CALE ROAD, PRINCE GEORGE, BC

DON DUNCAN / CHRIS DRIVER / PERSONAL REAL ESTATE CORP.

BRETT AURA

FOR SALE - 15 LEGAL SUITE S. GRANVILLE APARTMENT

HIGH VISIBILITY INVESTMENT OPPORTUNITY

RICK EASTMANPERSONAL REAL ESTATE CORP.


DAVID CANNINGBILL RANDALL


FOR SALE - HIGH EXPOSURE CLOVERDALE PROPERTY

BART VANSTAALDUINENPERSONAL REAL ESTATE CORP.

7.1 % RETURN

ERIC WALKER

WILLIAM N. HOBBSPERSONAL REAL ESTATE CORP.

RANDY SWANT *SEAN UNGEMACH


INVESTMENT PROPERTY & BUSINESS OPPORTUNITY

*SEAN UNGEMACH KYLE WILSON

SOLD

Ron Bennett (USN Ret.) / Owner - Broker 1-360-671-9440 www.RonBennett.comRON BENNETT COMMERCIAL REAL ESTATE

BELLINGHAM WALGREEN’SLocated on prime high traffic corner across from Bellis

Fair Regional Mall. Priced at $6,000,000 with a 7.5 Cap. For more information, call our office.

$975,000 KEIZER MEATSLYNDEN, WASHINGTON

Department of Agriculture approved meat processor. Price of meat is increasing. Owner’s

health forces retirement and makes this an opportunity to assume a successful business.

Price recently reduced $400,000.For more information, call our office.

FOR SALE

✓ ✓VALUE FOR $ GOOD RETURN ✓ TENANT COVENANT ✓ UPSIDE ✓ CAREFREE

CALL Don MunroSUTTON GROUP

WEST COAST REALTY

604-817-7338 [email protected]

COMMERCIAL / INDUSTRIAL ACREAGES

CHILLIWACK

51140 Ruddock Road s

700 Columbia Valley Road

SURREY

18148 92nd Avenue

188th Street and 80th Avenue

CHILLIWACK FOR LEASE44580 Yale Rd W.

LANGLEY 203-20771 Langley Bypass

LANGLEY 27031 Fraser Highway

SURREY11151 Bolivar Rd. & 13340 112 Ave

SURREY 19518 32nd Avenue

LANGLEY

24421 Fraser Highway

27691 Downes Road

889 Lefeuvre Road

27465 60th Avenue

LANGLEY

26880 24th Avenue

48th Avenue & 216th Street

27449 60th Avenue

27571 60th Avenue

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

FEATURES11 Medical community eager to buy, not lease, Class A space

9 Waterfront lots, view houses, industrial land at bargain prices

15 Trick is findng trophies amid debris of troubled projects

23 Expanding university pumps action into downtown

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

COLUMNS6 26 27

On the coverMarketing agents Allan De Genova and Sarah McPhee at Wesgroups’ new Brewery District in New WestminsterPhoto: Richard Lam

2–19

8 20

20–27

HOT PROPERTIES


HOTELS, APARTMENT BUILDINGS and SITES inVANCOUVER, VICTORIA, NANAIMO and SQUAMISH!

• Port Moody apartment building. Completely rebuilt: new plumbing, fl ooring, wiring, roof, cabinets, windows, etc. 32 huge suites (6 x 1bed, 22 x 2bed, and 3 x 3bed). Excellent building, good location, fully leased with good fi nancing. 5.5% cap rate, $385,000 net. Price $6,550,000.

• Island, Waterfront Hotel and Marina. Quality in a great Location.• Nanaimo, Waterfront Hotel, marina and condo site. $6,500,000. An

existing income property plus 2 great development opportunities.• Squamish Hotel: 25 rooms + guest suite, pub, night club, café & retail.

Upgraded. Makes good money! $2,588,000; $600,000 down + terms!• Squamish, Condo Site: 30 units, downtown. $1,450,000 + terms and/or

possible joint venture available. Permit ready and fees paid.• North Vancouver, Apartment buildings: package of 3 x 12 suites, and 11

huge suites (2/3 bedroom) $2,300,000 Central Lonsdale area.• North Vancouver, holding properties: (4 large SF lots with leased houses)

for rezoning next to high density high rise developments, new Capilano Community Center and Retail Village/Town Center.

• West Vancouver, British Properties. 2 large adjoining view lots with 3 lot subdivision possibilities, or join with neighbours for more!

PAUL MURPHY (604) 986 1586email: [email protected] WESTCOAST REALTY

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

www.UNIQUEPROPERTIES.ca

UNIQUE PROPERTIES

“We are focused on achieving the results YOU want.”

CATERING BUSINESS & COMMISSARY KITCHEN

The building may be leased or purchasedThis turnkey operation will appeal to chefs, caterers, schools and restaurateurs. Call LARRY 604-787-7654

FOR SALE

1521 WEST 4TH AVECorner lot of 5,650 sq ft.

Cash business included $2,619,000Call SANDI FRATINO 778-999-0005

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

PRIME WESTSIDE INVESTMENT OPPORTUNITY

2094 West 43rd Avenue at East Blvd.

Kerrisdale, one of Vancouver’s oldest and most affl uent neighbourhoods.

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

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

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

81,260 sq.ft. R&D

Dexter Associates Realty Commercial Real Estate, Your Trusted Advisors

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

Call LARRY 604-787-7654

WESTERN INVESTOR MAY 2011 www.westerninvestor.com Lower Mainland A5

FOR SALE OR LEASE

Under

Con

tract

375 Lynn Avenue, North VancouverPRICE REDUCTION! New riverfront building

3,600–7,000 sq ft units available

Rand Thomson

Tel: (604) 684 7117 Sign up for e-mail newsletters at www.dtzvancouver.com

INDUSTRIAL SALE/LEASE

1 - 12760 Bathgate Way, Richmond

Casey Bell, Anthony Lux

RETAIL STRATA SALE

1020 Howe Street/780 Nelson Street Vancouver

Conor Finucane


6010 Trapp Road, Burnaby

Steve Caldwell, Chris McIntyre

OFFICE SALE/LEASE

1585 East Kent Avenue N., Vancouver

Mitch Ellis, Ryan Saunders

STRATA OFFICE SALE/LEASE

3410 Lougheed Highway, Vancouver

Don Mussenden, Anthony Lux

RETAIL LEASE

5550 Fraser Street, Vancouver

Clare Stevens

INDUSTRIAL SALE

3930 Kitchener Street, Burnaby

Steve Caldwell, Chris McIntyre

LOT FOR SALE

1186 Granville Street, Vancouver

James Bayley, Meghan Kennedy

OFFICE STRATA SALE

837 West Hastings Street, Vancouver

Conor Finucane

WAREHOUSE/OFFICE FOR SALE

42 West 8th Avenue, Vancouver

Ryan Saunders, Mitch Ellis


15 - 1520 Cliveden Avenue, Delta

Casey Bell, Anthony Lux

604.263.2823

APARTMENT BUILDING SPECIALIST

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

37 Unit Apartment Building3 Penthouses, large decksGross Income $296,456

NEW WESTMINSTER

51 Units – Prime locationNear beach, shopping, amenities

Gross Income $637,158

WEST END

26 Units – Queens ParkPenthouse, views, updatesGross Income $263,720

NEW WESTMINSTER

75 Unit Apartment BuildingClose to Skaha Lake, Central location


PENTICTON

12 Units – Heritage stylePenthouse – 2 Bedroom + den


NEW WESTMINSTER

33 Units – Central locationTenant base is seniorsPotential Cap Rate 7%

COURTENAY


HARRISON HOT SPRINGS RESTAURANT WITH

PROPERTYPrime location, just steps to the waterfront. A long established profitable restaurant with an ex-cellent reputation. Great business year round. Over 90 seats plus a beautiful large patio. Bonus apart-ment upstairs for owner or can be rented out for additional income. FANTASTIC OPPORTUNITY! Asking 1.7 mill

BISTRO/RESTAURANTThis award winning Bistro is located in the heart of Kitsilano. Very profitable established busi-ness. Well known for its quality food and romantic ambiance it draws a strong and steady clien-telle. Beautifully furnished decor and layout as well as a high end kitchen with top of the line equip-ment. Asking 379K

COFFEE FRANCHISE - DOWNTOWN

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

AUTO REPAIR NEW WESTMINSTER

Great corner location! Estab-lished and owned by the same operator since 1995. Strong cli-entelle base and excellent reputa-tion for quality service. Govern-ment Inspection Facility, ICBC vendor for mechanical claims and more. OWNER MAY CON-SIDER SELLING THE BUILD-ING Business only asking 88K For price of building please call Heiner for details

CAFE/COFFEERICHMOND

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

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

S O L D

CALL HEINER FOR DETAILS at 604-618-6600

or e-mail [email protected] www.lowermainlandbusinessforsale.com

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

INVESTMENT AND BUSINESS OPPORTUNITIESSUCCESSFUL LAUNDROMAT BUSINESS Commercial & coin-operated machines plus dry cleaning. Servicing Whistler & Squamish. Own stra-ta building. ........................................$1,800,000

FRASER VALLEY JUGO JUICE Estab-lished franchise. Busy strip mall location. ..........................................................$198,000

PUB/LIQUOR STORE – BARRIERE, BC Renovated 25 unit motor inn with manager’s suite, restaurant, pub/liquor store. ..$2,450,000

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

INVESTMENT PROPERTY – LANGLEY, BC Approx 39,000 sq. ft. Currently used as auto repair. Plus 3 bdrm apartment. .... $1,500,000

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

GREAT HOLDING PROPERTY Hold & oper-ate a well established business in the Fraser Val-ley. 20 lane bowling alley, food & liquor licence, ample parking, recent updates and renovations. ............................................... $3,695,000

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

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

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

HARRISON 1.23 ACRE LOT For potential residential subdivision or townhomes .........................................$595,000

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

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

BOTTLE DEPOT - ENDERBY, BC Encorp license Bottle Depot. Business with property. ........................................$445,000

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

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

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

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

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

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

Prime High-Rise Development Property in Abbotsford1.3 acres located just steps away from Mill Lake and Seven Oaks Mall.

Contact 604-308-1475E-mail [email protected] $4.5 million

Publisher Cheryl Carter Editor Frank O’Brien Con-

tributing Writers Curt Cherewayko, Dave Husdal, Geoff Kirbyson, Glen Korstrom, Joel McKay, Peter Mitham, Kevan O’Brien Copy Editor Noa Glouberman Production Manager Rob Benac Production Natalie Reynolds, David Tong, Tanya Van Advertising Sales Manager Christine Campbell Advertising Sales Paul Douglas, Gary Takahashi Advertising Sales Coordinator Angela Foster Accounts Receivable Yvonne Posch Circulation Veera Irani, Newsstands Globe Distribution Services Printed in Canada at Kodiak. Western Investor is published monthly by BIV Media Limited Partnership VANCOUVER – HEAD OFFICE: 102 East 4th Avenue, Vancouver, B.C. V5T 1G2 Subscriptions and Advertising Sales Tel: 604-669-8500 Fax: 604-669-2154 Canada/U.S. toll-free: 1-800-661-6988 Alberta, Saskatchewan & Manitoba Advertising Sales toll-free: 1-888-606-6267. Canadian publications mail product sales agreement #40069240, GST #105655567. Copyright 2002. While every effort is made to ensure the accuracy of articles and advertising that appear in each edition of Western Investor, the publisher may not be held responsible for any errors or omissions that may from time to time occur. No part of this publication may be quoted or reprinted in any medium without the express written permission of BIV Media Limited Partnership.

wave of Asian buyers, primar-ily from Mainland China, are responsible for more than 70 per cent of home sales on the west side of Vancouver and

for the bulk of housing sales in Richmond. They are also credited for the recent record sell-out of a new luxury highrise in Burnaby’s Metrotown area.

Condominium developers are now courting and counting on Asian buyers to drive sales of new product. “We are an extension of Hong Kong. This is a deep and long-term trend,” one developer told the recent Vancouver Real Estate Forum, noting that nearly 50 per cent of investor-level immigrants who came to Canada last year came to B.C. and 90 per cent of those settled in Metro Vancouver.

Under new federal rules, such immi-grants must invest $800,000 in a five-year bond with Citizenship and Immigration Canada and prove a net worth of $1.6 mil-lion just to be let into the country. Last year, 5,500 such investors landed in Vancouver, part of an influx of 44,000 immigrants.

Take out the offshore Asian buyers and housing sales across Metro Vancouver would be flat instead of setting the record-level numbers that make it the hottest real estate

market in North America. The median price of a bungalow is now

approaching $2 million on the west side of Vancouver and $1 million in Richmond, yet these two markets now account for more than one-third of all the housing sales through the Real Estate Board of Greater Vancouver.In some cases, Asian buyers are purchasing entire floors in new condominium towers.

Now there are calls for some form of restriction on such foreign buyers, a new head tax if you will, that would control what can be bought or built in the city.

This is wrong-headed at best and prema-ture and hypocritical at least.

As one delegate at the Real Estate Forum put it, “The only thing worse than foreign buyers in Vancouver is no foreign buyers in Vancouver.”

Imagine, for example, if the U.K.-based Guinness family had not been allowed to speculate on West Vancouver property. If Li Ka Shing had been restricted from buying land on the north shore of False Creek. Or if Canadians were harassed for buying cheap second homes in Phoenix.

We believe this latest Asian investor tsu-nami is neither as deep nor as long as most believe. Like the Hong Kong-based invest-

ment wave that swept through before and after Expo 86, it could ebb as quickly as it began.

