Our Project in the Spotlight: 1212 West Broadway | Q1 2018 Commercial Real Estate Transaction
Property Overview
1212 West Broadway is a prime 18,719 sq. ft. corner property strategically located on Vancouver’s coveted Broadway Corridor with future development potential. The Property is currently improved with a 48,024 sq.ft. multi-tenant office and retail building, fully leased to health care and non-profit organizations including the Heart & Stroke Foundation, Vancouver Coastal Health and Greater Vancouver Community Services. The Property boasts an enviable corner location along the Broadway Corridor, a major Metro Vancouver thoroughfare and BC’s largest medical and healthcare hub – an area positioned for significant growth with the planned Millennium Line rapid transit extension.
Project Overview
CBRE National Investment Team (NIT) Vancouver, in collaboration with Geoff Donnelly (CBRE’s leading office leasing agent), was engaged by the Heart and Stroke Foundation (the owner and major tenant of the Property), as the exclusive advisors for the foundation’s Western Canadian Real Estate in February 16th, 2016.
Initially, we assisted in Heart and Stroke Foundation’s board on the best use of their properties in Edmonton, Winnipeg and Vancouver. The decision of whether to relocate or to remain in occupancy post disposition was aided by both a preliminary space analysis and a comprehensive office market survey to identify the Foundation’s space needs. In Vancouver, the foundation offered prospective purchasers a short term lease back while securing the flexibility to relocate from the building which allowed the new owner to both secure financing and also be ideally positioned to benefit from the future potential uses of 1212 West Broadway.
We administered a comprehensive marketing campaign that emphasized the strength of the asset, as well as the future upside, and ensured a smooth and successful transaction on behalf of the Heart and Stoke Foundation. After a thorough due diligence process, the transaction was completed on February 28th, 2018.
Why the spotlight?
CBRE NIT Vancouver was pleased to work closely with the Heart & Stroke Foundation to help the charity realize and capitalize on the value of their real estate. The sale of 1212 West Broadway allowed this important national charity to free up capital for invaluable focused initiatives which impact the health of Canadians. We are also proud to confirm we have contributed a substantial portion of our commission back to the Foundation as our team strongly believe in this valuable cause, and continually strive to create an impact in the community in which we live.
If you wish to learn more and support this charity, please click here to find out more. If you wish to learn more about how our commercial real estate experts can help you realize the true value of your commercial real estate, please contact us via our online contact form.
