RETAIL REPORT METRO VANCOUVER FALL 2016 LEE & ASSOCIATES COMMERCIAL REAL ESTATE (BC) LTD.
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1 RETAIL REPORT METRO VANCOUVER FALL 2016 LEE & ASSOCIATES COMMERCIAL REAL ESTATE (BC) LTD.
2 OVERVIEW METRO VANCOUVER MARKET The Metro Vancouver retail market remains stable heading into Q4 of 2016 despite economic uncertainty over the past few quarters. In regards to the residential real estate industry; the changing market conditions are easing upward pressure on home prices in the Metro Vancouver residential market which hit its peak number of sales in March Since March 2016 sales have declined month-to-month with September 2016 data showing a sales-to-active listings ratio of 24.1%. This is the lowest this ratio has been since February This is in large part due to the introduction of the Foreign Buyer s Tax of 15% which came into effect August 2nd of this year. The soaring home prices in Metro Vancouver have caused the Federal Government to step in and introduce "mortgage stress tests" which will only allow home buyers to be pre-approved for a mortgage if they are able to still make payments if a potential higher interest rate is inputted. The hope is that this will lessen the risk for defaulting on mortgages as well as bring the prices of homes back to a more affordable range. the market in the next five to six years. The demand for this supply remains stable as some big box and large format retailers respond to developer activity in the Metro Vancouver market. The retail investment market has remained relatively stable when compared to 2015, with 2016 sales transactions totaling $1.12 Billion* so far this year. Due to the lack of available supply, the market recorded just 22 investment transactions between $5 Million and $10 Million, representing 14% of the total sales figure. The market saw 23 transactions above $10 Million, representing 15% of the total sales figure. The most notable transaction this year was the sale of Royal City Centre in New Westminster for $114.7 Million. *Total sales figure represents a YTD transaction volume of $1.12 Billion based on transactions over $1 Million. The BC economy hasn t shown any signs of fatigue as it lead the country in employment growth adding 60,000 jobs to the province during the past twelve months. Retail sales in the province continue to remain strong, amounting to $6.2 Billion for the latest read in June which is a 5.2% increase from The BC retail estate market continues to show that retail tenants are evolving into an e-commerce and multichannel approach to engaging customers. This is seen through the on-going trend of pop-up stores, particularly in the Vancouver market. Retailers are using pop-up locations to create awareness and urgency amongst consumers while simultaneously delivering a faster and more efficient online shopping experience through technological advancements in data mining. Another upcoming trend in the retail market involves online retailers adding brick-and-mortar stores to their portfolio; even as online shopping continues to grow, retailers such as Amazon and Indochino are now opening brick -and-mortar locations. Retail supply in Metro Vancouver has increased with over 2,000,000 square feet of retail space that has or will be built out this year and another 4,000,000 square feet coming onto MACROECONOMIC FACTORS BC STATISTICS VARIABLE Q READ TREND Unemployment Rate 5.5% August q Total Building Permits $7.676 Billion July p Retail Sales* $6.2 Billion June p Consumer Price Index June p Net Population (2016) +0.3% April p *Seasonally adjusted CANADA STATISTICS VARIABLE Q READ TREND Consumer Price Index June p Total Building Permits $ Billion July CAD/USD $0.758 September q Prime Lending Rate 2.70% September Sources: Realnet, Statistics Canada, BC Statistics, Lee & Associates Research Overnight Rate 0.509% September lee-associates.com
