Acquisitions

Value Add Acquisition – West 7th Ave, Vancouver

November 20, 2014
Office
Purchased: November 2014
Price: $7,325,000

Nicola Crosby is pleased to announce the acquisition of 149-159 West 7th Avenue, the first property of the newly created SPIRE Value Add LP, purchased in partnership with PC Urban Properties Corp. This is a two-storey plus basement multi-tenant building comprising 33,750 square feet, originally constructed in 1974. The property is centrally located in the Mt. Pleasant area between Cambie and Main Street just minutes from downtown Vancouver. The surrounding area has recently experienced significant growth including the development of the Olympic Village, and the Canada Line with two stations within walking distance. Our plan is to implement a refurbishment of the asset.

Special Thanks To:
Broker: Ed Ferreira and Darren Starek – CBRE (Vancouver)
PC Urban Properties Corp. (Joint Venture Partner)

For more information, please contact any of the following:

Mark Hannah
Mark Hannah Managing Director, Real Estate 778-383-6937
Alex Messina
Alex Messina Director of Acquisitions,
Real Estate
778-383-4020
Shaun Blythen Acquisitions Manager,
Real Estate
604-558-5500

About Nicola Wealth Real Estate

Nicola Wealth Real Estate is the in-house real estate division of Nicola Wealth.  Our team acquires and manages properties for Nicola Wealth’s real estate portfolios.  We are an experienced team with a disciplined approach, dedicated to building high quality real estate portfolios that are diversified both geographically and by asset type.

About SPIRE Real Estate Portfolios

SPIRE Real Estate LP is an investment portfolio comprised of retail, industrial, office, multi-family, seniors and self-storage properties totaling 3.7 million square feet located in major Canadian markets. SPIRE US LP is an investment portfolio comprised of office, retail and industrial properties located in Seattle, San Francisco, Denver, Phoenix, Houston and Chicago. The portfolio also includes interests in over 14,000 multi-family apartment units located in the South and Southeast US. SPIRE Value Add LP is a new addition to the SPIRE and SPIRE US investment portfolios and focuses on generating returns through re-sale of investments in multiple projects using “value-add strategies.”