Many developers are betting heavily on the offshore Asian buyer, yet political unrest in China, restrictions on taking money out of the dictatorial country, a faltering of China’s economy or simply better real estate oppor-tunities elsewhere could slow this flow in a hurry.

In the meantime, billions of dollars are pumping into our economy and hundreds of jobs are being created. This is no time to be throwing up barriers to savvy investors who want a piece of the greatest place on earth.

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

FRANK O’BRIENEDITOR

[email protected]

ADVERTISING DEADLINE JUNE 2011 issue:

May 10, 2010


For more information visit our website www.avisonyoung.comVancouver Offi ce 604 6877331

FOR SALE - Development Site 1636 Island Highway, Victoria

FOR SALE – Dalton Hotel - 759 Yates Street, Victoria

PRICE

REDUCED

SOLD- 5810 – 5830 Vedder Road, Chilliwack

FOR LEASE/SALE – 1550 East Hastings Street, Vancouver

$6,500,000

FOR SALE – 20299 Industrial Avenue, Langley

FOR SALE – 9771 186 Street, Surrey

FOR SALE 10816 – 10840 124th Street, Surrey

FOR SALE – 8424 Aitken Road, Chilliwack

FOR SALE - 1915 Stainsbury, Vancouver

FOR SALE - 2342 Windsor Street, Abbotsford

FOR LEASE – 2111 Main St, Cherry Lane Shopping Centre, Penticton

FOR LEASE – 320 Terminal Avenue, Vancouver

FOR SALE - 23665 Fraser Highway, Langley

FOR SALE/LEASE – 1455-1475 East Georgia Street, Vancouver

FEATURED LISTING

40% LEASED

SOLD

FOR SALE "My Garage" Secure Strata Storage, SE Richmond

FOR SALE – Royal Towers, 140 - 6th Street, New Westminster

FOR SALE - 820 Kitselas Road, Terrace

UNDER CONTRACT - 12941 115 Avenue, Surrey

SOLD 9255 194th Street, Surrey

SOLD

UNDER

CONTRACT

FOR PRE-LEASE - 2035 West 4th Avenue, Vancouver

FOR LEASE – 3101 Highway 6, Fruit Union Plaza, Vernon

FOR SALE 105 Brunswick St. & 110 Victoria St., Prince George

SINGLE TENANT IN

VESTMENT

FOR SALE - Forest Hill Plaza - 8318-120th Street, Surrey

A8 Lower Mainland/Services www.westerninvestor.com MAY 2011 WESTERN INVESTOR

Coronation Park

BRUCE NORMANTON or LELAN SHELDAN www.Brucenormanton.com www .lelan.ca 604-671-0516 604-799-9037

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

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

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

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

18515-53 Ave., Surrey BCCloverdale Industrial Park. Two year old tilt up building.Strata offi ces available on second fl oor. From 1628 square feet to 2723 square feet. Prices start at $268,724 Great area close to US Boarder and major Highways

Small Strip Mall located in Lynden, Washington $2,350,0003 Seperate 5 acre parcels asking $2,500,000 located in Surrey

For more info call:

63 UNITAPARTMENTin Thunder Bay, ON - $1.99M

14 UNITAPARTMENTin Windsor, ON - $495,000Call Ralph: 807.626.3049 or

Matt: 780.668.1079 [email protected]

Brian D. Kennedy 604-331-2211

BRITISH COLUMBIA REGION

Jonathan P. Wong 604-331-2218

PRAIRIE REGION

Dennis K. Aitken 403-205-8203

For all your real estate financing needswww.peoplestrust.com

MORTGAGE FINANCING

Daniel Stewart 403-205-8202

COMMERCIALMORTGAGES

ALSO, Industrial, Multi-Residential & Construction

LEAKY CONDOFINANCING

Full Building Repairs, Upgrades & Remediation

BUSINESS LOANSAcquisitions, Expansion, Equipment & A/R

604-552-4392www.paramountfinancial.biz

Over 12 YEARS in business !

MICHAELWe Can Help

1-888-868-9565LENDER AND BROKER FEES MAY APPLY

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

ARRANGING COMPREHENSIVE REAL ESTATE FUNDING SOLUTIONS

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WESTERN INVESTOR MAY 2011 www.westerninvestor.com A9

Starbucks, Mark’s Work Wearhouse,Staples and Rona have opened new outlets recently, joining Wal-Mart, which came to Powell River years ago. The opening of these new stores has generated over $13 million in new investment and about 200 jobs.

Investors will find inexpensive real estate, and plenty of it.

For example, 12 two-bedroom oceanview townhouses, being sold in two parcels of six units each, by realtor Aaron Mazuerk, priced at $65,800 per suite. Mazurek noted that all the units are rented in a community with an apart-ment vacancy rate of 4 per cent.

Across Powell River, the average detached house price is $222,000, down 28 per cent from 2010. Prices are now lower than they were four years ago.

It is the deals in detached houses that should

owell River may offer the low-est real estate prices anywhere on B.C.’s inland coast. It seems that

everything is on sale and everything is a bargain in this forestry town of 12,000, 130 kilometres north of Vancouver.

In fact, when visitors from the Lower Mainland see oceanview houses for $149,000 and commercial land for less than $11,000 an acre, they may think the ferry has carried them back in time.

The passage of time, though, has not been kind to Powell River, which at one time had the biggest pulp mill in the world and a roaring economy tied to timber.

Today, the pulp mill is owned by CatalystPaper, which posted a net loss of $396.9 mil-lion in 2010, following a loss of $4.4 million a year earlier. Its Powell River division work-force has been reduced to about 350 employ-ees. Catalyst, which recently negotiated a tax cut with the municipality and a $13.3 million federal environmental grant, remains the town’s largest private employer.

Cutbacks at the mill – Catalyst, the fourth owner in the past 11 years, specializes in high-quality paper rather than newsprint – are seen in idled log sorts and a lack of timber trucks roaring along the lone coastal highway.

Powell River is now morphing, reluctantly perhaps, into a retirement and recreational destination, a trend boosted by low real estate prices and outstanding municipal services.

The town has a large regional hospital, a quality seniors’ centre, a top-tier recreation centre and access to both the ocean, a num-ber of islands and local lakes for recreational enthusiasts.

A civic redevelopment is upgrading the downtown waterfront marina. As well,

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

FRANK O’BRIEN

WESTERN INVESTOR

be of interest to smaller investors or retirees. Western Investor found 30 detached houses for under $220,000, not including mobiles.Just one example: an oceanview house with aone-bedroom basement rental suite listed for$149,000.

Prices have been slashed by 30 per cent ormore on waterfront land at the Paradise Cove subdivision, south of town, with one 13-acre oceanfront parcel now listed at $699,000.

The average price of a condominium in Powell River is $207,000, but this reflects a number of new units completed in the past twoyears and the low inventory on the market.

A stroll through the downtown reveals a number of vacant storefronts, many for lease or sale.

Even the city is into selling real estate. It has97 acres of industrial or mixed-use waterfrontnext to the pulp mill for sale at $3.1 million. It has another 30 acres in the Wildwood area,just north of town, which could be used for residential or commercial development, listedat $349,000.

The City of Powell River also has 60 acresof land at its airport available for development.The city is offering the lands for long-term lease at approximately 6 per cent of assessed value,according to economic development managerScott Randolph.◆

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

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Population 12,000 Area population 20,000Average detached house price $222,000Potential Recreational and retirement destination

KARIM ALI MERALI 1-250-566-0072 or Toll Free 1-888-830-7888 Cell: 604-657-3448 Email: [email protected]

$4,888,888 REDUCED TO $3.98 Million

$13 Million $10 Million$8.2 Million $1.9 Million

$700,000$10.5 Million $5 Million

NEW WORLD REALTY

MOTELS VALEMOUNT / JASPER AREA B.C.

Bill SummersDirect line: 604-626-8894 Email: [email protected]

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

MOBILE HOME PARKS

LOWER MAINLAND Asking $1,295,000. 7.45% cap

Asking $4M at 5.27% cap

ALBERTA

Asking $6,500,000 7.4% cap

COMMERCIAL BUILDING MISSION/DEROCHE BC

Asking $325,000

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

GAS STATION

MISSION

Asking $4 M

$615,960 $725,000

Yarrow Residential FORECLOSURES

For Lease

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604-378-8776 [email protected]

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MAPLE RIDGE16 ACRES + LARGE HOME

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$1,295,000

FLEETWOOD4 LARGE LOT SUBDIVISION

$1,499,000

monarkinvestments.caPlease visit our website or call for more details.

604-592-7250Financing Available. Potential Trades.

FOR SALE

LANGLEY46 PRIVATE ACRES (2 Titles)

$6,250,000

Mixed Use Building300,000 Gross sq. ft. High yield

opportunity. Landmarked building, Downtown Chicago,

Irreplaceable location

Self Storage & JointVenture Opportunities

AvailableUnited States of America

Michelle Watson480-326-9520

[email protected]


LORNE CHERNOCHAN 604-880-0550 (cell) [email protected]

CALL OR EMAIL FOR A FULL INFO. SET

INDUSTRIAL STRATA UNIT FOR SALE $728,000 – NORTH RICHMONDOver 3700 sf in near new complex includes a large main floor showroom, second floor offices with separate entrance, kitchen, and w/c; and a major warehouse that offers BOTH dock loading (with leveler) and grade loading. Clean use tenant provides cash flow WITH VACANT POSSESSION for Aug.1ST, 2011.

INDUSTRIAL STRATA UNIT FOR LEASE 1465 sq ft SOUTH RICHMOND – IMMEDIATE POSSESSION Riverside Industrial Park 1465 sq ft ground floor unit with a large showroom + furnished private office; and a smaller warehouse behind with a mix of high and lower ceilings. Fully AC and offering 3 phase power and multiple line phone system. Perfect for sales office.

INDUSTRIAL STRATA FOR LEASE 2,555 sq ft IN NORTH RICHMONDSEPTEMBER POSSESSIONLarge ground level corner unit with 1,055 sf of office/showroom + 1,500 sf of warehouse in newer building with good corporate image. Grade load, 22’ ceilings, good parking. I-3 zoning. LOW LEASE RATE OF $10 PSF !!!

WESTCOAST

[email protected]

COMMERCIAL LEASE SPACEWEST RICHMOND3,500 sq ft of Street side Storefront Exceptional parking and Exposure On a busy street across from major shopping PLUS near to park and high school AND in a dense residential area. $28 psf 3xN.

Franchise Opportunity

Matthew Moadebi604-329-6771 (Cell)[email protected]

www.matthewmoadebi.com www.vancouverfranchise.ca

Blenz Master Franchise in Vancouver, Vancouver Island, Ontario & Alberta Blenz Franchises ...................................$200K - $368K

Steamrollers Franchise Opportunity , Vancouver .................................................................. $319K (Davie St.)

Wired Monk Individual Franchise Opportunity. Wired Monk ..................$135K, $169K, SOLD-$159K

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

Sandwich Tree master franchise opportunity $275K

Le Bistro Chez Michel .........................................$214,900

MEHRAN MOALLEM B.Elec. Cert. Marketing

B u s i n e s s a n d C o m m e r c i a l C o n s u l t a n t778-858-9025 [email protected]

With over 25 years combined sales and retail experience

IS YOUR BUSINESS FOR SALE? www.BondedBusinessBrokers.com

RE/MAX CITY COMMERCIAL DIVISION

CABINET & WOOD WORKING MANUFACTURING

Corner unit, almost 5,000 sq ft, established for 5 years, great location & visibility.

Port Coquitlam $1,189,000

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

INDOOR AMUSEMENT PARK Fun business for the family. 7,500 sq ft, includes: laser tag, bumper cars, wall climbing & more with re-placement cost over $700 k. Look-ing to expand a business for more income, here is your chance.Surrey $559,000

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

Greater Vancouver $495,000

GLASS FABRICATIONS & TEMPERING PLANT

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

INDEPENDENT BUSINESS BROKERS

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

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

Business with propertyBusiness only

Business only Business only Business only Employment

Business only Business only

DONAIR SHOP, FAST FOOD REST.Your search is over. Be your own boss and enjoy this money mak-ing well established Donair shop. It can easily be run with one full time and a part time staff or family mem-ber. Great rent, visibility and lease.Port Coquitlam $69,000

UNDER

CONTRACT

NEW PRICE$55,000 Will be sold to highest bidder by May 15, 2011

FRANCHISE RESTAURANT State of the art 2 years old estab-lished brand franchise restaurant with full bar and kitchen in Whistler with sales increasing every year. Here is your opportunity to own a money making business with a long term lease. Owners are motivated.Whistler $880,000

PRICE

REDUCED

UNDERCONTRACT

Terry A Young 604-970-38081-800-665-1455

[email protected] RE/MAX Crest Realty

Each office is independently owned and operated.


Attention Agents:REACH QUALIFIED BUYERS FOR YOUR

LISTINGS☞call Gary Takahashi

toll-free: 1-800-661-6988 direct: 604-608-5111fax: (604) 669-2154 email: [email protected]

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

Please see Brewery page A13

FRANK O’BRIEN

WESTERN INVESTOR

hen the BC Col l ege o f Physicians and Surgeons purchased nearly three floors

– about 25,000 square feet – in Delta Land’s Hotel Georgia office tower this year it revealed the height of the frustration – and demand – in the commercial strata sector.

“I get five calls a week from doctors look-ing for strata office space,” said Matt Walker,senior associate at Avison Young in Vancouver. Doctors, he said, are among the professional tenants tired of paying landlords’ operating costs and ever-higher lease payments. He said most of the doctors calling are looking for space along the Broadway Corridor where “they are captive tenants” due to the proximity of the Vancouver General Hospital.

