19300 Langley Bypass just traded hands without ever seeing a day on the open market. Frontline Real Estate Services VP Garth White gave us the skinny on how the Surrey-based industrial deal went down. (This will tide us all over 'til the next Bond movie comes out.)
Robert Bontkes and Wolfgang Meyer—owners of 19300 Langley Bypass—aren't typically sellers. When we caught wind that one of the Langley Bypass properties might be available, "we had to act quickly," Garth says. The property was not actively listed, but multiple offers still came in: “Well-located commercial real estate continues to draw strong demand.” The property—20k SF on 1.2 acres, at a stabilized cap rate of 4.5%—sold to a private investor for $5.5M ($275/SF). Negotiations have begun with a “strong retail group” looking to open a flagship store in the property, Garth says.
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