3 THE CITY OF LOUGHEED BY SHAPE PROPERTIES The City of Lougheed is a 40-acre master planned community centred around the current Lougheed Shopping Centre with redevelopment densification of 1.4 million SF of retail, 1 million SF of office space and on-site residential homes. GILMORE PLACE BY ONNI GROUP Gilmore Place is a mixed-use master planned community development in Burnaby located at the Gilmore SkyTrain Station with the first phase now underway. CURRENTLY UNDER CONSTRUCTION AND POTENTIAL DEVELOPMENTS LOWER MAINLAND DEVELOPER PROJECT NAME MUNICIPALITY RETAIL SIZE NOTABLE TENANTS ESTIMATED COMPLETION Shape Properties The City of Lougheed Burnaby 1,400,000 SF TBD Q (phase 1) Ivanhoe Cambridge Tsawwassen Mills Tsawwassen 1,200,000 SF Bass Pro Shop, DSW, Saks Off 5th Q Shape Properties The Amazing Brentwood Burnaby 547,192 SF TBD Q (phase 1) PDG Tsawwassen Commons Tsawwassen 510,000 SF Canadian Tire, Petsmart, Dollarama Q Onni Group Gilmore Place Burnaby 491,000 SF TBD TBD Smart Centre Central at Garden City Richmond 359,090 SF Walmart, Bed Bath and Beyond, Marshalls Q Cressey Kings Crossing Burnaby 138,102 SF TBD Q Matsqui Development McCallum Junction Abbotsford 130,000 SF Cabela s Q Onni Group Centreview North Vancouver 90,200 SF Whole Foods, Steve Nash Fitness World Q EXPANDING RETAILERS CANADIAN MARKET TENANT TYPICAL SQ FT MARKET LOCATIONS* Costco 150,000 Canada 98+ La Maison Simons 100,000 Canada 17+ Saks off Fifth 30,000 Canada 25+ Nordstrom Rack 30,000 Canada 20+ Urban Barn 8,000 Canada 70+ Pet Valu 3,800 Canada 700+ Rudsak 2,000 Canada 50+ GNC 1,000 Canada 200+ David s Tea 700 Canada 250+ *Canadian locations post-expansion RETRACTING RETAILERS CANADIAN MARKET TENANT TYPICAL SQ FT MARKET STORES CLOSING Sears 130,000 Canada TBC Golf Town 18,000 Canada TBC American Apparel 3,000 Canada TBC Jacob 3,000 Canada 92 stores Le Château 3,000 Canada 14+ stores Smart Set 2,000 Canada 107 stores* Quiznos 800 Canada TBC *76 of 107 stores will be converted into other Reitmans Canada Limited operated stores LEE & ASSOCIATES VANCOUVER FALL 2016 RETAIL REPORT 3
4 DOWNTOWN VANCOUVER MARKET DOWNTOWN CORE Vancouver's Downtown core experienced major rejuvenation with the addition of several luxury retail tenants in High-end retail continues to grow in 2016 with Equinox gym, a luxury mind, body and health centre which is set to open in the Trump Tower this November. The revamping trend continues with Pacific Centre submitting a development application to redevelop the existing plaza and dome located on the northwest corner of West Georgia and Howe Streets. The application under review proposes a 25,614 square foot three-storey addition. The 40,000 square foot expansion of Holt Renfrew is now complete, bringing the luxury department store to a total of 187,700 square feet. Italian luxury brand Prada has opened a three-level flagship at the southeast corner of Alberni and Thurlow Streets which is approximately 13,000 square feet. Italian men s fashion brand Stefano Ricci will open a 2,600 square foot location next to Trump International Hotel & Tower Vancouver on West Georgia Street. Well underway is Tiffany s 4,700 square foot second level expansion at the northwest corner of Burrard and Alberni Streets which replaces the former Japanese restaurant Kamei Royale. French fashion brand Saint Laurent Paris (Yves Saint Laurent) recently opened its first freestanding boutique at 746 Thurlow Street, between Moncler and Prada. The 5,000 square foot, two-level store is one of the chain s largest in North America, behind New York and Beverly Hills. GASTOWN RAILTOWN Gastown, historically a renowned destination for tourists, has evolved into a trendy part of Downtown Vancouver for locals as well. The retail landscape is rapidly evolving with relatively low lease rates compared to other Downtown submarkets fueling an influx of boutiques, up-scale restaurants, cafés, stylish art galleries and unique fashion retailers. Noteworthy was the opening of Lululemon s Lab, their conceptual design retail format that relocated to 50 Powell Street from Broadway and Cambie earlier this year. YALETOWN This submarket is home to some of the city s best salons, restaurants and lounges. Proximity to high-density condo towers as well as the Canada Line SkyTrain station at Davie and Mainland Streets drive demand in the area. Retro-fit brick and beam former warehouse buildings now facilitate retail spaces and quality offices above. Demand for this heritage submarket remains steady with recent entrants such as BCAA, Nuba, and Suquet a new locally based high-end furniture store. The Vancouver based Mexican taco quick-service restaurant Tacofino also opened their second location here in July MARKET FORECAST INDICATORS METRO VANCOUVER INDICATOR Vacancy Net Absorption New Development Rental Rates Cap Rates TREND p q PACIFIC CENTRE BY CADILLAC FAIRVIEW The mall owner proposes to remove the public plaza at the southwest corner of Granville Street and West Georgia Street to build a three-storey 25,000 square foot addition to Pacific Centre. lee-associates.com
