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October 8, 2013
Lessons From Big Madison Pacific Deal
A post-script to the big acquisition deal by Madison Pacific Properties that we reported on last week (Madison purchased 12 industrial/office buildings across Canada from Argo Ventures for $62M).
Avison Young repped the vendor and took the lead in the transaction. The lesson, according to AY principal Rob Gritten (centre), came down to the importance of maintaining and building relationships, even those going back years. (This is why we never throw away a food delivery menu.) All 12 properties in the Madison deal are leased to a single tenant--Taiga Building Products.
"This deal has been on our radar since 2004," Rob tells Bisnow, when they originally reached out to Taiga. With AY's involvement, the company sold 17 of their properties across Canada to Argo in 2006, which were leased back by Taiga for 20 years. AY was then approached by Madison in late 2012 to see if AY could help them build their portfolio. "As we had maintained contact with Argo, we approached them with the idea of selling the remainder of the Taiga portfolio," Rob says. Argo had sold five of the properties beforehand. AY principal John Lecky (left), AY associate Kevin Kassautzki (right), Patricia Lidbetter all worked in tandem with Rob. In the photo are the three Taiga Langley facilities that were part of the deal. (Or just a game of Pac-Man; it's hard to tell at this distance.)
Off To The Races
If the response just an hour into registration for NAIOP's mentor program was any indication, it will again enjoy a 100% sellout. Starting yesterday and finishing in February, the program is an opportunity for young people to spend an hour with a mentor in the commercial real estate industry in Vancouver. There are 24 mentors, and spaces for 30 mentees this time. Each of the mentors offers five spots for people to sign up. NAIOP executive director Darlene Hyde, one of the mentors, tells Bisnow three of her five spots were gone in the first hour. "It shows me there are a lot of seasoned real estate people out there who want to give back by helping younger people," she says. In the photo is Darlene at a NAIOP National Annual Chapter Awards Gala.
Open House For Oakridge Centre
The revised plans for the proposed redevelopment of Ivanhoe Cambridge's Oakridge Centre were put on display with two open houses. Ivanhoe has submitted a rezoning application to renovate the shopping centre, located at the corner of Cambie St and West 41st Ave. into its own small city. Ivanhoe is investing in excess of $1B in the massive project, over 28 acres of land. More than 2300 people gathered for the open houses, the latest in a line of outreach endeavours by the company to solicit feedback from the community. (Let a child keep the wood rendering and they'll have positive feedback for life.)
Highlights of the revisions include expanding the amenity building (Civic Centre) from 45K SF to 70K SF, an increase in social housing units from 150 to 280, and movement/sculpting of buildings to the benefit of neighbouring buildings and streets. Overall, the proposed redevelopment would double the size of the mall to 1.4M SF, create more than 2,800 residential units, including 280 social housing units, 14 acres of public space as well as 300K SF of new office space. The enhancements to the project were in direct response to previous community consultations as well as meeting with the city.
The revised plan still includes 13 towers, with the lowest now at 17 storeys, and tallest remaining at 45 storeys, however the positions of some have shifted to better accommodate neighbours. Massing and heights of residential buildings have been sculpted and relocated to increase liveability, reduce view and shadow impacts, and improve the relationship with neighbouring streets and buildings. The Civic Centre has moved from the rooftop podium to ground level to increase accessibility.
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