Connect with us

Real eState

Hungerford sells Icon Business Park in Calgary – Real Estate News EXchange

Published

on


The Icon Business Park in Calgary. (Courtesy Hungerford Properties)

Hungerford Properties has sold the 46-acre Icon Business Park in Calgary, which it bought in 2013 and repositioned from a vacant single-use property to multi-tenant facility that is 98 per cent occupied.

Michael Hungerford, partner in Hungerford Properties, confirmed the sale of the property to RENX late Wednesday. Due to confidentiality articles in the transaction, he did not reveal the buyer of the business park nor the sale price.

The Icon Business Park includes a 762,000-square-foot industrial facility in southeast Calgary that has about 11.5 per cent of its total space reserved for office use.

“Today as I look back, the plan that we had to execute on, we’ve completed. So the time had come for us to hand it off to another owner with a different plan. The value creation that we undertook is complete and that led us to the decision to sell,” said Hungerford. 

“I’m reluctant to talk about the particulars of the deal because there’s confidentiality.

“Out of respect for confidentiality with the purchaser, I’m not at liberty to talk about it. It’s a well-respected institutional buyer.”

In a release Thursday morning, Equium Group announced it will be the new property manager of Icon. Calgary-based Equium’s services include property management, development, construction, marketing, leasing and property investment. It specializes in commercial, condominium and residential real estate services.

Equium Group’s portfolio under management is valued in excess of $1.1 billion.

History of Icon Business Park

Hungerford Properties bought the site and building from manufacturer Haworth. The building was originally built in 1999 by Calgary entrepreneur Mogans Smed.

The facility consists of about 85,000 square feet of office space. The warehouse portion is another 676,000 square feet.

The Haworth building was originally put on the Calgary market for sale in the spring of 2010. The Haworth manufacturing facility was listed for sale as the U.S.-based company wound down production in the city.

Although the original list price was not revealed, the property was assessed for $60 million at the time and was being marketed internationally.

Smed International operated in Calgary from 1982 to 2000, at which time the facility was purchased by Haworth.

Haworth, which designs and manufactures office furniture and workspaces, is headquartered in Holland, Mich.

In August 2009, the manufacturer announced it was cutting about 600 jobs in Calgary as it was consolidating its Calgary manufacturing operations to west Michigan.

Hungerford’s redevelopment

IMAGE: Michael Hungerford, a partner in Hungerford Properties. (Courtesy Hungerford Properties)

Michael Hungerford, a partner in Hungerford Properties. (Courtesy Hungerford Properties)

When Hungerford bought the property, it undertook a redevelopment that included new building systems, new exterior access points, improved landscaping, more than 60 new loading doors, new fitness amenities, new office storefronts and interior tenant improvements.

“The plan was to buy the property, invest in it and reposition it and bring in business. Stabilize it with good long-term tenants,” said Hungerford. “As we looked at where we sit now, we achieved all that and we said it makes sense for another, in this case, institution to take ownership of it.

“Our vision was to transform this underutilized industrial space in Calgary into a bustling industrial park and we are thrilled to see this vision come of life.”

Today, Icon has national and international tenants including:

* CHEP, a global supply-chain logistics services group;

* Robert Thibert Inc., an international automotive parts distributor;

* ABB Inc., a Fortune Global 500 robotics, power, heavy electrical equipment and automation technology provider;

* Rolf C. Hagen Inc, the world’s largest privately owned pet products manufacturer and distributor;

* and The Data Group, one of Alberta’s largest single graphics communications companies.

Most recently, Icon leased 42,700 square feet of office space to Energy Safety Canada, Canada’s oil and gas safety association.

That tenancy brought the building to 98 per cent occupancy and represented one of the top-10 suburban relocation deals in the Calgary office market since 2015, according to Colliers International.

“Hungerford brought their expertise, creativity, commitment and vision to Icon and as a result, it has performed well,” said Paul Marsden, executive VP and partner at Colliers.