5 DOWNTOWN VANCOUVER LEASE RATE MAP Stanley harbour green park BURRARD INLET portside park Nelson oppenheimer park Robson Square ENGLISH BAY Sunset Beach Andy Livingstone Vanier Coopers Creekside Thorton George Wainborn David Lam Robson between Thurlow and Hornby boast the highest net rents in Metro Vancouver. Darker regions indicate higher lease rates. LEASE RATE TRENDS DOWNTOWN VANCOUVER MAP STREET SEGMENT TREND NET RENT PSF TAX & CAM Alberni Street p $130 $160 $15 $30 Burrard Street (Georgia to Davie) $40 $200 $15 $40 Davie Street p $30 $65 $15 $20 MAP STREET SEGMENT TREND NET RENT PSF Robson Street (Beatty to Burrard) Robson Street (Bute to Denman) Abbott Street (Expo to Hastings) TAX & CAM p $50 $235 $20 $45 q $50 $120 $20 $40 $30 $50 $15 $25 Denman q $40 $75 $20 $30 Gastown p $20 $65 $15 $25 Granville Street (Downtown) p $40 $125 $15 $30 Railtown p $15 $25 $8 $14 Hornby Street $45 $180 $20 $50 Yaletown p $40 $80 $20 $30 Robson Street (Burrard to Bute) $120 $250 $50 $65 West Georgia p $35 $175 $20 $35 *Estimated LEE & ASSOCIATES VANCOUVER FALL 2016 RETAIL REPORT 5
6 VANCOUVER MARKET SOUTH GRANVILLE South Granville is a sophisticated shopping district where premier brands have assembled outside of the Downtown Core. High-end apparel and furniture retailers such as Pottery Barn, Restoration Hardware, EQ3, and Anthropologie have established themselves in this affluent shopping district. There has been some recent activity in the market as higher rates are forcing some retailers to reconsider their presence in the market. Typically vacancy rates are very low as retailers benefit from the central location and high traffic. KITSILANO (KITS) Within close proximity to The University of British Columbia, this area is popular with students and lifestyle conscious residents who enjoy Kitsilano for its organic food markets, fashion, eateries and close proximity to beaches along the south shore of English Bay. New retail tenants to Kits and its main retail corridor West 4th Avenue include a flagship location for the upscale Australian skincare company Aesop as well as a new "hyper store" for Flight Centre. Lululemon is expanding their West 4th location to a total of 6,000 square feet which will include a rooftop patio for yoga. SOUTH VANCOUVER There is an emerging sub-market located on Marine Drive and Cambie Street, in South Vancouver. The city s top developers including Onni, Intracorp, PCI and Concord Pacific have invested heavily in creating a contemporary neighborhood with over 1,700 residential units, 400,000 square feet of office space and 500,000 square feet of retail. The most notable development to date has been PCI s Marine Gateway connected to the Canada Line Station. This mixed-use office/retail/residential development opened in Spring The retail component is grocery anchored and co-tenants include Shopper s Drug Mart, Winners, Cineplex Odeon, Steve Nash Fitness World, and CIBC. Further east at the northwest corner of Fraser Street and Southeast Marine Drive is the Super 8 Hotel site, slated for mixed use redevelopment with upwards of 15,000 square feet of new retail. The most significant new retail development underway will be Phase 1 of Wesgroup s 130 acre River District which will feature approximately 60,000 square feet of grocery anchored retail. Located along the Marine Drive corridor between Kerr Street and Boundary Road, this planned community will serve the growing population within the South Vancouver Burnaby region. NORTH SHORE The North Shore boasts some of the highest household and disposable incomes in Metro Vancouver. Royal Shopping