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Weekly Buzz: Major commercial real estate sales

edit:casino time:2019-02-09

The week’s top stories cover three separate major sales that made news this week, from a shopping mall on Vancouver Island, to the sale of Vancouver’s newest casino and hotel, to a profile of several self-storage facilities across four provinces. Meanwhile, new analysis on construction costs across Canada reveal impending pressures for small developers.

Here is Western Investor’s pick of the top commercial real estate stories published this week.

  Crestpoint and Anthem partner to acquire $110M Victoria property – Western Investor

The two real estate investment groups purchased Tillicum Centre from RioCan, a retail mall of over 50 stores and services.

Two real estate investment management groups have partnered to acquire a Victoria, B.C. shopping centre for $110 million.

Crestpoint Real Estate Investments Ltd. and Anthem Properties Group Ltd. purchased Tillicum Centre, a retail mall of over 50 stores and services located at 3170 Tillicum Rd., from RioCan. The property is home to a Lowe’s Home Improvement, Save-on-Foods, London Drugs, Winners and a Cineplex cinema.

"This is an excellent acquisition for us," says Kevin Leon, president of Crestpoint. "Greater Victoria has emerged as one of the most desirable markets in Canada due to its growing population, diversified regional economy and strong fundamentals in the commercial real estate market.”

The shopping centre’s strong anchor tenants make Tillicum Centre an in-demand retail location for the Capital Regional District.

Tillicum Centre was built in 1982 and was recently renovated in 2016.

Vancouver-based Anthem Properties and Toronto-based Crestpoint each manage approximately $6 billion and $4 billion in real estate assets, respectively.

[Western Investor]

Paragon Gaming sells stake in Parq Vancouver casino – Business in Vancouver

The company behind Parq Vancouver sold its stake for an undisclosed amount to PBC Group.

Paragon Gaming announced Feb. 1 that it has sold its stake in downtown Vancouver’s casino, hotel and dining resort Parq Vancouver, for an undisclosed amount to PBC Group.

The announcement comes nearly three months after rapper Drake claimed that he was profiled and kept from gambling at the casino.

The casino's public relations response to the incident came under fire from crisis-management professionals because the casino did not deny that Drake was profiled, even though the casino put out a statement saying that “we categorically stand against racism of any kind.”

Las Vegas-based Paragon had spearheaded the design and development of Parq, along with Ottawa-based PBC Group and Toronto’s Dundee 360Vox. Paragon’s involvement in downtown Vancouver started in 2006, when it acquired Edgewater Casino, the only licensed casino in the city.

It then unsuccessfully lobbied city hall to be able to expand operations.

Nonetheless, Paragon managed Edgewater for more than 10 years before it relocated its gaming operations to Parq Vancouver.

Parq opened on Sept. 29, 2017, after a Coldplay concert. It was about a year behind schedule and roughly $95 million over its original $535-million budget.


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