Avison Young brokers 540,000-square-foot portfolio sale with assets in BC, Alberta, Ontario and Quebec
VANCOUVER, Sept. 25, 2013 /CNW/ - Avison Young, the world's fastest-growing commercial estate services firm, announced today that Vancouver, BC-based Madison Pacific Properties Inc. has acquired 12 office/industrial properties located across Canada from Vancouver, BC-based Argo Ventures Inc.
The transaction, which was led by the Vancouver office of Avison Young, was valued in excess of $60 million.
In total, the properties comprise 540,000 square feet of office/warehouse/enclosed storage space on 98 acres of land.
All 12 properties are currently leased to a single tenant - Burnaby, BC-based Taiga Building Products Ltd., an industry leader in building products distribution.
"With this significant acquisition, Madison Pacific was not only able to build on its high quality existing BC portfolio, but also strengthen its position outside BC in a considerable way," comments Avison Young Principal Robert Gritten in Vancouver, who along with Avison Young Principal John Lecky and Associate Kevin Kassautzki represented the vendor, Argo Ventures, in the transaction.
"The transaction is a good one for our company as the acquisition provides additional geographic diversification and good returns with a quality long-term tenant in place," notes Marvin Haasen, President and CEO of Madison Pacific Properties.
The 12 properties are located in: Langley, BC (3), Kelowna, BC; Edmonton, AB (2); Calgary, AB; Sudbury, ON; Monetville, ON; Milton (Toronto) ON; Boucherville (Montreal), QB; and St. Augustin (Quebec City), QC.
The transaction, which closed September 12, 2013, was achieved with the collaboration of eight Avison Young offices across Canada.
Avison Young represented Taiga Building Products in 2006 when the portfolio was originally sold to Argo Ventures.
"This sale confirms there continues to be ample equity seeking diversified investment real estate in Canada, and was unique with only 13% site coverage versus traditional industrial coverages of 40% to 50%," adds Gritten.
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,300 real estate professionals in 53 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
Established in 1998, Madison Pacific Properties Inc. (a TSX listed company) owns, develops and operates industrial, commercial and retail real estate properties located in Western Canada and Ontario.
Since 1989, Argo Ventures Inc. has been involved in investing, developing, financing and managing commercial real estate properties across Canada.
For further information/comment:
- Sherry Quan, National Director of Communications & Media Relations, Avison Young: 604.647.5098; mobile: 604.726.0959
- Robert Gritten, Principal, Avison Young: 604.647.5063
- John Lecky, Principal, Avison Young: 604.647.5061
Avison Young was a winner of Canada's Best Managed Companies program in 2011 and requalified in 2012 to maintain its status as a Best Managed company.
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•Editors/Reporters: please click on links to view and download photos of:
Taiga Building Products' Alberta headquarters in Calgary
Taiga Building Products' Western Canadian distribution and wood treatment headquarters in Langley, BC
SOURCE: Avison Young Commercial Real Estate (BC)
For further information:
604.647.5098 or 604.726.0959