Investor interest in Metro Vancouver commercial real estate topped $2 billion in 2012
VANCOUVER – Seeking alternatives to stocks and bonds at a time of volatility for the former and low interest rates on the latter, investors snapped up B.C. commercial real estate in all categories with 2012 sales totaling a record $2.35 billion, according to a report by the Avison Young real estate services company.
Of the 117 transactions recorded in the Avison Young report – itself a record number – “the first and foremost was Bentall 5 downtown, in late spring, for $401 million,” says Bob Levine, principal at Avison Young. Other significant transactions: the Plaza at New Westminster Station (mixed use) for $100 million; Richmond’s Hopewell Distribution Centre, phases one and two, for $102 million; and Coquitlam’s Whitgift Gardens (multi-family) for $57.5 million.
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