The office vacancy rate on the Corridor is around 5.5 per cent and lease rates for Class A space are as high as $30. Add in gross occu-pancy costs and the price rises to nearly $40 per square foot. This may explain why Lululemon Athletica bought 1818 Cornwall Avenue in the Corridor recently for $65 million.

At the Georgia tower, the doctors would have paid north of $500 per square foot for 7,000-to-8,000-square-foot floor plates in one of the top mixed-use office towers in the city. Their bulk purchase took nearly a third of the 71,000 square feet of Class AAA space in the tower.

The Jameson House mixed-use tower on West Hastings, by Bosa Properties, has already sold out half of its 61,000 square feet of offices in a building that won’t complete until next year.

In North Vancouver, Up Country

Developments, owners of the Westmark building on West 1st Avenue, changed the 125,000-square-foot office space to strata when the anchor tenant moved out.

Still, of the 700,000 square feet of sub-stantial new office space being built in Metro Vancouver, less than 135,000 square feet is strata space, and the ratio in the retail sector is even lower. Yet, the demand for commercial strata has been apparently outstripping demand for years.

Last September, business mogul Thomas Fung sold $80 million worth of retail and office space in his expanded Aberdeen Centre mega-mall in Richmond in three days. The lineup of mostly Asian buyers stretched for a half a block on the sale’s opening day.

And Fung showed another side to the strata angle: the Royal Bank of Canada is

Aberdeen Centre’s anchor tenant. The bank signed a lease for 5,000 square feet of space in a unit that Fung then sold to an unidentified investor.

In fact, estimates are that more than half the Aberdeen space sold went to investors, not owner-users.

If the harmonized sales tax (HST) should sur-vive a public vote this year, it could prove a boon to those selling commercial space, Fung noted. “The HST does not apply to commercial properties like strata units in malls or office units,” Fung said, “Right there, that’s a saving of 12 per cent. You have to pay the HST on commercial leases.”

There are very good reasons why there is not a lot of strata commercial space, accord-

ing to Walker. “There is not a deep market ofbuyers,” he said.

Most office tenants, he said, like the flex-ibility offered by leasing and “would rather spend money on their business than on bricksand mortar.”

Also, he said, a cost analysis of buying ver-sus renting often favours leasing, even with the potential of equity returns. “The net rent is lessunder a lease,” he said.

Walker doubts that there is much demand for smaller investors in the commercial strata market, because the high prices for commer-cial property – around $400 to $700 per square foot depending on location – make it difficultto achieve positive cash flow.

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

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Your specialist in PRIME income-generating and redevelopment opportunities:

www.danpreston.caPersonal Real Estate Corporation

C O M M E R C I A L R E A L E S T A T E S E R V I C E S

SENIOR'S DEVELOPMENT SITE SALE: $2,800,000

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

WANTED EST. BUSINESS10-20 MILLION GROSS SALES

WILL PAY TOP DOLLAR

LOWER MAINLAND Fully Operating Seniors Building

1 Year Old - $39 Million

30 ACRES Residential Mountain Top20 Estate Homes - $3.5M

Mixed Development New Westminster39 Apartment Units, 7 Townhouse Units

$2.85 Million

10 Acre Mixed Use Development SiteAppraised $8.2M Offer $6M or joint venture

RAY LEWIS604-812-9733West Coast Realty

L A N G L E Y

Tony Alves 604 889-7008Sutton Centre Realty

Gorgeous hotel units, “strata” not time share. In one of the top hotels in the city. Located in the best and priciest city location of Coal Harbour, with water and mountain views,

steps to new convention centre, Robson St. & Stanley Park. A very healthy return of 8-9% on this carefree and headache free investment by sharing in the total revenue of this destination four star hotel. $212,800K

8-9% NET RETURN

Townhome Development SiteMorgan Creek Heights

Unique & Sound InvestmentMarriott Pinnacle Hotel

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

INVESTOR ALERTLotto 649, Turn 4.9 mill to 12.5 + mill, 18 lot subdivi-sion zone SR-1 zoned for 1 acre in Langley BC, New sewer line is only a couple block away, this property is fl at, gravel based, 10,000 sq ft building has poten-tial income, only asking $4.9 Mil, email for details. 31 acres blueberry farm with 8 bed rm house 15 year old plant, last year crop was over 250,000.00 only 3.2 mill.

Great investment 16.44 acres blueberry farm with 7200 sq ft new house made for 2 family only 2.5 mill.

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

AMARJIT GILL

604-614-7101 Global Force Realty


Commercial Real Estate Services, Worldwide.

www.naicommercial.ca

ELIZABETH WOZNICZKO604-691-6648 [email protected]

Committed to Canada. Connected to the World.

GARY HAUKELAND OR J.D. MURRAY604-683-7535

BILL HAMILTON 604-524-3641, [email protected]

NEW WEST WAREHOUSE

BUSINESSES FOR SALE

www.naibusinesses.ca

PETER SEED CHRIS WIESER 604-691-6608 604-691-6662

ALF SANDERSON DELON CHEUNG 604-691-6646

alf@naicommercial .ca604-691-6654

delon@naicommercial .ca

COQUITLAM OFFICE NEW WEST OFFICE

BURNABY OFFICE/RETAIL COURT ORDERED SALES397 Acre Development Site, Sechelt BC

Price: $22,250,000

459.1 Acre Development Site, Cranbrook BC

Price: $22,300,000

3,070 sq. ft. Retail Commercial Development, Pemberton BC

Price: $2,300,000

2,620 sq. ft. Medical Office Building, Vancouver BC

Price: $1,100,000

165 Acre Development Site, Abbotsford BC

Price Reduced: $9,900,000

INDUSTRIAL & DEVELOPMENT SITES12,000 sq. ft. Strata Office/Warehouse, Richmond BC

Price: $1,695,000

MECHANICAL SHOP (North Vancouver)

........................................................................................................$98,000

BLUEBERRY FARM (Abbotsford)

.................................$1.98mil

JEWELERY STORE (Vancouver) ............................................................... $280,000 + Inv.

CURRENCY EXCHANGE (Surrey)

..........................................................................................................................$150,000

RESIDENTIAL INVESTMENT (Vancouver)

........................................................................................................................ ...$1.088M

COMMERCIAL / RESIDENTIAL PROPERTY (Gibsons)

.................................................................................. $438,000

EURO DELI (Coquiltam) .......................................................Assets $173,000 plus Inv.

PARK VILLAGE & PINE GLEN – 251 SUITES

Asking $11,000,000

PRINCE GEORGE, BC – FOR SALE

1245 20th Ave + 2050 Norwood St.


Asking $11,750,000

KELOWNA, BC – FOR SALE

[email protected] [email protected]

INDUSTRIAL – FOR LEASE

OWNER MOTIVATED !

KEN KIERS 604-514-6830 TF: [email protected]


770 EAST HIGHWAY 16

Asking $4,750,000

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

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

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

VANCOUVER DINNER CRUISE BUSINESSIn business for over 15 years operating two yachts from Downtown Vancouver. Nets $310,000 ... $2.5m inc yachts

OKANAGAN CATTLE RANCH (nr Keremeos) . 212.62 acres, 3 homes, 4 barns, equip shop. Grazing license for 592 AUM. Vendor financing available .................................... $1.95m

STRUCTURAL STEEL FABRICATING UNDER OFFER Over 15 years in business in construction industry. Revenue forecast over $1m .............................. $590,000 inc equip

METAL FABRICATING COMPANY (Burnaby). REDUCEDWell established business with strong earnings history and healthy margins ....................................... $1.8m inc equip

MEAT & DELI BUSINESS (Okanagan) REDUCED12 years in business. $1m in sales annually for 4 yrs. Well equipped. Good lease in place............... $550,000 plus inv

HAIR & BEAUTY SALON (Lower Mainland). REDUCED Very successful full service beauty salon in trendy area. Sales over $460,000. 10 staff. No rentals ........... $288,000 + inv

INDUSTRIAL PROPERTY INVESTMENT (Delta) 44,366 sq.ft industrial facility in Tilbury. 1.62 Acres. Fully leased. 6.4% Cap rate .................................... $4,690,000

RICK LUI 604-644-6182 [email protected]

RICHMOND STRIP MALL

Asking: $11 Million

FULLY LEASED LANGLEY INVESTMENT BUILDING CAP RATE 6.1% on. ASKING $3,295,000

TED WEIBELZAHL 604-514-6825 or 1-800-890-9855 [email protected]

Chilliwack Apartment / Comm. Building With Development Potential

Kamloops Mobile Home Park

Kamloops 34 Suite Apartment Bd

MICHAEL MARCKWORT 604-691-6638

[email protected]

LEASED

2160 Sq. Ft. COMMERCIAL STRATA UNITNEW CONSTRUCTION ASKING

SUB LEASE OPPORTUNITY 8176 SQ. FT SHOWROOM SPACE ASKING

DENTAL CLINIC FOR LEASE 1448 SQ. FT. ASKING

MEDICAL CLINIC FOR LEASE2203 SQ. FT.

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

st


Distribution Warehouse

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

Corney Les 604-795-6938

RE/MAX Corney Les Realty www.morechilliwackrealestate.com

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

OFFICE STRATA UNITS

1050 PACIFIC ST (Main Office Entrance) Unique opportunity to own a dual use strata consisting of a 613 sf office with street entrance + a 870 sf 2 bdrm suite above. 2nd entrance 2J – 1033 Marina side. $1,049,000

2132 ALBERTA (Near 6th & Cambie) 2357 sf 2 level C1 Zoned building. Rebuilt 10 yrs ago. Lower level is vacant, 2nd level is a private 2 bed, 2 bath residence. Bonus: 1200 sf 3rd fl roof deck. $1,690,900

COMMERCIAL DEVELOPMENT SITE - LANGLEY

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

11880 – 11920 96A AVE4 lots with 275 ft frontage & 36,000 sf of land, zoned single family. Most proper-ties currently rented. Great holding prop-erty! Go to web for info package and area video. $1,921,000

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

YALETOWN DOG BOUTIQUE

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

To view listings please visit:

www.6717000.com/biz

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

Crest Realty (Westside)

NORTH SURREY LAND ASSEMBLY LILLOOET LAND FOR SALE - 17 ACRES

1.5 HRS NORTH OF WHISTLER

LES TWAROG(604)671-7000

APR 2011

from A11As well, unlike a residential unit, it can take

months, not days, to lease out an office or retail space if a tenant vacates. Also, financing for strata commercial can be difficult to access. Lenders often require a down payment of from 30 per cent to 40 per cent. On a $500,000 com-mercial strata, for example, an investor would have to put at least $150,000 down and also pay for an appraisal, building inspections, loan fees and other costs.

There are also tax issues to consider. Businesses routinely can deduct the full amount they pay in rent. Owners of rental property can write off repairs immediately, but improve-ments to commercial real estate have to be deducted over a number of years, the same with depreciation on commercial buildings. The buyer can deduct interest on the purchase loan, property taxes and other qualifying expenses, however.

Large developers see commercial buildings as providing steady, long-term income from leases, not the quick cash of strata sales, which will likely keep stratas a niche opportunity.

For doctors and dentists, however, who need to improve premises to specific needs and want to secure a precise location, buying rather than leasing can be attractive.

This is seen in New Westminster, where Wesgroup Properties is selling office space in its new nine-acre Brewery District. The

under-construction site includes retail, offices and condominium residences.

Due to its proximity to the Royal Columbian Hospital, the strata space is dedicated to themedical community, offering a mix of flexible spaces, exclusive doctor parking and directaccess to the hospital. Allan De Genova ofFocus Real Estate Marketing, which is han-dling sales, said one medical specialist boughtan entire floor, and other doctors have taken800-square-foot-to-2,000-square-foot spaces.

De Genova said his last six sales were allinvestors, who took smaller office spaces that share a central lobby and reception area. This space will likely be leased to doctors. “Investors see it a a blue-chip play,” he said.

He added that it is not only physicians who are buying space, but those providing medicalsupplies and services. Prices for the Brewery office strata are around $680 to $700 per squarefoot for fully fixtured offices, and 70 per cent ofthe 50,000-square-foot building is sold out.

Yet Gino Nonni, president and CEO o fWesgroup Properties, does not see a lot o fstrata commercial in Wesgroup’s future. “TheBrewery District offered a niche opportunity for the medical community,” he said, addingWesgroup will still lease out the bulk of its commercial space.

For instance, the 280,000-square-foot BC Transit offices being built at the Brewery will be leased space, a deal brokered by AvisonYoung, and will be owned by Wesgroup, aswill the 30,000-square-foot Thrifty’s grocery store and other leased retail space.◆



F O R S A L ESuccessful Branded

Coffee Roasting Company

Selling due to retirement.Over $800,000 in equipment is

included in the price.Does not include inventory.

Price: $2,000,000(including equipment)Viewing by appointment only.

www.bestgourmet.comPlease call

MITRA or SANNI at: 604-465-5112Best Gourmet Coffee

Maple Ridge, BC

Property Investor?

Contact Bill Babcock604-230-9392

[email protected]

Are you looking for an Investment (Suite) In Vancouver?

We can find the right suite for you & manage the rental for trouble free ownership.