Centre dominates the retail landscape of West Vancouver, where historic Quebec retail giant La Maison Simons has now opened a 100,000 square foot high-end fashion store. Royal continues to renovate and is currently revamping the entire North Mall. When completed in early 2017, the North side of Royal will have been de-malled and will feature a new 25,000 square foot BC Government Liquor Store, a 30,500 square foot Steve Nash Platinum Fitness Club, and a new 45,000 square foot Loblaws City Market grocery store. In North Vancouver along Marine Drive, First Capital is finalizing a 9,000 square foot addition to Amadon Plaza. Also along Marine Drive, Norgate Plaza has leased 4,500 square feet to Bosley s by Pet Valu for an end-cap space in the former Rockford restaurant space. In Central Lonsdale, Onni Group s Centerview at 13th and Lonsdale is being constructed ahead of schedule. The project, anchored by Whole Foods with co-tenants Steve Nash Fitness World and Shopper s Drug Mart, is slated to open in early Lower Lonsdale, centered around the Seabus Terminal at Lonsdale Quay, continues to experience significant population growth and increased retail development. The Seabus Terminal itself is slated for a $12.5 Million renovation to be completed by The Seabus carries 16,000 passengers per day from the North Shore to Downtown Vancouver. Last year Tap & Barrel opened a 14,000 square foot restaurant inside a 100 year old building on the Shipyards Site and future additions to the waterfront area include mixed-use development purposed for restaurants, retail and a hotel. There are also plans to build Metro Vancouver s largest outdoor skating rink. lee-associates.com
7 VANCOUVER LEASE RATE MAP ENGLISH BAY Vanier W 4TH AVENUE F A L S E C R EEK Darker regions indicated highe lease rates. LEASE RATE TRENDS VANCOUVER MARKET MAP STREET SEGMENT TREND NET RENT PSF Commercial Drive (Venables to 13th Ave) South Granville (5th Ave to 16th Ave) TAX & CAM MAP STREET SEGMENT TREND NET RENT PSF TAX & CAM p $30 $45 $10 $15 Chinatown p $18 $35 $10 $15 $30 $90 $20 $35 Kingsway $15 $35 $10 $15 Main Street (Hastings to 28th Ave) Cambie Street (2nd Ave to 19th Ave) *Estimated p $20 $50 $10 $15 West 4th Avenue (Burrard to Alma) West Broadway (Main to Granville) West Broadway (Granville to Alma) $30 $70 $15 $25 p $22 $65 $10 $20 $25 $55 $15 $20 p $30 $75 $15 $30 East Hastings Street p $20 $40 $10 $15 Burrard Street $35 - $55 $15 - $20 Fraser Street (Kingsway to King Edward) $25 - $35 $10 - $15 LEE & ASSOCIATES VANCOUVER FALL 2016 RETAIL REPORT 7
8 To Victoria METRO VANCOUVER MARKETS SUBURBAN MARKETS OVERVIEW The suburban markets have seen significant retail and residential growth over the past year, most notably Tsawwassen and Burnaby. With the exception of high demand lease opportunities in close proximity to rapid transit stations or major arterials, the overall tone of retail leasing activity in the suburban markets has retailers cautiously evaluating new opportunities. BC Ferries Terminal Horseshoe Bay Cypress Provincial WEST VANCOUVER 42,694 CAPILANO LAKE VA BURNABY NEW WESTMINSTER Lighthouse CITY OF NORTH VANCOU 48,136 Shape Properties continues their redevelopment plans for North Burnaby s Brentwood Mall and are now also focused on the redevelopment of the Lougheed Town Centre Mall. The City of Lougheed will be Canada s largest new master-planned community spanning 40 acres in size. The community will include up to 10,000 homes in 23+ high-rise towers, two SkyTrain lines directly on site and over 300 new shops and restaurants. A formal rezoning application for the first phase in the project has now been put forth by Shape Properties. The first phase will include a 55-storey, 566-unit residential tower on the northwest corner of North Road and Austin Avenue. University of British Columbia Pacific Spirit Regional West Point Grey Dunbar Kerrisdale ENGLISH BAY Vancouver International Airport Sea Island Stanley VANCOUVER 603,502 Oakridge Marpole BURRARD INLET Queen Elizabeth Fraser On Burnaby s western boundary, Onni is in the planning phases of constructing phase one of their Gilmore Place development at Gilmore Avenue and Lougheed Highway, next to Gilmore SkyTrain