Terry Harding and Jackson Tang of NAI Commercial – Vancouver has recently sold an 89-suite concrete high rise Legion Towers on 12151 224th Street, Maple Ridge, British Columbia for $8,150,000. Legion Towers is a 12-storey concrete high rise, constructed in 1974. The building comprises 89 rental suites. 28,096 sf of well-manicured land with ±55,400 sf of net rentable space.
Legion Towers apartment building is located at 12151 224th Street , between 122nd Avenue and Dewdney Trunk Road, in a quiet, well-maintained neighborhood known as Haney, one of several historic communities of Maple Ridge. Public transportation is well-connected at this location, and there are several schools and parks within a 2-3 km radius, including Meadow Gardens Golf Club to the northwest at Lougheed Highway, ±10 minutes away. The West Coast Express train station at Haney Street is an ±8-minute drive south, in the heritage district of Port Haney, on the Fraser River, which was once also a steamboat landing.
While it is easy to point to Asia as the growth center of the world, investors should remain wary of China. While it has shown incredible GDP growth over the last decade, this is fueled by excessive credit creation. Building empty cities and manipulating currencies does not constitute real growth. In time, the piper will need to be paid,” clarified Dr. Linneman at the Global Market Outlook in New York City.
On the economy of India, Linneman said it “continues to move forward based on long-term positive demographics. However, the political climate and corruption unearthed over the past two years have made it everyone’s favorite whipping child. The government has instituted a series of reform measures intended to attract foreign capital, and put forth a recent budget focused on controlling spending, loosening entitlements, and increasing taxes, with a view toward shrinking the country’s deficit.”
“Singaporean REITs were some of the globe’s best performing stocks in 2012, a trend that should continue in 2013,” stated Dr. Linneman, “Because the Singaporean government keeps tight restrictions on real estate development, there appears to be little risk of supply outstripping demand. Demand for office and industrial space should continue, while the prices of apartments will continue their current run of consecutive annual increase.”
As recent months passed, NAI Global welcomed three new member firms in Asia and is excited to be expanding. These new members include NAI Trinitty Partners (India), NAI Malaysia and NAI Tosei Japan.
Excellent investment property located very close to new developments such as Solo District and the proposed redevelopment of Brentwood Town Centre. Multiple-tenant two-storey concrete post and beam structured building. The building has a gross leasable space of 21,315 square feet with 8,092 square feet on the ground floor and 13,223 square feet on the basement floor.
The subject property is located at the southeast corner of Dawson Street and Willingdon Avenue one block south of Lougheed Highway and Brentwood Skytrain station. Highway #1 to the south is directly accessible by way of Willingdon Avenue. The property is in a traditionally industrial area known as Still Creek Industrial . Overall, the subject property is within a transition area between the high-density town centre and a traditional industrial area.
Gary Haukeland and JD Murray of NAI Commercial Vancouver has completed the sale transaction of the residential development site on Riverside Drive, North Vancouver for $2,750,000. The property is located on the East side of Riverside Drive and runs North-South between Carnation Street and Bendale Road, in the District of North Vancouver’s Riverside community. The property is close to Capilano University, Park & Tillford and Parkgate Village Shopping Centres as well as easily accessible to the Trans Canada Highway and the Iron Workers Memorial Bridge.
Demand for industrial property in Regina gained momentum through 2012 and will continue to do so into 2013. There are three main areas of industrial development in Regina. The three areas are the Ross Industrial Park in Regina’s northeast, the North Industrial Park in the Evraz (steel plant)area and the newly formed Global Transportation Hub.
Vacancy rates across the board are at historically low values. The rental rates have steadily increased over the past 5 years. It is thought that they may plateau in late 2013.
Ashlar Urban Realty’s Multi-Residential Services Group is please to present our annual market report of the Greater Toronto Area multi-family market, summarizing 2012 activity and forecasts for opportunities in 2013.
If you are active in the multi-family sector, this information will be invaluable to you. The report contains key industry metrics, cap rates by municipality, debt market overview, plus commentary, and discussion of key transactions. We have summarized opportunities going forward and discuss important decisions facing all owners of apartment buildings today.
If you have any questions on assets in your portfolio in terms of current value, best value renovations or retrofits, or other market information, simply contact us to discuss same on a confidential basis. If you are actively seeking properties, be sure to get in touch with us, if we haven’t connected with you yet, to determine which off market opportunities are best fits for you.
Ashlar Urban is a member of NAI Global, one of the world’s leading providers of commercial real estate services.
JD Murray and Gary Haukeland of NAI Commercial Vancouver closed the sale of a $2.1 Million retail/office building on 1234 W 6th St, Vancouver, with an approximate total floor area of 3,200 sq.ft., on a 6,000 sq.ft. lot. The building currently is being used as a music recording studio. There are five (5) surface parking spaces located at the front of the property with one point of ingress and egress onto West 6th Avenue.
2013 NAI Commercial Multi-family Report from NAI Commercial gives you information on all the sales activity in the past year. It is also full of helpful tips on what areas to look for when considering a multi-family investment. There is information on what is going on with the interest rates and how they will affect the markets throughtout the year. We have identified the best markets to be looking into when considering buying and why.