Contact: Alana Bertini at604-437-1123 (Bus.) 604 -341-6220 (Cell)[email protected] • www.alanabertini.com Westburn Realty Ltd

Two free standing buildings completely renovated with Ford Dealership as tenant. 15,400 sqft of buildings, 9 grade loading doors and 1.4 acres of land with Full Hwy 99 Sea to Sky exposure. Located in Downtown Squamish. Near 6.6% Cap Rate Reduced to $4,490,000

SOLID INVESTMENT OPPORTUNITY Squamish BC


Ken NeufeldBusiness: 604.217.0455

[email protected]

Airport North Business Park30553 Great Northern Ave

For Sale or For Lease32,025 S.F tilt slab building, 24’ clear ceiling height, ample power available, N/G radiant heat installed, Grade Loading, I-2 Zoning. Close to Abbotsford International Airport, Highway 1 and the Abbotsford Auto-Mall. Seller may assist with financing OAC.

$4,800,000

Airport East Business ParkJust South of Hwy. #1 at Clearbrook Rd.

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

Maclure Business Park33403 Maclure Road

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

Lease To Own

For information on how you may purchase Industrial Space in Abbotsford on a Lease to Own basis where you pay market rent today and purchase tomorrow at today’s price please call. I have warehouse spaces from 1,614 square

feet to over 20,000 square feet that may be purchased this way. The subject warehouse space is brand new and located in an excellent location.

Commercial Medallion Club

Homelife GlenayreRealty Co. Ltd.

ABBOTSFORD INDUSTRIAL/COMMERCIAL PROPERTY

WESTERN INVESTOR MAY 2011 www.westerninvestor.com A15FEATURE Cash-rich and deal-savvy western Canadians pick up discounted U.S. commercial real estate

Please see Bargain hunt page A16

PETER MITHAM

WESTERN INVESTOR

he stampede for distressed residen-tial properties in Phoenix and other Sunbelt markets hit hard by the

collapse of U.S. real estate markets in 2008 may be slowing but opportunities are rising in the commercial sector, where properties are finding their legs once more.

Prime assets in top-tier and second-tier cit-ies are attracting interest as owners find buyers willing to purchase the assets at prices above rock bottom but still at a discount. Cash-rich and deal-savvy investors from Canada are among those picking up the properties – and it’s no longer just the big players or opportu-nistic small investors.

“The ‘loonie’s’ strength at the same time when U.S. real estate assets are ‘on sale’ has not occurred in a generation,” wrote Greg McPhie, managing partner of NAI Commercial in Vancouver late last year. “So as long as the Canadian dollar remains strong we expect Canadians to be active investors around the globe and very competitive in the U.S. mar-ket.”

U.S. markets are appealing because the market in Canada remains concentrated in the hands of institutional investors, real estate investment trusts and other groups with a man-date to hold strong, income-producing proper-ties. These assets typically don’t trade often, and when they do they’re likely to be acquired by a purchaser not unlike the vendor.

This has made the U.S. prime territory as asset prices have fallen and Canada’s invest-ment firms have looked abroad for acquisition opportunities.

The examples are many: Canada Pension Plan Investment Board’s investments in New York and Washington, D.C., last year as well as acquisitions by Riocan REIT and Artis REIT have been matched by smaller purchases across

the Sunbelt by Vancouver developer Onni and syndicator Sunstone Realty Advisors Inc.

“California is on that list, but Arizona seems to be where I’m hearing ‘Canadian investor’ coming up,” Ross Moore, director of research, North America, for Colliers International, said recently.

While some investors have had a long-stand-ing interest in the U.S., there’s been greater interest not just because of exchange rates but because pricing has strengthened. Asset prices are no longer at rock-bottom levels, indicating a more competitive and desirable market for investment.

And, since pricing isn’t discounted, ven-dors are also offering assets to the market with greater confidence than a year ago.

“We’re in that sweet spot window where I think it works for both sides,” Moore explained. “The guys who are selling don’t feel that they’re

selling at the absolute bottom, and at the same time I think that the investors who are going down there still feel like they’re getting good value.”

Protection for distressed assets have left just two classes of properties, regardless of market, according to CB Richard Ellis executive vice-president Tony Quattrin: trophies or trash.

While gateway cities such as New York, San Francisco and the like enjoy strong long-term fundamentals among U.S. real estate markets, it’s the secondary markets where the biggest distinctions between the two classes are vis-ible.

“If you’ve got a trophy-calibre asset of high quality there’ll be a tremendous number of buyers at the table for it and paying yields that reflect values that were there at the peak of the market in 2007,” Quattrin said.

Examples of the assets scooped up by Canadian investors in these secondary mar-kets include City Centre, a 242,115-square-

foot office tower in downtown St. Petersburg, Florida, and the 431-unit Xona Resort Suites Scotsdale hotel in Arizona, bought for US$34 million.

Vancouver-based Second City Capital Partners – a venture of Sam Belzberg and Bosa Properties Inc. – acquired City Centre in December 2010 for US$16.5 million. The tower, a Class A building, is 72 per cent leased to top-tier office tenants.

“We have seen a lot of money come back intoNew Yorks and Chicagos, and high-traffic areaswhere retail say is getting more confidence orbusinesses are getting more confidence to openup office space or follow downticks in unem-ployment,” Ryan Dunfield, portfolio manager for Second City, said. “But it’s really a lot ofthe cities that flew under the radar a bit dur-ing the credit crunch where they still had these unbelievable assets built.”

Second City has chosen to partner with local

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

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FORMER ABBEYFIELD STYLE SENIORS HOME BUILT IN 1998

$1,300,000Zoning CD254

SHANNON KIGER 604 805-8350www.carewestproperties.com

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

FOR LEASE1712 Sq. m. School in Mission BC

C A L L T O D AY F O R V I E W I N G

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

Are you the type of person who is community-minded, knows the value of excellent customer service, and enjoys interaction with other people? Then, we would like to offer you a turnkey package, complete with proven operating system, full training, and on-going support. You’ll meet the nicest people as you operate your business “hands-on”. We have been in operation since 1980 and have over 460 stores across Canada.

If having a business of your own with the support of a successful franchise is of interest to you, please call Bonnie Armstrong at the Western Regional Office for more information 1-800-661-7682 (ext 270) or visit our website at www.franchise.mmmeatshops.com

UNIQUE FRANCHISING OPPORTUNITIES In Western Canada

Ph: 604-864-6400 T/F: 1-877-864-6424www.strataschoice.com email: [email protected]

1A 33820 South Fraser Way, Abbotsford, BC V2S 2C5

We give you our full attention at fair and competitive rates!

Property Management

Call Today For Your Management Proposal!! FARMLAND FOR SALE

LOCATED SW OF REGINA1280 ACRES

9 Round steel storage binsCrops include:

wheat, barley, flax, peas & moreAsking $595,000 or puchase

160 Acres for $80,000 Vendor will carry financing

phone: 1-250-748-2719 Fax: 1-250-748-0532

[email protected]


Waterfront Pub & Detached Liquor Store

Land, buildings and businessPrince Rupert, BC $2,500,000

BC’s fastest growing super port city

JOHN JOHNSON

JOHN JOHNSON Tel: 604-319-2504Fax: 604-463-5287

PRUDENTIAL STERLING REALTY LTD.

For Lower Mainland Pub Opportunities call:

SOUTH OKANAGAN PUB Liquor Store and Building

for sale Asking $1.8 M

NORTHERN BC PUB Land and Building opportunity

Offered at $950,000

LOWER MAINLAND Pub & Liquor Store

Opportunities

P U B SFor Sale

8930 STAVE LAKE STREET“UNIQUE ACREAGE FOR SALE”

This property is 9.04 acres and has a small older 2 bdrm home that is

currently rented. Now for the the unique part. Brand new 50 x 80 building that offers 4000sf on the main and another 2000sf of mezzazine. Three bay garage

or workshop with oversize vehicle doors. All this and an aggressive listing price makes this a winner. Great for a

home based business. $889,000

32847-32867-FIRST AVE, MISSION BC

6 CONTIGUOUS LOTS 24, 156 SQ.FTThis 0.55 acres site is located close to the Lougheed Highway and has great potential. Shows as Downtown West Expansion on the Official Community

Plan (OCP) and is waiting for someone who is interested in possibly doing a commercial development on the main floor with residential up. Check it out.

$475,000

CAL CRAWFORD 604-854-0392 or toll free 1-866-644-2055

Mission, BC [email protected]

REALTY MISSION LTD.

Powell River Investment OPPORTUNITIES

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

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

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

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

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

Ideal Agri-Business Opportunity 102 acres fairly level land; many possibilities; easy access; in ALR $569,900

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

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

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

from A15players, often an existing owner or property managers, to reap the upside of improving economic conditions in the U.S. as confidence radiates out from the larger centres.

Second-tier properties in secondary mar-kets face tougher conditions. The lingering effects of the recession mean buyers are few, and there’s consequently been a temptation to heavier discounts and in turn less product avail-able to the market because owners – or more often, lenders – aren’t willing to let assets go at barrel-bottom prices.

“[Buyers] are looking for deeper discounts and properties aren’t being offered yet at deeper discounts,” Quattrin said.

The hard-hit Sunbelt is where markets have little available even to willing investors. The result is less of a rebound and a protracted recession. The economic recovery felt else-where may take a while to materialize in these areas.

Retail centres are especially frightening, Dunfield noted. Consumers still aren’t spend-ing like they once did, and in secondary mar-kets a long list of retail failures provoke fear. While office deals with strong covenants in place benefit, the overall tone among inves-tors is one of lingering caution.

Dunfield says it will take narrower spreads and lower borrowing costs before the commer-cial sector finds its legs.

Still, both Second City and Sunstone, pur-chaser of the Xona property in Arizona, are keeping close tabs on their new assets to give them the best chance of success. Second City partnered with the property and leasing man-ager of City Center, while Xona will operate under the management of Vancouver-based O’Neill Hotels and Resorts Ltd. through its U.S. subsidiary TRX Management LLC.

Quattrin noted that the biggest deal he worked on in the U.S. last year was attractive to both foreign buyers and domestic investors – who eventually won the day – on account of its strong covenants. The successful bid-ders snapped up the two-tower property in the Seattle area for US$650 million.

The properties were trophies, with rock-solid Microsoft holding 10-year leases. Its presence fuelled the confidence that make such proper-ties worth searching out in the troubled U.S. landscape

“We sold them for prices that reflected val-ues back in 2007,” Quattrin said. “When we took them to market we thought we’d sell them offshore. But the most interest came from U.S. investors and they ended up outbidding the rest of the market. We were surprised about that, but that’s how quickly the market turned around.”

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

can invest in his fund – one of several in thebusiness – which finds, rents and eventually sells U.S. condominiums in bulk.

Wong – former CEO of Genesis Land Development – and his team spend monthsfinding promising but distressed multi-family properties and then buy scores of condomini-ums.

Wong said they look to buy far below replacement value in what he sees as upside markets with good employment, strong popu-lation growth and a large real estate inventory.His pick of the top U.S, markets are: Orlando,Miami and Tampa Bay, Florida, Phoenix and Las Vegas.

“We look at buying the tail end of condo con-versions,” he said.

This strategy allows Optimus to control the home owners’ association board, which dictates who the units are rented to and howmaintenance is handled, for example.

The fund relies on rental income in the short term, but the exit plan is resales.

“When the U.S. market recovers, the condomarket will be the first thing to pick up,” he said, “because that is all that many buyers will qualify for.”

An example of what the fund is investingin: a 360-unit gated condominium and town-house complex with tennis courts and pools inHenderson, Nevada, 15 minutes from down-town Las Vegas, where Optimus bulk-boughtmore than 100 homes. “It would cost $117,000per door to replace these units. We bought themat $50,000 per door, ” he said.◆

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

LINDSEY GAUTHIER phone: (1) 604 798 2977 CHILLIWACK email: LGAUTHIER @SUTTON.COM

NEED SHOP / THIS IS IT ----M1 Zoned approx 4400 sqft building on 8000 sq ft lot on Alexander St in Chilliwack. Retail unit of approx 1150 sq ft with Shop of approx 2000 sqft. Also includes an apartment upstairs, THIS IS A GREAT PROPERTY FOR MECHANIC OR SOMEONE WHO NEEDS SHOP WITH RETAIL SPACE, VERY CLOSE TO MCDONALDS. $699,000

INVESTOR ALERT! FULLY LEASED 6 yr old 12,566 sqft Industrial Building in Excellent location on 31279 sqft Corner Lot Excellent tenants, room to expand with 2nd floor in existing building, storage yard in the back. Asking $2,100,000. DON'T MISS THIS GREAT PRICE!!

LAUNDRY MAT - FIRST TIME ON THE MARKET, in same location for 15 yrs with same owner for 15 yrs, this is in busy shopping center, 19 washers,15 dryers, this Cash business makes money, all machines are in excellent condition and owner is willing to train. PROFITABLE BUSINESS THAT MAKES SENSE, Price is very reasonable at $239,000.

$1,150,000. This property is offered at a 7.5% Cap Rate. 12896 sq ft building in Downtown Chilliwack Mix Commercial Building, Extensive Renovations throughout. A must see.

$329,900. Daycare This 1800 sq ft Unit on Wellington Ave in Chilliwack ,, Brand new unit perfect for Daycare.. Will also look at Leasing ... Call for details

CROSS COUNTRY GROCERIES LTD, BUILDING AND LAND, INCLUDES 2 BUSINESSES. Convenience store business--, new produce coolers, walk-in coolers, new compressors, hydro upgrade - Gym and Tanning business , gym has all new gym equipment, Store is excellent for mom and pop or family operation, well established clientele, very clean business… call now for package, !!! $679,000

COMMERCIAL STRIPMALL

$1.7 million. 4 Tenants—Net income $100,000. Solid Building. Great Chilliwack Location.