station. Comprised of over 12 acres of land, Onni anticipates 500,000 square feet of newly constructed retail space in addition to a large quantity of residential apartments on site. Steveston RICHMOND 190,470 New Westminster continues to see strong multifamily residential growth and with it, increased demand from consumers. Uptown (Sixth Street & Sixth Avenue) continues to be the most desirable area for retailers. In lower New Westminster, Bosa Development purchased the 1.6 hectare plot at 660 Quayside Drive between Westminster Pier and the Fraser River Discovery Centre from Larco earlier this year and are going forth with a multi-tower residential and commercial project on the undeveloped waterfront site. The completed project will consist of either two or three residential towers and will also include a stand-alone building for a restaurant and a daycare facility. GIA To Nanaimo Westham Island BC Ferries Terminal Tswawwassen Ladner Beach Grove Boundary B Regional P Tsawwassen RICHMOND Richmond is experiencing extensive residential development particularly in the Oval Neighbourhood (North West Richmond) and along No. 3 Road with urban villages clustering around the Canada Line transit stations. The No. 3 Road corridor is transforming from a long stretch of strip malls into a growing parade of high-rise residential and commercial buildings. Lease rates along the transit routes have seen sharp increases with the demolition of older existing retail and the development of mixed-use projects. The Oval Neighbourhood, bordered by No. 3 Road, Westminster Highway, the Fraser River and No. 2 Road has experienced extensive residential high-rise development. When fully built-out, the area will total approximately 15,600 residential units and house 35,500 residents with a mix of office and retail. The recently opened McArthurGlen Outlet Centre is preparing for an expansion that will nearly double the size of the current 240,000 square foot centre to add an additional 200,000 square feet by The expansion has caught the eye of multiple global retailers as well as retailers who were unable to obtain space in the first phase of the development. The newest arrival to the retail scene in Richmond is the imminent grand opening this Fall of Smart Centre s Central at Garden City comprising 359,090 square feet of retail anchored by Walmart at Alderbridge Way and Garden City Road. Co-tenants include Marshall s, Discount Shoe Warehouse, Bed Bath & Beyond and Bosley s by Pet Valu. lee-associates.com
9 CANADA METRO VANCOUVER POPULATION MAP Lynn Headwaters Regional NORTH NCOUVER 84,412 Lynn Valley Lynn Canyon Mount Seymour Provincial BELCARRA Deep 716 Cove INDIAN ARM Indian Arm Provincial BUNTZEN LAKE ANMORE 1,496 COQUITLAM LAKE Pinecone Burke Mountain Provincial PIT LAKE Golden Ears Provincial VER CHEHALIS RI V Capitol Hill Westridge Belcarra Regional PORT MOODY 32,975 Coquitlam Centre ALOUETTE LAKE STAVE LAKE view Collingwood British Columbia Institute of Technology Central BURNABY Deer Lake 223,220 Metrotown Burnaby Mountain Simon Fraser University Burnaby Lake Regional Edmonds Burquitlam Sapperton NEW WESTMINSTER 65,976 Austin Heights Maillardville FRASER RIVER Whalley Mundy COQUITLAM 126,456 Mary Hill Colony Farm Regional Fraser Islands Regional Douglas Res. Island PORT COQUITLAM 55,958 Fraser Heights PITT MEADOWS 17,736 Surrey Bend Regional Pitt Meadows Airport Haney Yennadon Rolley Lake Provincial MAPLE RIDGE 76,052 Stave Falls Steelhead NORRIS H CREEK Lake Errock Tilbury Island Queensborough Annacis Island North Delta Nature Reserve South Westminster Bear Creek Guildford Newton Green Timbers Urban Forest SURREY 468,251 Tynehead Regional Anniedale Cloverdale Barnston Island Port Kells Derby Reach Regional Walnut Grove Fort Langley Forest Knolls Albion Whonnock Glen Valley Ruskin West Heights MISSION 31,272 Mission City Hatzic Dewdney LOUGHEED HIGHWAY Deas Island Regional DELTA 100,571 Water Shed Panorama Ridge Sullivan Surrey Centre Milner Langley Airport Murrayville Hoppington Bradner Matsqui Sumas Mountain Regional Sumas Mountain Regional Greendale CHILLIWACK 77,936 Clayburn ay ark Boundary Bay Airport BOUNDARY BAY MUD BAY Sunny Side Acres Urban Forest