COMMERCIAL REAL ESTATE | FRANCHISES | BUSINESS OPPORTUNITIES $4.29 • SEPTEMBER 2017 • VOL32/9 RICHMOND | 12 BIG INDUSTRIAL BID “NOT SPEC” Richmond 170-acre development will start when first leases inked – and that will not be long PRE-SALES | 14 CRA PROBES CONDO FLIPS Canada Revenue Agency takes developer to court over assignment sales CONTENTS Full index 3 FFRANKLINRANKLIN JACKSONJACKSON Hotel towers 10 Industrial giant 12 MMARRIOTTARRIOTT Residential investing 14 Property taxes 16 TTOWERSOWERS IINTONTO B.C. report 18 Mortgage rates 20 CCENTRALENTRAL SSURREYURREY Done Deals 26 HHOTELSOTELS RISERISE ININ WESTWEST | 1100 PUBLICATIONS MAIL AGREEMENT 40069240 0 9 0 6 0 3 5 8 1 8 2 9 1 9 MACDONALD COMMERCIAL Commercial Sales & Leasing, Property & Asset Management and Strata Management. macdonaldcommercial.com 604.736.5611 Listings on Page A4 & A5 A2 | LOWER MAINLAND WESTERNINVESTOR.COM | SEPTEMBER 2017 NEWLY RENOVATED FOR SALE - EAST VANCOUVER PRIME OCEANFRONT FOR SALE FOR SALE - SINGLE TENANT APARTMENT BUILDING BUILDING AND PROPERTY DEVELOPMENT OPPORTUNITY 38.4 - 78.4 ACRES INVESTMENT OPPORTUNITY LIMERICK APARTMENTS - 5450 204TH ST, LANGLEY 1428 CHARLES STREET, VANCOUVER MARINER’S VILLAGE, SOOKE, BC BURKE MOUNTAIN, COQUITLAM 250 WINNIPEG STREET, PENTICTON, BC • Pad Development Opportunity • 41,382 sf / 0.95 acre property • Approximately 40,000 sf, two storey building • 8.63 acres of development land approved for • 2 lots: 38.4 and 40 acres • 1.43 acres site with net rentable area of 23,565 sf on 23,262 sf corner site mixed-use development • 3 storeys, 39 suites and 27,267 sf • Beautiful views • Net Operating Income $564,668 (as of 09/2017) of net rentable area • Located in Strathcona, walking distance to • Views of Sooke Harbour & the Olympic Mountains • Future residential development property • Long term lease • Asking Price $7,600,000 amenities of Venables and Commercial Drive • Serviced, zoned, marina leasehold included or ideal estate lots • Listing Price $9,800,000 • Asking $6,300,000 • Asking $3,500,000 per lot GREG MILES | CHRIS J. NEWTON* BILL RANDALL* | ANNE TANNER* PETER GIBSON* | JON BUCKLEY* DON DUNCAN* | CHRIS DRIVER* MATTHEW MACLEAN* TIM SOMMER* BILL RANDALL* CO-LISTED WITH FORM RETAIL INVESTMENT OPPORTUNITY MULTI-FAMILY FOR SALE PROSPERITY BUILDING AT INSPIRATION BUILDING AT LOCATED IN THE CENTRAL OKANAGAN DEVELOPMENT OPPORTUNITY 158 ACRE DEVELOPMENT SITE DOCKSIDE GREEN DOCKSIDE GREEN SUMMOKAN MOBILE HOME PARK 8712 STEUART STREET, SUMMERLAND, BC 342 WALE ROAD, COLWOOD, BC KNIGHT CRESCENT, PRINCE GEORGE, BC 388 HARBOUR ROAD, VICTORIA, BC 398 HARBOUR ROAD, VICTORIA, BC • Well maintained park with consistent • Centrally located in the rapidly growing West • 158 acres just off the Hart Highway • Spectacular Turnkey Class “A” Strata • Spectacular Turnkey Class “A” Strata income stream Shore community of Colwood • Plan includes a mobile home park, single family • Ground Floor - 4,393 sf • Second Floor - 6,642 sf • 55 home sites on 7.8 acres • Site size of 59,374 sf and multi-family lots • Second Floor - 1,657 sf • Third Floor - 6,641 sf • 2 single family homes on