9020 YOUNG RD. FOR LEASE

800 sq.ft. High visibility, great location, won’t last. $1100 a month.

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

5905 VEDDER RD. $789,000

6-Plex –2 bedroom units, gas fireplaces. Great Sardis location! Won’t Last!

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

LEASE BESIDE REEF RESTAURANT

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

46240 YALE RD., CHILLIWACK

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

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

46263 YALE RD. GREAT LEASE RATES

800-1000 sq.ft., garage door access, call for details. Plus upstairs office 350-3600 sq.ft $5 sq. ft. plus triple net.

Subs

cribe

www.westerninvestor.com

CALL NOW 1-800-661-6988


When it comes to commercial real estate, use a REALTOR® and get back to business.

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

www.howcommercialrealtorshelp.ca

t

m


RARE INDUSTRIAL INVESTMENT FOR SALE

1765 Coast Meridian Road, Port Coquitlam, B.C.

• 116,500 sq. ft. manufacturing/storage facility

• M-2 zoning; 6.12 acres of land

• Ceiling height: 24 ft. – 40 ft.

• Dock and grade loading

• 4 5-ton overhead cranes

ERIC POON | 604.714.4768 | www.EricPoonCommercial.com

FOR SALE

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

FOR LEASE

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

GARY KHAN | 604.714.4799 | [email protected]

OKANAGAN GOLF DRIVING RANGE FOR SALE Land, building & business.

• Approx. 10 acres in ALR. List Price: $1,975,000

CHRIS MIDMORE | MATT NUGENT | 604.736.5611

FOR SALE OR LEASE: TILBURY INDUSTRIAL FACILITY

• 56,000 sq. ft. building on 2.58 acres

• 28,000 sq. ft. leased, leaving 28,000 sq. ft. for owner/user

• Asking $6,175,000

• Call Chris Midmore or Matt Nugent

BRIAN TATTRIE | 604.714.4783 | www.briantattrie.com

FOR SALE: STRATA RETAIL OPPORTUNITY | FULLY TENANTED

555 North Road, Coquitlam, B.C.

• 55 commercial strata lots

• 24 parking stalls

• Across from Lougheed Town Centre

FOR SALE: KAMLOOPS | 67-ROOM FULL SERVICE BOUTIQUE HOTEL

• Call for details

HAMIR BANSAL | 604.724.8116

FOR SALE: 100-ROOM FULL-SERVICE FRANCHISE HOTEL in Vancouver

FOR SALE: 94-ROOM HOTEL | 30 APARTMENTS in Prince Rupert

• Includes 5 retail leases, and hotel rooms are full service. Asking only $5,000,000

FOR SALE: 84-ROOM FRANCHISE HOTEL in Lower Mainland

• Full service. Asking $10,500,000.

FOR SALE: 41-ROOM HOTEL in Lower Mainland

• Limited service, not franchised. Asking $4,500,000

FOR SALE: 25-ROOM HOTEL in Hope, BC

• New franchise, all upgrades completed

• Includes 3-bedroom house

• One hour from Vancouver

• Asking $1,800,000

JOHN SULLIVAN | 604.714.4773 | [email protected]

FOR SALE: RETAIL/OFFICE INVESTMENT | ONLY $625,000 AT 6.0% CAP RATE

• 14675– 108 TH Avenue, near Riverside Heights Centre, Surrey. Front customer parking.

• Steel-frame and metal-clad with membrane roof

• 2500 KVA power sub-stations

• Vacant possession

• Asking: $12,750,000

GARY WEBB | 604.341.7650 | www.rgarywebb.com

DON O’BRIEN | 604.219.1578 | www.macdonaldcommercial.com STUART WRIGHT | 778.859.2407 | www.macdonaldcommercial.com

• Currently 100% leased to 6 tenants

• Available either individual or bulk sale

• Net income $176,059

• Asking $3,200,000 $3,100,000

Macdonald Commercial

Real Estate Services Ltd.

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

JORDAN ENG (604) 728-0883 [email protected]

Parking Lot For Lease

For Lease

Retail Investment

Warehouse/Office For Lease

WE HAVE BUYERS FOR YOUR PROPERTY

"BUY-SELL-DEAL WITH SUCCESS"

5784 – 86 Victoria Drive2 storey residential/commercial

National tenant on ground floor, 2 suites up.Asking $2,000,000

239 E 6th Ave, VanAvailable immediately.

6,242 sf. 18' ceiling height warehouse.Reasonable rents.

485 Commercial Dr at Pender9,500 sf. Ideal for food service manufacturing.

Retail exposure. Corner location. Close to DT and transport routes.

Low rents.

East 6th Ave & Main100' x 120'.

Available immediately.

SOLD

MAKE MORE DEALSMarket your listings in the Western Investor. Thousands of private

investors and real estate professionals

use the Western Investor to help guide their

investment dollars into profitable businesses.

JUNE AD DEADLINE: MAY 10TH

Report: Hotels and MotelsBuying a campgroundRetail updateMining townsFranchise NewsRecreational PropertiesRegional Roundups:BC: Prince GeorgeAB: OldsMB: Portage La PrairieSpotlight: Humboldt, SK

LIST1-800-661-6988

Top commercial realtors from across Western Canada market their list-ings through the Western Investor.


BARRY BOCK / DON KAYTORPhone 604-575-5262 Phone 604-576-9285

Fax (604) 575-2214 Email: [email protected] Website: www.barrybock.com

LIQUOR STORES, PUBS, HOTELS/MOTELS

HOMELIFE BENCHMARK TITUS REALTY

NEIGHBOURHOOD LIQUOR STORES - PUBS - HOTELS - RESTAURANTSIF WE DON’T HAVE IT LISTED WE WILL FIND IT FOR YOU!

MANY NEIGHBORHOOD PUBS IN ALL PRICE RANGES NOW AVAILABLE.

QUEENS HOTEL & LIQUOR STORE on 110,000 sq ft zoned Hi-Rise C-7 in the heart of Queensborough Super Development Site. 26 rooms. All totally redone. OFFERS!

NANAIMO ROAD HOUSE & LIQUOR STORE – $1,050,0002½ acres. Land & buildings. Asset sale. Includes 2 suites. PRICED TO SELL

MAPLE RIDGE PUB & LIQUOR STORE $4.2 MILLION, NETS OVER $700,000. WILL SELL SEPARATELY.

NEW WESTMINSTER PUB & LIQUOR STORE $2,950,000 (SHARE SALE)

CHILLIWACK – PUB & LIQUOR STORE & RESTAURANT excellent money maker REDUCED $2.4 Million. Great lease. SELLER MOTIVATED! TRY YOUR OFFER!

SURREY PUB & LIQUOR STORE – Money maker. $2,000,000. Hurry! SHARE SALE.

QUEENSBOROUGH DEVELOPMENT PROPERTY – Many options – cleared land, approx 34,000 sq ft – zoned commercial/residential. 3 PROPERTIES - OWNER MOTIVATED

BURNABY PUB & LIQUOR STORE –Business only. $2.5 Million

3 SURREY PUBS IN BUSY SHOPPING CENTRES - PRICED BELOW REPLACEMENT GREAT TERMS.

GLENAYRE REALTY

MORE DETAILS CALL:

GAS STATION (LAND & BUILDING) FRASER VALLEY PRICE: $2,600,000

GAS STATION WITH LAND & BUILDING $2.8 MIL

GAS STATION, C-STORE, LIQUOR STORE FRASER VALLEY (BUSINESS ONLY)

PRICE: ONLY $219,000

2 MORE GAS STATIONS WITH LAND AND BUILDING (LOWER FRASER VALLEY AND

UPPER FRASER VALLEY) $1.99 MIL EACH

FRASER VALLEY INDO CANADIAN GROCERY STORE and FRESH PRODUCE

$249,900 (BUSINESS ONLY)

INDO-CANADIAN GROCERY STORE, FRESH PRODUCE, VIDEO AND RESTAURANT (BUSINESS ONLY) FRASER VALLEY.

PRICE: $149,900

NEW LISTING FOR LEASE

PAMMI MANDAIR CELL: 604-825-8121 OFFICE: 604-859-3141 [email protected]

www.mobileparks.comHomelife Glenayre Realty

Lac La Biche, AB – 58 pads, 157acres ..... 3,000,000Houston, BC – 113 pads, 22 acres ........... 1,400,000Hope, BC – 40 pads , 4.05 acres.............. 1,100,000Cherryville, BC – 25 pads, 22 acres .............. 750,000Houston, BC – 37 pads, 3.5 ac .............................TBALangenburg, SK – 60 pads, 14 ac ................. 525,000Houston, BC - MH & RV Park, 40 ac+/- ....... 399,000

Toll Free: 1-888-251-2822Direct: 604-302-3771Fax: 1-888-804-1394

Email: [email protected]

FOR SALE

For more Information please visit www.KafkaRealEstateTeam.com

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

Invest or Enjoy!

www.homelifebc.comwww.homelifebc.com

Attention

Agents:Homelife

TO ADVERTISE HERE

call Gary Takahashi

toll-free: 1-800-661-6988

direct: (604) 608-5111

or fax: (604) 669-2154

[email protected]

A20 Sea to Sky/Sunshine Coast/Vancouver Island MAY 2011 WESTERN INVESTOR

FOR SALE

Private Islands

View BCPRIVATEISLANDS.COM

WARK REALTY INC. 604.946.8710

SUNSHINE COAST, BCML#V4021517 “The Dock” in Sechelt Now $1,399,900Main street, downtown location with excellent expo-sure in Sechelt. 2 level building with retail, store, offic-es and zoned for residential above. High traffic area with lots of parking. 10 tenancies in place, many long term and great cap rate. Call Terry for more info.

ML#V4024655 Main Street, Sechelt $879,000Commercial building with two excellent tenants. Prime location on main street with upgrades & high visual presents. Triple net leases & good cap.

TERRY & PAM B R A C K E T T [email protected] Oceanview Realty SECHELT

KATHY BOWESDirect line 604-483-1633 CALL (anytime)www.kathybowes.comPowell River

For more info email [email protected]

WELL ESTABLISHED CLOTHING BOUTIQUE

FOR SALENEW PRICE$168,000

Darren McCartney 604-892-4875 [email protected]

RE/MAX Sea to SkyReal EstateSquamish

SQUAMISH INVESTMENTS

CONDO LIQUIDATION AND BUILDING LOTS

Retail/Office Strata 872 sf with retail finishing $199KCourt Ordered Sale 6,000 sf lot downtown. $250kI-1 Revenue Property 0.55 Acre, tenants $1.19 Mil1.1 Acre Duplex Site on CreekIncludes house, green space $699k

Pub & Real Estate - 4000 sf on over 1/2 Acre 163 seat & BW allowed, redev. potential $735kPrime Retail For Lease 1,200 – 15,000 sf B Park by National Retailers and Hwy 99! Spring 2011Prime Retail Building Busy Dwtn corner $1.10 Mil8 Acre Single Family Site Panoramic views, great location $2.15 Mil

Well Established 8yrs, popular Café & Catering companyFoods, and by car wash

$299,000

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

www.barbgloor.com Contact:

3.6 Acres (45 years available remaining on Lease), Fully Fenced, Computerized Gate, 149 Storage Units and room for another 250, Plus Outside Storage, Plus 2000sf Shop (2 years old with 20ft ceiling that could be renovated for more storage), 1200sf Managers Living Quarters with attached Office.

Financing Available. Easy turn-key operation.

Located in downtown Sechelt. Owner retiring.

SELF STORAGE FACILITY

www.popeyesstorage.com For Sale by Owner (604) 740-5633

$875,000 CAD

604-681-3334Graeme Bullus, Brian Reems

[email protected]@devencorenkf.com

(Devencore Company Ltd.)

For Sale: 5885 Neptune RdSechelt, BC

Multi-Family Zoned Land5 Acres

$2,270,000

TF: 1-800-715-3999

Cell: 250-897-8508

[email protected]

www.robphillips.ca

ROB PHILLIPS

COMOX VALLEY, VANCOUVER ISLAND ICI:

Comox Valley

R. MIKE MULLIN, CGATF: 1-855-650-6560Email: [email protected]

www.coastrealty.com

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

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

GROCERY STORE/BAKERY WITH RESIDENCE-Desirable Bates Beach area-Nearest competition 3.5 km-Separate bakery & store businesses down-3 bdr residence up-Includes ½ acre, 3100 s.f. bldg, garage, sheds. Asking $399,000

COMMERCIAL STRATA DOWNTOWN COMOX- High pedestrian/car traffic location with huge street frontage

-840 s.f. in prestigious Comox Quay Asking $319,000

MATERNITY BUSINESS-Also sells infant, children’s wear, carriers & consignment -Exclusive rights to Beco Baby Carriers, & Skip Hop products-Busy main street location in downtown Courtenay Asking $49,900

NANAIMO | VANCOUVER ISLANDDEVELOPMENT AND INVESTMENT OPPORTUNITIES

MULTI USE DEVELOPMENT SITE Great development potential in the rapidly expanding area of Chase River in South Nanaimo. 8.91 acres, 4.3 acres usable, higher density resi-dential and Commercial uses. Adjacent to Highway 19A. Easy access. Asking $2,800,000 Call DARWIN for info.

EXCLUSIVE LISTING - CAREFREE INVESTMENT16 UNITS! 6 yr. old Apt./Townhome project in Port Alberni. Fully leased to Gov't. Agency. $1,797,000 Additional adjoining land for further development is also available. Located in the best part of Port Alberni next to North Island College & other amenities. Call ROB for info.

