Tag Archives: vancouver

Blackstone Signs Up With Hunt for Vancouver Industrial Area

World’s Largest Realty Private Equity Firm Seeking To “Be Innovative” due to Competitors, Eyeing Land Leases, Sale-Leasebacks

The world’s biggest realty private equity firm with U.S.$ 120 billion under assets is eyeing the Vancouver commercial market for expansion, however the problem for New York City-based Blackstone Property Partners is so is everyone else.

At the Vancouver Property Online Forum, Charlie Deeks, the vice president of financial investments for Blackstone’s Canadian investment car, told the audience the company wants to expand even more in British Columbia’s largest city and is thinking about more long-lasting land leases as a method to break the marketplace.

Through affiliate BPP Pristine Holdings ULC, Blackstone paid $8.10 a system for Pure Industrial Property Trust (PIRET) in a deal worth $3.8 billion. The January deal, expected to close in the 2nd quarter, includes a Vancouver portfolio of about 12 properties with three million square feet.

” We wish to grow,” stated Deeks. “Part of our global method and Blackstone’s plan is to actually increase in this market. How do we do that? It’s been really challenging. We have actually done some of it with some sale-leasebacks. We are not scared of land leases. We have an excellent partner with the Port of Vancouver.”

Last July, PIRET completed a new advancement with IKEA, a < a href=" http://product.costar.com/home/news/156138?keywords=ikea&market=336" target=” _ blank “> seven-year lease to inhabit One Hundred Percent of the trust’s 330,540-square-foot center in Richmond.

” We need to be innovative to grow. We do not love where cap rates are, but where we see rents going, it is allowing us to pay the freight,” said Deeks, who said on the land lease side the majority of the terms are for 40 to 50 years with a possibility of renewal.

Beth Berry, vice president of commercial development for Beedie Development, the biggest industrial property manager in Vancouver, stated it’s ending up being challenging to “find the next chance” in the city, which Cushman & & Wakefield stated had a 2.2 percent job rate at the end of the fourth quarter of 2017.

The session to hear a few of the leaders in the Vancouver industrial sector was packed, a testament to the strength of the regional market.

” There is an industrial session where the space is full. Individuals are standing at the back. I don’t believe I have actually ever seen that in four or five years,” joked Chris Holtved, senior portfolio manager of property at Health care of Ontario Pension, who added he’s not sure demand is any different in Vancouver than other market in regards to demand for industrial driven by e-commerce.

However Holtved stated while the supply side is more constrained in Vancouver – and has actually increased prices – he noted an infill Manhattan task traded for US$ 600 per square foot. “You think it cannot get more pricey? It can,” he said.

One modification in the industrial landscape is need for strata. “Everybody wishes to own a piece of the rock,” stated Bill Randall, senior vice president of commercial for Cushman & & Wakefield and the mediator for the panel.

Brent Sawchyn, a principal at PC Urban Properties Corp., said among his company’s commercial tasks in southwest Vancouver offered out within fourth months of building and construction with a typical price of $315-$ 325 per square foot. In about 12-14 months, those systems are selling for $450 to $475 per square foot.

Beedie Advancement’s Berry stated it used to take 12 months before a brand-new commercial structure was totally absorbed. “We are now getting multiple deals and bully offers,” she stated. “We’ve never ever seen anything like it.”

One solution to tenant might be “vertical” industrial, however the consensus of the panel was Vancouver costs are not there yet.

” I think what you are seeing on the user side, they are finding out ways to get more from less commercial area much like on the workplace side,” stated Holtved, adding he recently saw commercial area without any aisles. “If you are going to see [vertical industrial] anywhere, it will be here [in Canada] in Vancouver initially probably.”

Garry Marr, Toronto Market Press Reporter CoStar Group.

Bon Jovi weekend concert in Vancouver is canceled

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Tom Donoghue/DonoghuePhotography. com Bon Jovi’s”Due to the fact that We Can”trip stop at MGM Grand Garden Arena on Saturday, April 20,

2013. Associated Press Monday, Aug. 17, 2015|8:40 p.m. VANCOUVER, British Columbia– A

city said the marketer had actually failed to get the required licenses. The program– which also showcased the Kings of Suburbia– was scheduled for Saturday, a day after Bon Jovi prepared to release its unique fan album”Burning Bridges”as a tie-in to its worldwide tour. It’s Bon Jovi’s very first album since guitarist Richie Sambora left the band in 2013. Bon Jovi Tours Inc. issued a statement saying it” shares the frustration of fans”over the cancellation.”The band prepared and going to offer a great performance on Saturday

,”the statement read.”Sadly, the regional promoter, Paper Rain Performances, has actually shown unable to ensure a properly-produced occasion.” The city of Vancouver said in a statement that it had actually supplied initial assistance for the event however the organizers did not have the necessary city licenses. The promoter, Paper Rain Performances, said it asked

for but could not secure a postponement from the rock band’s management, but still hopes a future performance date can be verified.