additional land • Asking Price $2,999,000 • Asking $2,850,000 • Third Floor - 4,100 sf also available for sale • Asking Price $3,500,000 DON DUNCAN* | CHRIS DRIVER* TIM SOMMER* | CHRIS DRIVER* BILL RANDALL* COLLEEN AUSTIN | ANNE TANNER* COLLEEN AUSTIN | ANNE TANNER* KELOWNA AREA FOR SALE: 30 ACRES OF FOR SALE/LEASE - GLOUCESTER ±21,000 SF BUILDING ON FOR SALE: 1.54 ACRES OF SHOPPING CENTRE DEVELOPMENT LAND INDUSTRIAL ESTATES 4.5 ACRE LAND INDUSTRIAL LAND IN BURNABY WESTBANK SHOPPING CENTRE BEAUMONT LAKES SOUTH, EDMONTON, AB 5363 & 5368 273A STREET, LANGLEY 26345 62ND AVENUE, LANGLEY 4098 MCCONNELL DRIVE, BURNABY SITE (±30 ACRES) A B • GLA: 73,898 sf; Lot Size: 8.6 acres • Beaumont Alberta - Prominent location • 5363 273A St.: 23,794 sf (Warehouse/Office/Mezz) • Close proximity to Highway #1 (Langley, BC) • Mixed office/warehouse in the Winston industrial • Leasehold interest with 74 years left • 30 acres - Commercial & Residential uses • 5368 273A St.: 12,686 sf (Warehouse/Office/Mezz) • Asking Price $3,250,000 corridor of North Burnaby on a prepaid lease • ±165,000 per acre • 24’ & 26’ ceiling heights • Zoned Institutional • 33,140 sf building on 1.54 acres of land • Tenanted by: Landmark Cinemas, Tim Hortons, • Asking $5,000,000 • Ample turning radius & enclosed storage • Land in ALR/Grandfathered • Zoned M5 - light industrial district White Spot and TD Bank with fence • Asking Price $11,000,000 PETER GIBSON* KEVIN MEIKLE*** | EDGAR BUKSEVICS* HARPREET SINGH* BILL HOBBS* | DAVID POTTINGER HARPREET SINGH* | MICHAEL HARDY* JORDAN SENGARA* | RON EMERSON FOR SALE INVESTMENT OFFERING ABBOTSFORD INVESTMENT BRAND NEW STRATA UNITS IN FOR LEASE - RARE 46,400 SF WEST END HOLDING PROPERTIES FULLY LEASED INDUSTRIAL BUILDING PRICE REDUCED! PORT KELLS STAND ALONE BUILDING WITH REDEVELOPMENT POTENTIAL NEWTON INVESTMENT 2451, 2455 & 2467 CLEARBROOK ROAD 19715 96TH AVENUE, LANGLEY 3600 VIKING WAY, RICHMOND ABBOTSFORD SITE 1386 & 1390 THURLOW STREET, VANCOUVER • Strategic multi-family holding properties • 10,000 sf building on 1.21 acre site • 9,480 sf - 11,886 sf available • Total lot size: 3.094 acres • Designated high-rise density in West End • Strong national tenant covenant • 0.54 acres commercial land • Dock and grade loading • Flex office and warehouse configurations Community Plan • Fully paved, fenced, drained and • Opportunity to purchase all or select sites • Exposure to 96th Avenue and Telegraph Trail • Zoned IB1 (International Business Park) • 2 blocks from the beach with potential for landscaped yard • High visibility location • Asking Price $300 psf • Please contact listing agents for more details water views • Potential for drive-through uses • Contact listing agents for asking price BRETT AURA* | CRAIG W. BALLANTYNE* BILL HOBBS* HARPREET SINGH* ANDREW GREEN* RON EMERSON | JORDAN SENGARA* FOR SALE FULLY TENANTED FOR SALE RARE FREESTANDING FOR SALE - 168.7 ACRES THE DUNCAN COURTHOUSE INDUSTRIAL PROPERTY FULLY LEASED BUILDING INDUSTRIAL INVESTMENT WITH RENTAL INCOME 238 GOVERNMENT STREET, DUNCAN, BC CLOVERDALE INVESTMENT PROPERTY 4898 MAIN STREET, VANCOUVER 1940 BROADWAY