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

Darwin MahlumRobert Borden250.760.1066

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

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

MOTEL NEAR DEPARTURE BAY FERRYREDEVELOPMENT OPPORTUNITY! 21 Units plus Owner's Residence. Designated for 6 Storey Commercial Office / Residential Mix. The site is perfectly located wih great access and Hwy Exposure. Enjoy current income while planning a higher and better use for the site!Asking $1,500,000 Call DARWIN for info.

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

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

INDUSTRIAL BUILDING IN VANCOUVER, B.C.Located in close proximity to downtown Vancouver and Commercial Drive. Older industrial building on 5,808 sq. ft. of land. Building fully occupies site. Grade level loading door, separate entrance door. Two offices, one half bathroom, great for a storage facility. Priced @ $775,000. Call ROB, Information brochure available.


www.judygray.com

JUDY GRAY, CCIM

1.800.600.1718 Suite 103–1801 Bay Street, PO Box 195, Ucluelet. BC.

Canada V0R 3A0MID-ISLAND REALTY

Retail, marine railways & docks.Room for expansion, Lovely owners quarters.

Ucluelet Inlet, w/foreshore lease. Fully renovated & furnished suite. Large home on upland prop. also available.

Foreclosure, Ucluelet InletForeshore lease & remainder prop. Engineering Report completed Remediation required.

$990,000

$525,000

$1,999,000

PIONEER BOAT WORKS

WHISKEY LANDING

FORMER FISH/ICE PLANT

Monica Love 250.797.2235 [email protected]

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

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

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

OCCUPANCY JU

ST OVER

90%

FOR SALE SALTAIR SELF-STORAGE FACILITY and DEVELOPMENT PROPERTY

One Percent Realty Vancouver Island

he condominium trend in Western Canada’s three largest cities has spread from residential to the

industrial market, with strata space now accounting for a significant share of even the large-bay market.

In Metro Vancouver, industrial strata space now accounts for 38 per cent of transactions, compared with less than 30 per cent three years ago, surveys show.

Constricted availability and fear of even higher land prices are encouraging demand for strata development, noted Avison Young principal James Lecky. Industrial land prices have stabilized, but still remain in the $1 mil-lion range in most suburban markets.

Beedie Group is moving ahead with 100,000 square feet of strata space at the Campbell Heights business park in Surrey because of buyer demand, according to principal Ryan Beedie.

With free-standing industrial buildings trad-ing at $150 to $190 per square foot, large-for-mat strata units are appealing because they’re often available at a mere $115 and $130 a square foot.

“With the lack of free-standing buildings in the market and the premium those buildings achieve, a lot of these larger users – 10,000-to-20,000-square-foot users – are changing their minds and saying, ‘I’m going to buy that strata unit and save $30 a square foot,’” said Jordan MacDonald, principal of Frontline Real Estate Services Ltd. in Surrey.

The space is more efficient to build and meets the needs of cost-conscious users, he said. But others caution that wary buyers still mean strata is a speculative play.

Jon Bishop, vice-president and general man-

ager of Devencore Co. Ltd. (the local office of global tenant representation firm Newmark Knight Frank Devencore), doesn’t see com-panies being blithe.

“We’re seeing growth, for sure. Companies are now looking at taking on extra space and growing,” he said. “But it’s a cautious approach nonetheless.”

The key considerations are cost and staff impacts; no one wants to pay more than they have to, and no one wants to lose staff as a result of a move. While a company such as manufacturer Nuheat Industries Ltd. has opted for new digs in an efficient structure that reduces its space requirements (among other features), Bishop said many companies are becoming owners.

“I think we’re going to see more interest in ownership over leasing for users over the next few years than perhaps historically,” he said, noting that the strata market has especially long legs.

“We’re going to see a lot of attention there in the next couple of years.”

Increasingly, setting up shop in one of Alberta’s two largest cities can be done through com-

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

WI STAFF, VANCOUVER DAVE HUSDAL, CALGARY

WESTERN INVESTOR

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

Phot

o: C

ushm

an W

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ield

mercial or industrial condo ownership rather than leasing.

In Edmonton, for example, close to one third of the new industrial and commercial spaces coming onto the market are condos, according to Barry Gogal, president of Western Realty Group Inc., which develops, builds, sells and manages commercial and industrial condo projects in Edmonton and the surrounding southside communities of Leduc, Sherwood Park and Nisku.

Five years ago, that figure might have been 10 per cent, Gogal said.

Commercial and industrial condos provide opportunities for Gogal’s company in the short and long term.

“We buy land. We do the development. We do the construction. We sell the units. About half the project we sell out to owner occupants, then a quarter out to investors, then the other quarter we usually retain. And the investors we sell to, we would usually lease those spaces for them,” Gogal explained.

Western Realty and its related companies typically then manage and maintain the proj-ects on an ongoing basis.

Newer commercial/business condos devel-oped by Western Realty in higher-end projects

typically sell for around $300 a square foot in the Edmonton market, with industrial proper-ties going for around $200 to $215 per squarefoot, Gogal said, which is higher than in Metro Vancouver.

Western Realty also converts existing leased commercial or industrial buildings to condos.This is usually easier to accomplish withmonth-to-month tenants rather than long-termleaseholders, Gogal explained.

Gogal is bullish on the value of industrial-ized condos, in part because of low mortgagerates, but also because of relatively high indus-trial lease rates in Edmonton – rates that can hit $13 or $14 per square foot.

“What are the drawbacks?” Gogal asked rhetorically. “There aren’t any.” He added thatnegative absorption in a market could be one, but he doesn’t expect that in Edmonton.

In the Greater Calgary area there were 177sales of industrial condominium units in 2010, according to Avison Young.

Those units had a combined total price of$82 million, up about 4 per cent from 2009,which recorded 78.7 million in sales for 151transactions.

The last two years were down in sales vol-ume from a more robust 2008, which Avison Young says produced over $106 million in sales in the Greater Calgary area.

“Condominium ownership remains attractivefor investors and those users who can safely predict their operational requirements for the next few years,” Avison Young explained in arecent Calgary market report.

Prices are currently averaging between $160 and $205 per square foot for typical new con-struction bays (less than 4,000 square feet)inside the City of Calgary and $150 to $180per square foot for older sites. Meanwhile, in areas surrounding the city, the average price isbetween $135 and $180 per square foot.

Newly completed industrial condominium buildings in the south and in Airdrie have driv-en prices down, whereas demand seems to be thriving in the north and east areas of the citywhere prices increased, local agents say.◆

A22 Vancouver Island www.westerninvestor.com MAY 2011 WESTERN INVESTOR

of Nanaimo

VANCOUVER ISLAND COMMERCIAL

FRANK JOHNSON JAY COUSINS JAY COUSINS JAY COUSINS

www.nanaimoremaxcommercial.com

1-877-335-4380Jay Cousins

[email protected] Johnson

[email protected]

1-877-423-0984Jay Cousins Realty

INVESTMENT OPPORTUNITIESFULLY RENOVATED & REDESIGNED -

$419,000

1.4 ACRE PROPERTY ZONED HEAVY INDUSTRIAL

$595,000

12 UNIT APARTMENT BUILDING

$749,000

$995,000

$1,895,000

REDUCED $1,950,000

INVESTMENT OPPORTUNITIES-

$269,000

$279,000

-

$1,495,000

-$2,075,000

-

$629,000.

BUSINESSES$75,900$85,000

$129,000$139,000$149,000$149,000$179,000$229,000

FOR SALE

MOTEL, DUNCAN, BC

REDUCED TO $1,250,00066 ACRE ESTATE

$1,950,000.00

TENANTED INDUSTRIAL BUILDING FOR SALE

$1,890,000.00 - 1.83 acres

of land, in the Duke Point Industrial Park. Large flat lot, easy to develop and close to the Duke Point Ferry Terminal. Potential to be re-zoned to Heavy Industrial ( I - 4) $499,900.00

Fully leased 1837 sqft commercial stra-ta unit over 2 floors (935 sq. ft., and 902 sq. ft.). $410,000.00

INVESTMENT OPPORTUNITIES

$699,000

--

$715,000

-

$795,000

REDUCED $875,000

$690,000$1,590,000

$1,039,000

-

$4,500,000

MT WASHINGTON PACKAGE

250.380.4900 | [email protected]

15 Fully Serviced Ready to Go Freehold Building Lots

Great Builder Opportunity

Priced at CostCall

VANCOUVER ISLAND Comox Valley

www.robsamsom.caRE/MAX Ocean Pacific Realty

Rob Samsom AACI CCIM FRIPERSONAL REAL ESTATE CORPORATION

1-888-829-7205

Over 20' ceilings - 2 full storeys allowed. .............. $274,900

SPACES FOR LEASE

.....................................................$629,000

2nd floor vacant 2,200 sq ft ... $249,900 3rd floor leased 2,200 sq ft ...... $254,900

On .28 ac, Comox ................... $925,000

Zoned for 14 ............................

On ½ ac, Courtenay ................. $925,000

On .23 ac, + chinese restaurant Cumberland ............................

$695,000

CAMPBELL RIVER, BC

BOWLING BUSINESS AND RESTAURANT

GROSSING ALMOST $400K/YEAR. THE ONLY ALLEY IN THE AREA, GOOD POTENTIAL

$389,000 MLS # 310820

LARGE COMMERCIAL BUILDING (77x30) ON 0.46 ACRE LOT WITH A

SEPARATE (24x26) GARAGE AND 14x70 MOBILE $399,800 MLS # 313982

- Development site 1.5 acres ideal for mixed commercial and residential uses. Currently generates $2500/mth MLS # 305399

- Development site 0.3 Acres $199,800 for up to 10 residential units or rezone for up to commercial MLS # 304480

- Waterfront development site 0.54 Acres for $499,800 has older home and commercial zoning near city center MLS # 306568

STEPHEN GRANTPERSONAL REAL ESTATE CORP

ADVANCE REALTY

www.StephenGrant.bc.caTOLL FREE 1-888-286-1932


couverdon.com•For complete details, please contact a Couverdon salesrepresentative. The Developer reserves the right to makemodifications and changes to the information containherein. Photos and maps are representational and are notaccurate. Prices are subject to change. E.& O.E.

TOLL FREE

1.877.239.4811

NanaimoVancouver

Victoria

Nanaimo RiverRegister NowThe Nanaimo River acreages are a rare opportunity toacquire spectacular riverfront land at one of Nanaimo'ssummertime recreational destinations. Swimming, fishing,biking and hiking are just some of the activities enjoyed inthis region which is located less than 20 minutes from theairport, ferry terminal and downtown Nanaimo. Allacreages will have south facing orientation and be aminimum of 10 acres in size. Whether you are buying forpermanent living or seasonal enjoyment, this limitedopportunity to purchase waterfront on Nanaimo Rivershould not be passed up. Register now to receivenotification on lot availability.

Nanaimo Rivergrow here

to learn more call Amrit ManhasEconomic Development Office

250 755 4465

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

Please see Lenders page A24

PETER MITHAM

WESTERN INVESTOR

anaimo is far enough away from Vancouver to offer investors good pricing but close enough be a sub-

urb with many of the benefits that entails.A 90-minute ferry ride from Horseshoe Bay

– half an hour by float plane from the down-town core – Nanaimo remains on the periph-ery of the Lower Mainland even as developers such as Cape Development Corp. and InSight Holdings Ltd. have been actively redeveloping sites along the city’s waterfront. Millennium Development Corp. was even a contender in the development of the hotel planned adjacent to the city’s conference centre but did not com-plete on the project and has since been sued by Nanaimo in connection with its failure.

Still, the city’s downtown core evinces the makeover that’s happening as capital flows in at the bidding of a business-friendly mayor and students flock to Vancouver Island University (VIU), the former Malaspina University College that gained university status in 2008. The school is now transforming itself into an ambitious post-secondary institution and doing as much as business interests to revitalize this city of 85,500 people (a population closer to 150,000 when unincorporated areas and the surrounding communities of Lantzville, Parksville and Qualicum Beach are added in).

While an estimated $180 million of infra-structure projects bring money into the com-munity – including a $25 million expansion of the local airport, a $27 million upgrade to boilers at the Harmac paper mill just outside the city in Cedar, a $37 million expansion of the Nanaimo General Hospital emergency department and $91 million in upgrades to BC

Transmission Corp.’s local facilities – down-town is being transformed by new residential construction and students.

An eclectic mix of shops have taken over space formerly occupied by pawnshops and strip clubs, and though the old-timers can still be heard in local watering holes, they are being drowned out by the clatter of laptops and cap-puccino cups.

While classes were disrupted this past winter by labour action, student enrolment at VIU rose 14 per cent in 2010. This is boosting hopes for a 50-year master plan for VIU’s campus, which is located in Nanaimo’s Harewood neigh-bourhood. A campus centre is also located in Parksville, with regional campuses in Duncan and Powell River.

VIU is embarking on a $250 million building

program that will expand the main university campus with science, health and sporting cen-tres as well as a central building for the provid-ing office space and classrooms.

Harewood, a former mining community to the west of Nanaimo’s downtown, is benefit-ting from the activity. The local strip mall has been rebranded as University Village Plaza,and investment in residential properties is accelerating.

But arguably the most significant impact of Malaspina’s recent accession to university status is in downtown Nanaimo, where bou-tiques and a multicultural array of restaurants are lending new character to old streets.

While the city’s industrial past isn’t far away, it’s receiving a makeover in the form of condos, clubs and cafés that reflect the city’s aspirations.

The influx of students has been critical to thedevelopment of new businesses, said AmritManhas, acting economic development officerfor Nanaimo. This is seen not only in the uni-versity area, with the makeover of University Village Plaza and other projects within walking distance of the university, but also downtown.

