With more than 10 months still remaining in the calendar year, one of the most valuable commercial real estate transactions in Canada so far in 2019 has already taken place in Richmond, B.C.
Fiera Properties, an affiliate of a Montreal-based independent asset management firm with approximately $136.7 billion in assets under management, has announced last week the closing of a deal involving Richmond’s 13-building Airport Executive Park.
The 707,809-square-foot property was purchased from Sun Life Financial for $208 million.
The deal dovetailed with the predictions of Avison Young Canada Inc., which forecast last month that demand for the country’s commercial properties will keep surging for much of 2019 amid scarce supply and a 4-decade low in unemployment.
Read more: B.C.’s industrial segment rushes headlong into 2019
Industrial buildings and parcels would especially benefit, as nationwide vacancies in the sector are projected to fall to a record low of 2.9%.
The Airport Executive Park deal magnetized multiple interested parties including major domestic and international buyers, according to CBRE, which brokered the deal.
“There has been a good job of attracting tenants to that market, it’s close to the city,” CBRE’s Tony Quattrin told CoStar News. “People do tell you, we would like to be in Vancouver but can’t find a way.”
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