STREET, PORT COQUITLAM 2575 ALASKA HIGHWAY, FORT NELSON, BC REDUCED • Opportunity to purchase a well maintained • 22,500 sf freestanding manufacturing/ • AAA National Covenant Tenant • 5 year lease expiring 2021 provincial government tenanted Courthouse distribution warehouse • High profile location • Great traffic exposure • 11,000 sf building on 168.7 acres and office buildings (includes office, coffee room & a parts room) • Dock and grade loading; Fenced compound • 10,027 sf retail strata • One block from Coast Meridian Overpass • 10 year leases in place; leasable area is 30,047 sf • Current lease rate is $273,900 net per annum • Strong International Covenant • Asking Price $9,380,000 • Sale Price $2,250,000 • Cap rate 5.27% for the building and 20 acres • Reduced Price $7,988,888 • Asking Price $4,900,000 ANNE TANNER* | ADAM FRIZZELL BILL HOBBS* CRAIG HAZIZA** RICK EASTMAN* | KEVIN VOLZ* BILL RANDALL* FOR SALE: PRIME WESTSIDE PRIME CORNER COURT-ORDERED SALE FOR SALE TWO LIQUOR STORES INVESTMENT PROPERTY RETAIL BUILDING LOTS 26 & 27 - 3220 OTTER POINT ROAD 250 HIGHWAY 97A VERNON/SPALLUMCHEEN, BC FORT ST. JOHN, BC 3496 DUNBAR STREET, VANCOUVER 615 TWELFTH STREET, NEW WESTMINSTER SOOKE, BC • Corner lot - Dunbar Street & West 19th Avenue • Lot size: 4,698 sf • 1.49 acres • Located in Spallumcheen Valley • Highly desirable Westside street • Building size: 3,444 sf • 20,000 sf industrial building • 112 acres • Land, building and business • Walking distance to schools, parks and shops • Zoning C2-A (4 storey development potential) • Site is fenced and paved • Industrial zoning • NOI $873,629 • $4,980,000 • Asking Price $1,499,000 • Asking $4,500,000 • Price $7,700,000 • Cap Rate: 11.43% ERIC WALKER | ADAM FRIZZELL BOE IRAVANI* ALEX CHRONAKIS BILL RANDALL* | ELIZABETH MEARS BILL RANDALL* | ERIC RICE 604 683 3111 / cushmanwakefield.com *Personal Real Estate Corporation / **Craig Haziza is licensed with CAH Realty Inc. and has a contractual relationship with Cushman & Wakefield Ltd. ***Kevin Meikle is licensed with K.H.M. Realty 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. / E.&O.E.: This communication is not intended to cause or induce breach of an existing agency agreement. The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Cushman & Wakefield Ltd. VANCOUVER | LOWER MAINLAND | VANCOUVER ISLAND Contents | SEPTEMBER 2017 OPINIONS & FEATURES NEWS WESTERN PERSPECTIVE 6 Biggest industrial play underway Frank O’Brien, Western Richmond Industrial Centre covers 170 acres 12 Investor editor, says new Taxman probes condo flips B.C. government strategy of Canada Revenue takes developer to court 14 policy over pragmatism may derail provincial economy Global giant buys into Brentwood Catterton stakes $2 billion Burnaby project 18 PROPERTY TAX PERILS 16 Done Deals Terry Bishop of Altus Group What sold and for how much in Western Canada 26 warns commercial real estate investors that municipal property taxes can become their biggest liability ADVERTISING DIRECTORY BEWARE HIGHER RATES 20 Consultant Robert McGarvey Lower Mainland 2-22 believes that the recent Bank Services 20 of Canada