WHITE ROCK 19,339 U.S.A. Sunny Side Douglas Brookswood Campbell Valley Regional LANGLEY 104,177 Aldergrove Aldergrove Lake Regional Aberdeen Abbotsford Airport Clearbrooke North Poplar ABBOTSFORD 133,497 Huntingdon Yarrow CANADA U.S.A. CULTUS LAKE Cultus Lake Provincial METRO VANCOUVER DEMOGRAPHICS MUNICIPALITY POPULATION* MED. AGE* AVG. INCOME** Vancouver 636, $88,663 West Vancouver 44, $196,433 City of North Vancouver 51, $79,815 District of North Vancouver 88, $126,445 Burnaby 240, $79,424 New Westminster 71, $79,499 Richmond 204, $81,899 Delta 104, $101,059 Tsawwassen $142,066 White Rock 20, $82,685 MUNICIPALITY POPULATION* MED. AGE* AVG. INCOME** Coquitlam 136, $87,995 Port Moody 36, $104,521 Port Coquitlam 59, $98,424 Pitt Meadows 19, $93,172 Mission 38, $81,765 Maple Ridge 81, $96,230 City of Langley 26, $65,640 Township of Langley 112, $110,579 Abbotsford 142, $84,904 Chilliwack 84, $79,860 Surrey 517, $96,557 *PCensus 2013 Estimate **Average Household Income, 2013 Estimate LEE & ASSOCIATES VANCOUVER FALL 2016 RETAIL REPORT 9
10 SUBURBAN VANCOUVER MARKET DELTA LADNER TSAWWASSEN Two of the largest retail projects currently in Metro Vancouver are Tsawwassen Mills and Tsawwassen Commons which are developed in tandem by Ivanhoe Cambridge, The Property Development Group and Tsawwassen First Nations. Tsawwassen Mills recently opened on October 5, 2016 and Tsawwassen Commons is set to open Q The projects are situated at the intersection of Highway 17 and 52nd Street and will add 1,710,000 square feet of retail space to Tsawwassen. Wilderness themed retail giant Bass Pro Shop will anchor the Mill site with a 180,000 square foot location while Walmart, Canadian Tire, Tim Hortons, and PetSmart will anchor Tsawwassen Commons. PORT MOODY COQUITLAM PORT COQUITLAM Metro Vancouver s northeast sector is growing in anticipation of the Evergreen Rapid Transit Line. As a result, all the nearby communities are benefitting including Port Moody with even more high-rises in the town centre. Coquitlam Centre continues to thrive along with neighbouring strip centres. The Westwood Mall anchored by the Real Canadian Superstore is underway with renovations which also features the introduction of a new 8,000 square foot UFC Gym (the first in Metro Vancouver) alongside their sister club Steve Nash Fitness World which renewed and renovated. In Port Coquitlam, a new retail development at Maryhill Bypass and Broadway is now under construction. The development will include three buildings totaling 13,500 square feet. Tenants already confirmed for the retail convenience centre are A&W, Starbucks, and Subway. SURREY With over 1,000 new residents welcomed every month, Surrey continues to be one of the fastest growing markets in Canada. Surrey Central City is currently transitioning into a densely populated commercial node with numerous mixeduse projects slated for construction over the next five to ten years. Concord Pacific s Avenue West project is currently under construction and will be completed in Q The second phase of PCI s King George Station is getting traction and proposes a mixed-use development which will include approximately 350,000 square feet of retail space and 450,000 square feet of class A office space. Phase One is now completed and is anchored by Coast Capital Savings new head office with over 700 employees. Additional phases of the development may include 1,200,000 square feet of residential space. In South Surrey, Grandview Central Shopping Centre is in the final stages of construction and when finished will be anchored by the recently opened Real Canadian Superstore and co-tenants Goodlife Fitness and Shopper s Drug Mart. These retailers will join a market of over 1,000,000 square feet of existing retail within a one kilometer radius of the southeast corner of 24th Avenue and 160th Street. LANGLEY Langley is made up of several shopping districts with Willowbrook remaining the largest at 200th Street and the Langley Bypass. Activity in Willowbrook includes renovations to Wesgroup s Langley City Square which will feature new contemporary building facades, improved access and parking. Meanwhile, Willowbrook Mall has revealed plans to expand