“The demographic that the university attractsleads to the general vibrancy of the down-town,” Manhas said. “The university plays akey role in bringing the younger demographic into Nanaimo, which of course helps supportand spur certain types of businesses.”

Building permits, which peaked in 2007 at$258.3 million, dropped to $159.6 million in 2009 but have now edged back up to around $172 million annually. Residential construction is leading the way, with commercial and publicprojects following.

Seaplane and ferry connections to Vancouvermake the city an accessible destination, while average home sale prices for the area are steadyat just over $365,000.

Manhas, who grew up in Burnaby, is quick to point out that Nanaimo recently garnered kudos as the third most-livable city in the province.

But it’s also a marketable city when it comes to commercial activity, according to Gerry Van Vaals, who handles commercial propertiesand investment sales for the Nanaimo office ofDTZ Barnicke.

“We’ve got a good influx of potential new users coming into the city and existing folks looking at buying light industrial,” he said.“The price of light industrial here on a per-square-foot basis is approximately 60 per cent of what the same property would cost you in Victoria.”

Strata commercial and light-industrial properties are in particular demand as the citybecomes a hub for distributors who feel the cost of space in Victoria is too high. The space supply is limited in Nanaimo, especially after two years of soft economic times, but new construction is ready to kick off as demand

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

Phot

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naim

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QUADRA ISLAND RESORT8 incredible, commercially zoned oceanfront acres with 390ft of low-bank shoreline, south west exposure & outstanding marine views. This resort-style property has a friendly topography with heavily forested areas, expansive lawns, 2100sqft main residence, 3 duplex cottages, large shop & substantial private moorage. Ideal resort development! $1,090,000

FISHING ADVENTURE LODGE30x10m barge facility on the West Coast of Vancouver Island situated in Galiano Bay. Equipment, docks, breakwater & moorage equipment, assignment of a .55-acre foreshore license of occupation & conditional water license on Chinootka Creek. Excellent value in a region of spectacular coastal exploration, incredible fi shing & amazing adventure! $359,000

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

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

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

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

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

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

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

Phone: 1-800-563-7322 [email protected] Cell: 250-287-0011

monarkinvestments.caPlease visit our website or call for more details.

604-592-7250Financing Available. Potential Trades.

TWO PRIME LOCATIONS FOR SALE WITH POTENTIAL FORCAREHOME OR CONDO SITES

NEW PRIME RETAIL SPACE FOR LEASECENTRALLY LOCATED NEXT TO POPULAR RETAILERS SUCH AS

SHOPPERS DRUG MART

COMOXCENTRALLY LOCATED NEXT

TO POPULAR RETAILERS SUCH ASSHOPPERS DRUG MART.

LANGFORDCONDO SITE APPROVED FOR

UP TO 188 UNITS

EXCELLENT LOCATION

LOCATED NEXT TO COSTCO,A SHERATON HOTEL, HOME OUTFITTERS,

AND MANY OTHER RETAIL STORES

2.34 ACRES OF POTENTIAL

from A23warrants.

“There’s a new look being taken at some of the commercial projects,” Van Vaals said, not-ing that this spring has been especially busy.

Green Rock Industrial Park, a new 24-lot light-industrial subdivision just off Bowen Road, will be coming to market this fall. Serviced lots adjacent to the Nanaimo Parkway will range in size from 9,688 square feet to 71,849 square feet.

The best news for investors – who see greater room for returns here than in well-developed markets like Victoria – as well as developers of new space is that lenders are ready to do business.

While loan-to-value ratios dropped to 50 per cent during the recession, Van Vaals said many lenders are now back to offering traditional lev-els of financing on projects. “They’re back to – some of them – lending 75 per cent.”

But if demand is driving new construction, it’s also what has helped stymie plans by InSight Holdings’ for a 26-storey residential develop-ment on the Nanaimo harbourfront.

The downturn in real estate and financial markets in 2008 has delayed marketing and construction of the tower, which is approved and ready to rise from an excavation prepared for it.

“We realize that this is a market that doesn’t pre-buy,” said Doug Bromage, general man-

Population 85,000Regional population 149,000 Housing starts 786 (2010)Average detached house price $363,985Housing sales 2010 1,124

ager of InSight. “Right now, it’s just on hold.”The pause in the market has meant a strate-

gic approach is needed for the projects that are going ahead. First Capital Realty Inc. is mov-ing ahead with a planned makeover of the Port Place Shopping Centre, but it will proceed in three phases.

The first phase will transform the 145,000-square-foot enclosed mall into a vil-lage-style shopping centre while subsequent phases will add office and residential compo-nents. The project will add density to the city’s harbourfront, potentially polishing its working character into an urban gem.

But it may also feed demand for core retail space in a city where the majority of new mall construction has followed development at the north end of the city. First Capital also owns the Terminal Park, Woodgrove Crossing and Longwood Station malls on the north side of Nanaimo, but redeveloping Port Place will gives it a stake in the heart of the city.

Mike Lowe, managing director, British Columbia, for First Capital, said economic prospects have been improving in Nanaimo and the mid-Island area generally. Its invest-ments reflect the confidence it has in the city.

The one missing piece of the downtown puzzle is the hotel adjacent to the city’s convention centre. The centre has helped anchor revitaliza-tion in the downtown core, but Millennium’s failure to develop the adjacent site slated for a hotel (and ongoing legal wrangling) has left a

hole in the core.While the city is seeking $3 million in dam-

ages through the courts from Millennium, wordis that the city would grant the 17,000-square-foot site beside the convention centre free to any developer who could deliver the long-awaited hotel. The hotel could have upward of170 rooms, and would complement investments in downtown accommodation by the owners of the Coast Bastion Inn and the Dorchester Hotel, which operates as a boutique propertyunder the Best Western banner.◆

✪

VancouverVANCOUVER

ISLAND

Powell River

NANAIMO

Campbell River

BRITISH COLUMBIA

19

Courtenay

19

Port Hardy

Campbell RiverDevelopment Site

3.14 Acres with 397 feet Water Front ZonedCommercial Four (C-4) with 180 degrees ofviews of Georgia Straight.

The site: 1430 South Island Highway is approved for 74 units’ quarter share Resort Spa with the building permit in place.

Call Jerry Raczkowski for more details604-602-1111

RE/MAX Crest Westsidewww.VancouverInvestor.ca

JerryRaczkowski780-932-2121

Crest Realty (Westside)

Subscribe1-800-661-6988

www.westerninvestor.com

WESTERN INVESTOR MAY 2011 www.westerninvestor.com Vancouver Island A25

7 PLUS ACRES OCEAN VIEWS

Zoned for seniors aggregate care with multi family nearby- many uses- hospitals, schools, medical

facilities. Fast growing North Nanaimo.Seller may carry a first mortgage with good down.

Asking $1,750,000.00

RON POSTEY & KURT BEENS“Providing Professional Service Since 1980”

250 756-2112 toll free 1-877-278-2603Sutton Group - West Coast Realty

An Independent Member Broker

QUESNEL, BC 42 Strata Suites

BARRY CALVIN 250-758-6767

P A C I F I C R E A LT Y G R O U P [email protected]

32 Years Apartment Building Specialist for Vancouver Island and All Areas Outside Lower Mainland

CAMPBELL RIVER 2 Buildings, 22 & 29 Apartment Suites

W L

PORT HARDY Last 8 of 52 Strata Townhomes

$760,000

NANAIMO 24 Apartment Suites

Was $2,588,000 now reduced to $2,290,000

DOWNTOWN NANAIMO Strata Rental To Be Built

Ideal for Group Purchase

$2,495,000 - 8% CAP

Full Property Management Services

(Residential and Commercial)

including Facility Management

Services in Victoria and

Prince Rupert, B.C.

Contact Dale Schuss

[email protected]

www.randallnorth.ca


Victoria rental market tightens Victoria’s multi-family market will

continue to be characterized by low capitalization rates and high per-suite prices, according to a report from Colliers International.

The typical cap rate for recent apartment building sales are in the 4.6 per cent range, and walk-up buildings are selling for around $130,000 per suite, according to Colliers, Victoria.

Average rents in Victoria are $1,024 for a two bedroom and $806 for one bedroom, up 2 per cent from a year ago. The current vacancy rate is 1.5 per cent, the sixth lowest in Canada. Colliers expects vacancy rates to fall to 1 per cent this year in the capital city, and is predicting that cap rates will remain among the lowest in Canada.

Asian tsunami may hold risksWhile most residential real estate devel-

opers in Metro Vancouver are confi-dent that the current tsunami of Mainland Chinese investors and buyers will keep com-ing, some are warning that it is dangerous to count on it.

Such off-shore buyers are credited with driving home prices on the West Side of Vancouver and Richmond into “the strato-sphere”, according to Cameron Muir, chief economist with the BC Real Estate Association, who chaired a panel at the Vancouver Real Estate Forum last month. Figures show that the average house price on the west side is now $1.8 million and has topped $1 million in Richmond for the first time.

“This trend is deep,” said Chris Philips, president of Fairborne Homes Ltd., who

recently toured China including “small cities with 10 million residents.” Philips said he was told there was a three-year lineup for Chinese residents trying to get Canadian visas. Fellow panellist Jennifer Podmore-Russell, real estate advisory leader at Deloitte Touche, noted that B.C. “gets 47 per cent of all investor-level immigrants and 90 per cent of these settle in Vancouver.” Such immigrant investors must prove a net worth of $1.6 mil-lion and post an $800,000 five-year bond with Ottawa. Last year, 5,500 such Asian investors came into Vancouver, among 40,000 immi-grants, the majority from China.

But Philips added a caution, which was echoed by other forum speakers. “The [devel-opment] industry is betting big on the Chinese buyer,” he said, “and it is risky.” A change in China policy toward residents taking money out of the country, an Egypt-type revolt or simply too-high prices in Vancouver could slow or stop the wave, forum delegates were told.

China moves big into B.C. coalA Chinese group is preparing to inject $1

billion into B.C. coal mining. China’s Shougang Group, with Canadian Kailuan Dehau Mines Co Ltd., plans to develop three underground coal mines all close to Tumbler Ridge in B.C.’s north.

The goal is to start construction on the first mine late next year, with the companies “moving forward at a very rapid rate,” said Pat Bell, B.C.’s jobs minister. “They have the fiscal resources already in place to do it,” said Bell, who met with executives at Shougang and other consortium partners in Beijing on a trade mission. “It’s a very big deal.”

The companies are looking to produce as much as eight million tonnes a year from three mines. That figure is equal to approxi-mately one-quarter of all of the coal produc-tion in B.C.

To develop mines to unearth that much coal would take at least $1-billion in construction costs. The mines would employ 1,200 workers and generate about 5,000 more indirect jobs, which is roughly twice the number of people in Tumbler Ridge.

Wanson Development is waging “hundreds of thousands of dollars” that B.C. voters

will kill the controversial harmonized sales tax (HST) in a mail-in vote this coming June.

At the opening of its new Eight West con-dominium development in New Westminster last month, Wanson spokesman Bill Morrison said the company has refused to charge the HST on 160 condominiums. Morrison said the HST, which is charged on new homes but not on resale homes, is driving prices for resale homes higher than the cost of new housing.

“Can you imagine paying more for a seven-year-old car than a brand-new one?” asked Morrison. “At Eight West, we have one-bedroom suites from $168,800 and our homes are priced less than comparable seven-year-old resale product right across the street and throughout New Westminster. As a result, the decision to buy new or used is determined by the require-ment to pay HST.” He added that the HST has damaged one of B.C.’s largest economic drivers, the new-home industry, which affects everything from labour to lumber.

Other developers disagree. Speaking at the recent Vancouver Real Estate Forum, Ralph Archibald senior vice-president of Polygon Homes Ltd. said new-home buyers appear to have accepted the HST and that the affect of the tax on labour and building-material prices is starting to benefit developers.

“There is a lot of confusion about the HST,” Archibald said. “First of all it is not 12 per cent on every new home.”

Under the HST guidelines, buyers of new homes are eligible for a rebate of 71.43 per cent of the provincial portion of the HST paid on a new home, up to a maximum of $26,250. Homes above $525,000 receive a flat rebate of $26,250. The rebates do not apply, however, for investors buying a condominium, for instance, as a second residence.

On a $168,000 condominium bought by an owner-occupier, the HST would be $8,753. If bought as a second home, the HST would be $20,160.

“We are putting hundreds of thousands of dollars of our own money up as collateral because we believe the HST will be overturned,” Morrison said.

Eight West is currently the largest residential land assembly in New Westminster, total-ling more than 160 condominiums and townhomes located on Eighth Street. When fully built out, the value of the entire Eight West community is expected to be approximately $50 million.

Marketer Bill Morrison at Eight West condo launch: “we believe the HST will be overturned.”

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China joins a crowded list of proposals for additional mines, including Teck Resources Ltd.’s plan to resurrect the Quintette mine, closed in 2000. Quintette could be once more producing three million tonnes of coal by 2013.

“It’s definitely a boom time. The northeast is really going great guns right now,” said Pierre

Gratton, CEO of the Mining Association of BC “There’s potential for a lot more.”

Peter Thompson, who is a managing broker with Re/Max Tumbler Ridge Realty Ltd., noted that a 400-lot subdivision is being planned eight kilometres from town. That, he said, includes three condo buildings and retail space.◆

Peter Nash | 250.384.0566 [email protected] www.peternash.com Victoria

Saanich Inlet: Secluded natural state .85 ac. oceanfront w/south exposure. Updated & tastefully decorated 1½ lvl 1724 sq’ home. ......$1,550,000.

