Value Add Acquisition – East 5th Ave, Vancouver

December 5, 2014
Purchased: 2014
Price: $7,600,000

Nicola Crosby is pleased to announce the acquisition of 22 – 36 East 5th Avenue, the second property acquired for SPIRE Value Add LP, purchased in partnership with PC Urban Properties Corp. Our plan is to develop a six (6) storey boutique office building, comprising 54,350 sf, targeted to creative office users. The proposed building will have four (4) stories of office and up to three (3) commercial units. 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.

Special Thanks To:
Broker: Matthew MacLean and Chris Newton – Cushman & Wakefield (Vancouver)
PC Urban Properties Corp (Joint Venture Partner)

For more information, please contact any of the following:

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.”