Langley s largest shopping centre to include a new 140,000 square foot outdoor mall on the northwest side of the property. Along with more retail space, restaurants and places for shoppers to relax, the developer envisions a Royal Village feel. The site will add 1,000 more underground parking stalls and most of the work will take place where the old Target has sat empty since ABBOTSFORD Abbotsford s most notable new retail development is Matsqui Development s McCallum Junction project located on the northeast corner of Highway 1 and McCallum Road. The 130,000 square foot development is anchored by outdoor recreation merchandiser Cabela s, who opened their 70,000 square foot location in June The entire project is slated to be completed in Q4 of On Abbotsford s western boundary, Forever 21 s sister brand F21 RED will open its first Western Canadian store this fall. The 15,000 square foot store will compliment Highstreet Shopping Centre s 600,000 square foot open-air plaza at Mount Lehman Road and Highway 1, anchored by Walmart, London Drugs, H&M, Steve Nash Fitness World, Milestone s, and Ciniplex VIP Cinema. lee-associates.com
11 NOTABLE TRANSACTIONS RETAIL INVESTMENT SNAPSHOT METRO VANCOUVER 2015 JAN-SEP 2016 JAN-SEP TREND Number Of Trades* q Transaction Volume* (CAD) $1.189 Billion $1.120 Billion *Number of trades and transaction volume are based on trades over $1 Million Source: Realnet, Lee & Associates Research THE AMAZING BRENTWOOD BY SHAPE PROPERTIES The Amazing Brentwood, located in North Burnaby, is a mixed-use development that will house over 1.1 million SF of retail space and 500,000 SF of office space. Scheduled completion: Q NOTABLE RETAIL SALE TRANSACTIONS 2016 PROPERTY ADDRESS NAME MUNICIPALITY PRICE SIZE (SF) PRICE PER SF PURCHASER(S) Royal City Centre New Westminster $114,700, ,386 $317 Share Sale - Dava Developments Ltd. Peninsula Village Shopping Centre Surrey $78,250, ,706 $458 Share Sale - First Capital Realty Inc Mission Junction Mission $68,050, ,533 $241 Share Sale - LaSalle Investment Management West Broadway Vancouver $56,250,000 37,500 $1, B.C. Ltd Canadian Private Investor 950 West Broadway Vancouver $46,000,000 25,000 $1,840 Hometop Enterprises Ltd. The Wilson Block Vancouver $38,250,000 75,155 $509 Bonnis Properties Ltd. Central Plaza Shopping Centre White Rock $29,000,000 50,000* $580 Landmark Premiere Properties Ltd Lougheed Highway Vancouver $13,300,000 8,914 $1, Lougheed Highway Ltd. Private Investor *Estimated NOTABLE RETAIL LEASE TRANSACTIONS 2016 PROPERTY ADDRESS NAME MUNICIPALITY TENANT SIZE (SF) Royal * West Vancouver Steve Nash Fitness World 28, Homer Street* Vancouver Kokko 21, Lonsdale Avenue* North Vancouver Steve Nash Fitness World. 21, South Fraser Way* Abbotsford Get Air 18, West Broadway Vancouver Kohler 5, Robson Street Vancouver Eddie Bauer 2, Thurlow Street Vancouver Cali Burger 2, Thurlow Street Vancouver RYU 1,100 *Brokered by Lee & Associates LEE & ASSOCIATES VANCOUVER FALL 2016 RETAIL REPORT 11
12 RETAIL MARKET REPORT METRO VANCOUVER FALL 2016 LEE & ASSOCIATES RETAIL TEAM Neil S McAllister Personal Real Estate Corporation Senior Vice President neil.mcallister@lee-associates.com Sean Ogilvie Vice President sean.ogilvie@lee-associates.com Howard Malchy Personal Real Estate Corporation Vice President howard.malchy@lee-associates.com Andrea Fletcher Senior Associate andrea.fletcher@lee-associates.com Russell Long, BA, DULE Senior Associate russell.long@lee-associates.com FOR INQUIRIES PLEASE CONTACT Hayley Adams Research Associate, Retail hayley.adams@lee-associates.com Lee & Associates Vancouver 475 West Georgia Street, Suite 800 Vancouver, BC V6B 4M9 tel fax This report should not be relied upon as a basis for entering into transactions without seeking specific, qualified, professional advice. Whilst facts have been rigorously checked, Lee & Associates can take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this report. Information contained herein should not, in whole or part, be published, reproduced or referred to without prior approval. Any such reproduction should be credited to Lee & Associates Lee & Associates Vancouver
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