Galiano I: West coast home sited close to water w/west exposure. Comfortable 1700 sq’ home set in secluded .83 ac w/ocean on 3 sides + dock in a peaceful cove. ...................................$1,100,000.

Tsehum Harbour: Attractive 2 lvl West Coast 3921 sq’ home sited @ waters edge. 1/2 ac lo bank lvl property. Situated on quiet cul-de-sac. Built w/attention to quality, detail & decoration - as new! Can buy w/furnishings-turn key! Close: marina’s, Sidney, airport, ferries. .......................$1,799,000.

Victoria: Penthouse w/ever changing SW marine, Juan de Fuca Strait, Olympic Mtn views! Situated prestigious “Shoal Point” complex. Modern well planned (designed for elevator) 2 lvl 3706 sq’ suite.

Amenities: concierge, 24 hr security, swimming pool, fitness center, workshop, putting green. Close to all amenities. ......................................$2,075,000 .

Thetis I: A very special secluded waterfront 10 ac estate w/main residence of 2963 sq’, guest cottage & 4 ancillary buildings. The park like property is mostly lvl w/gentle slope lo bank frontage of 800’ +/- w/dock. .......................................$1,549,000.

10 Mile Pt: Modern oceanfront Mediterranean style 8500 sq’ 3 lvl family home w/expansive marine views. Situated quiet no-through rd. ..$4,850,000.

Ardmore: 2 lvl oceanfront home set in .67 ac w/easy beach access. Well maintained w/recent upgrades. Expansive west views & beautiful sunsets. .......................................................... $1,495,000.

Thetis I: Secluded 2.16 acs w/300’ of lo bank front-age. Older 1 lvl country home sited close to water w/west exposure. .....................................$899,750.

Vancouver Island & Gulf Islands

A Luxurious Waterfront Estate of Exceptional Quality and Design known as ‘Villa Madrona’. Sited close to the ocean the residence of four bedrooms

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

" Villa Madrona "Magnifi cent Vancouver Island

Oceanfront Estatevillamadrona.ca

Peter Nash | 250.384.0566 (d) 877.388.5882 (t)[email protected] www.peternash.com Victoria


one Deals is our monthly feature highlighting some of the major real estate transactions completed

recently in Western Canada’s vibrant com-mercial real estate market.

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

From: DTZ Barnicke, Vancouver. DTZ agent Ryan Saunders reports the following sales:Deal: 12,028-square-foot office building with production space, East 8th Avenue, Vancouver. Price: $2.3 million.Deal: 8,134-square-foot industrial building with showroom, East Hastings Street, Vancouver. Price: $935,000.

From: LandQuest Realty, Fraser Valley. Landquest agents Freddy Marks, LindaMarks and Rich Osborne report the following sale:

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

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

From: Barry Commercial, Calgary. Barry Commercial principal Karen Barry reports the following sale:Deal: 626.25 acres of flat, vacant land, 11 kilometres east of Calgary, with highway access. Price: $12 million.

From HQ Real Estate Services Inc. ,Vancouver. HQ agents Dave and Mark Goodman report the following sale:Deal: 15-suite apartment building, Lonsdale Avenue, North Vancouver. Price: $2.73 million.

Recently completed a major commercial real estate deal? For a free mention here, send details to [email protected].

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

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

Tyee Lake Lodge near Williams Lake sold for $650,000.

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

12,000-square-foot East Vancouver office building sold for $2.3 million.

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NANAIMO & VANCOUVER ISLAND PROPERTIES

D E V E L O P M E N T S I T E S

26 UNIT CONDO DEVELOPMENT SITE Fabulous ocean views. 1 acre. Financing available.

Approved plan with city. $729,800 NANAIMO DUPLEX 3 bedrooms per side, 2 separate titles. Excellent income. $424,900

SECURE INVESTMENT 6 brand new homes, all with legal suites, 2 meters each, 10 yr warranties, separate titles, 5 1/2% CAP, or hold & sell. $2,550,000

PANORAMIC OCEAN VIEW DEV. SITE 24 Lots approved residential subdivision property

Cost estimates available. Asking $1,475,000

142 ACRE DEV. SITE Nanaimo $5.8 M

WATERFRONT TOWNHOME1740 SF 2 bedrooms, hardwood floors, granite counter tops, roof top patio. $599,000

5 RENTAL HOMES – All together 5 sep. adj. lots. Starting at $234,900 or all for $1,150,000

OCEANVIEW 3-PLEX South Vancouver Island. Excellent Income. 3 separate titles. $369,000

5 PLEX NANAIMO 5 meters, over $4,500 monthly revenue. Covered park-ing. Storage lockers. Separate meters.Asking $749,500

HERITAGE APARTMENT BLOCK13 self contained units. 1 commercial space plus lease pub & license. Gross revenue $10,000/month. $925,000

FORECLOSURE COURT ORDERED SALES3 ACRE TOWNHOME DEV SITE

Stunning ocean view up to 30 units. $995,000

FORECLOSURE OCEAN VIEW DEVELOPMENT 9 Acre, 28 lot subdivision in Chase River

Quiet neighbourgood property is beautifully treed And would accommodate 28 single family

homes or small lots. Mortgager may finance. Trades welcome. Foreclosure Price: $848,000

H O T E L S & P U B SFULLY SERVICED HOTEL Recently renovated, 30

rooms, 125 seat pub, wine and beer store. Generating over $1.5 million annually and growing. $1,590,000

NORTH ISLAND HOTEL & PUB, WINE & BEER STORE 50 Rooms and restaurants. 2 lots. Over 3.9

Million annual sales. $2,995,000

6 ACRE DEVELOPMENT SITE Zoned RM5, 4 Phases approved for townhome & condos. Central Nanaimo.

Asking $2,195,000 FINANCING AVAILABLE

HOTEL & WINE & BEER STORE 8 suites, pub. Close to Nanaimo airport. $1,190,000

JUST LISTED; FANTASTIC OCEAN VIEW RM-5 Dev site, unrestricted views, overlooks cruise ship pier. Approved for 34 condos, No DCC’s. $729,000

FULL FACILITY SUPER 8 MOTEL Central/southern Vancouver Island. High profile Location. 36 rooms, with franchised restaurant plus 125 seat pub 1.5 acre property. $3,950,000

38 Front Street Units for sale. Walk-on waterfront townhome $509,000 no HST. Call Dale for other available units.

PACIFICA OCEAN FRONT CONDOS

1 BEDROOM PLUS DEN $239,900

DISTRESS SALE 71 UNIT APARTMENT BLOCK 4 separate buildings. New Renos. Over $500,000 spent. North Island loca-tion. Over $27,000 monthly income. Management in Place. $2,350,000 Now reduced to $1,999,000

DALE SHORTT Bus: (250) 758-3700 TOLL FREE 1-800-665-8313 OceanPointe

C O N D O S & H O M E S

INCOME PRODUCING + REVENUE PROPERTIES

“NANAIMO’S BEST DEV SITE” 9 acres park like setting.Plan for 28 detached smaller homes. $988,000

DUPLEX LOT $129,000 4 PLEX LOT $199,000

23 ACRES $459,000 50 ACRES, $995,00043 ACRES $859,000 Adjoining properties, 1 mile from

city limits, Zoned for 5 acre lots

COUNTRY ESTATES DEVELOPMENT SITE

LAND for Sale555 Acres of prime sub-divideable forested land with approx.

55,000 cubic metres of coniferous timber, located on 11 contig-

uous titles with gorgeous ocean views, 45 minutes from Victoria

on Vancouver Island. All services at property boundary.

Phone (250) 561-7061 or (250) 565-5448 or email to [email protected].

VICTORIA, BC

Courtesy to Realtors

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

$4,100,000Info: [email protected]

Call the

marketing your franchise?

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

A28 www.westerninvestor.com MAY 2011 WESTERN INVESTOR

RE/MAX TREELAND REALTY#101 6337 - 198 Street, Langley, B.C. V2Y 2E3Tel: (604) 533-3491Fax: (604) 533-0202

Toll Free at 1-888-707-3577

RE/MAX BOB PLOWRIGHT REALTY7300 Vedder Road, Suite 1, Chilliwack, B.C. V2R 4G6

Tel: (604) 858-7179Fax: (604) 858-7197

Toll Free at 1-800-830-7175

RE/MAX SABREREALTY GROUP

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

RE/MAX LITTLE OAK REALTY2630 Bourquin Crescent West,

Suite 9, Abbotsford, B.C. V2S 5N7Tel: (604) 859-2341Fax: (604) 850-2325

Toll Free at 1-800-668-8661COMMERCIAL

DAVID KEARNEY [email protected] Free: 1-888-942-0606RE/MAX S ABRE REALTY

INDUSTRIAL WAREHOUSE/OFFICES

COQUITLAM High profile end unit off United Boulevard. 5000 square feet – 3500sf office, 1500 sf. warehouse 2 grade level doors. Leased until June 2012 – suits a User Occupant. $850,000 CLS#V4024075Call or email David!

PORT COQUITLAM

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

YOU GET WEALTHY BY STRATEGY

An example of this is, defer taxes annually into

commercial property and let it grow tax free!

YOU CAN LAUGH AT MONEY WORRIES – IF YOU FOLLOW THIS

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

own this turnkey biz in Abbotsford. Sales of books and teacher supplies. Easy biz to learn and owner will train.

building in Dawson Creek, BC.

East BC

DEVELOPMENT SITECOQUITLAM For Commercial Ground Level, Apt or Office above 10,000 Sq. Ft. Lot. Busy location – 1665 Como Lake Avenue. Call or email David!

FOR SALE OR LEASE IN CHILLIWACK

Bob Plowright RE/MAX Bob Plowright Realty CHILLIWACK, BC 1-800-830-7175 - 604-858-7179 [email protected]

www.bobplowright.com

FOR SALE IN CHILLIWACK

2 LOTS - 1/2 ACRE EACH Zoned M-2 $339,000 EACH

1 LOT - 10.6 ACRES Dual Zoning M-3 & M-4

$4,850,000

1 to 20 Acre Development Lots

BRAND NEW RETAIL/COMMERCIAL STRATA 14 units to choose from Located on busy main road High visibility From 746 sq. ft. to 4,654 sq. ft.

Great opportunity for business owners and investors Get in at ground floor and pick your

spot today

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

BUILD TO SUIT

PROGRESS WAY INDUSTRIAL PARK BUY OR LEASE

Architecturally Controlled Fully Serviced Lots Will Build to Suit Independent or Strata

Warehouse for sale or Lease from 2,000 to 500,000 sq. ft. 20 Minutes to US

Sumas Border

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

2,843 sq. ft. 4 Bdrm Home 1 Acre zoned light industrial Zoned CD14 - Outside

Storage

INVESTOR ALERT

Mixed use 3,250 sq. ft. building 4 Bays with in floor radiant and

separate gas and electric meters Separate 3 bdrm, 2 bath home

SIMILAR

Lots are level with compacted gravel base Offering dual road frontage Manufacturing, distribution, outside

storage, warehousing, food processing, etc.

FOR LEASE

Well Located next to new Safeway Space available 850 to 7,000 sq ft On site parking and good access

Lease from $12-$13/sq ft.

On high traffic corner 806 to 1,900 sq. ft.

Well maintained building

Lease from

$6.50-$12/sq ft.

Ideal opportunity for live/work Property is .60 acres Modular home & Restaurant Zoned C2 (HWY Commercial)

Completely Renovated In Harrison Hot Springs 1,057 sf strata property Fully Leased- 7% CAP

FORECLOSURE PROPERTY

SALE $177,900 SALE $209,000

Good street exposure Plenty of City Parking Renovated in 2007 11,293 sq. ft. lot

INVESTMENT PROPERTY SALE $925,000

8,940 sq. ft. building Completely renovated Light Industrial Building Warehouse & Office

Office and/or retail space 4,450 sq. ft. air conditioned 9 private offices, reception etc.

Lease $9/sq ft.

INDUSTRIAL LAND

LIVE/WORK PROPERTY LIVE/WORK OPPORTUNITY

SALE $689,900

COMMERCIAL DEVELOPMENT SITE

SALE $1,244,000

Site profile available Fully Leased - current income

$4500/month gross Buy & develop for future profit

FORECLOSURE PROPERTIES

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

Tenant has occupied for 15 yrs Easy access & great exposure Located on busy street 12,196 s. f. lot - 4,212 s. f. bldg

SALE $599,900

High profile location Easy access & great exposure Over 125’ of Frontage Land size 48,326 sq. ft.

SALE $599,000

SALE $649,900

RAY YENKANA CCIM, ABR

[email protected]

www.rayyenkana.com (listing details)RE/MAX LITTLE OAK REALTY

SUMMERLAND 57 ACRES4,800 sq. ft. superior craftsmanship home.$1,600,000

OFFICE FOR SALE Langley, BC

KEITH SETTER 604-533-3491

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

RE/MAX TREELAND

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

SPECTACULAR VIEW 36.4 ACRE PROPERTY – ABBOTSFORD

One of a kind awesome view, overlooking Fraser river & Valley farms. Ideal building site for the exclusive country estate. Fully useable farmland for berries or livestock. First time offered at $2,198,000

CALL ROY MUFFORD 604-533-3491

NEW PR

ICE

Garth Olson Re/Max Treeland Realty 604-533-3491 [email protected]

26713 56th AveInvestment property in the Gloucester Industrial Area. There are 2 homes on the property and over 5000 sq ft of covered storage and warehouse (shop) space. Income Potential at this time is over $6000/month. $2,300,000 For more information contact

Documents

Western Investor May 2011 Section A