One of the more active industrial areas in metro Vancouver landed yet another significant transaction, and the deal had quite a few suitors.
Frontline Real Estate Services VP Garth White tells us his firm just brokered the sale of 3084 184th St in Surrey—9.2 acres of development land in Campbell Heights—for just over $4.5M. Seven offers came in from a variety of industrial users and developers, but the deal went to Cloverdale Cold Storage for $492k/gross acre. (It isn't hard keeping champagne on ice when your business is cold storage.)
Here's the property (with the help of our hot air balloon and a giant red crayon). Garth tells us the process took 60 days from listing to negotiating the unconditional transaction. The fact that the offer accepted was unconditional is very rare when buying raw industrial land, says Garth's colleague, Jordan MacDonald.
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