“Icon is a quality asset in a great location and, in addition to providing quality service to its tenants, Hungerford has brought new life to the area through these additional businesses, their employees and clients.”

Calgary industrial attractive

Hungerford said the company sees Calgary as an attractive centre for a diversified portfolio as part of its Canadian strategy – particularly its industrial strategy.

“That’s what we’ve certainly invested in, in the Calgary market. We continue to hold that view,” he told RENX.

“So, while we might be a seller at this particular asset, we’re also a buyer in others and have bought and have been active buying in the last couple of years in Calgary. It’s a long-term view in the market.

“As we look ahead, we like the regional story of Calgary industrial and the value for tenants in the market. We expect to be participating in the industrial market going forward.”

Beside the Icon Business Park, the company currently is completing construction of the Icon Retail Centre which has about half of its space committed to leases. Construction will be complete in 2021.

The Icon Retail Centre includes two strip buildings on four acres of land comprising about 14,000 square feet. It is anchored by a Petro-Canada gas station.

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

Don’t be a stranger! Sooke real estate agent won’t shy away from your questions – Sooke News Mirror

Published

on


When you’re buying your first house, you’re likely to have a thousand questions. You may even ask the same questions more than once. The same goes for selling — whether it’s your first sale or your fifth, you’ll likely ask the same questions over and over.

Most real estate agents can answer your questions the first time you ask, but it takes a special kind of ‘people person’ to treat you with genuine compassion the fourth time you ask.

“I want my clients to feel comfortable reaching out to me for anything, even if they’ve asked me before,” says Paula Wensley, a real estate agent with Macdonald Realty Ltd. “My goal is to reduce stress for my clients so they don’t lose sleep — they’ll probably lose sleep anyway, but I can do my best to make the process easier.”

Find the right fit

Paula is relatively new to Sooke but she’s no stranger to southern Vancouver Island, having lived in many Island communities over the years. That local knowledge comes in handy when helping clients find their forever-home.

“I’ve had some amazing experiences with clients who weren’t happy with where they lived, but didn’t know where to move,” she says.

They’d describe their personalities, lifestyles and goals, and ask Paula ‘Where can you see us? What community would suit us?’ Using her knowledge of local communities and her talents for connecting with clients, she’d make a recommendation.

“One client reached out a year after they’d moved in just to say thanks. She said ‘we wouldn’t have found this community without you.’ It’s amazing to have that kind of impact.”

3rd generation in real estate

Paula comes from a family of real estate agents including her grandpa, dad, uncles and cousins, so she draws from a wealth of experience beyond her years. Before real estate she worked as a property manager and commercial sales assistant, so she’s seen the industry from all sides.

“I try to offer a fresh approach — I’m up to date on new negotiating techniques and other strategies,” she says.

Paula finds she connects well with clients who prefer a bit more time and attention to their individual needs. If you have a unique situation or just want a little extra help with your listing, Paula will give you her full attention.

“I don’t see myself in sales, I see it as a service. It’s not just a conveyor belt of clients.”

Follow Paula Wensley on Facebook for her latest insights on the tight real estate market, and visit paulawensley.com to browse current listings from Mill Bay to Sidney to Sooke. Get in touch by calling 250-388-5882 or at pwensley@macrealty.com.

home salesReal estate

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

Real Estate Transactions: Exclusive Use Servitudes Deemed Invalid – Real Estate and Construction – Canada – Mondaq News Alerts

Published

on


To print this article, all you need is to be registered or login on Mondaq.com.

While exclusive use clauses remain common in leases, they can no
longer be drafted in the form of servitude agreements in
transactions.

In April 2020, in the case of Société
immobilière Duguay Inc.
v. 547264 Ontario
Limited
1, the Court of Appeal of Quebec
ruled in favour of dismissing a Superior Court
judgment2, thereby granting an application for
declaratory judgment and striking off “exclusive
use
” clauses drafted in the form of servitude agreements
restricting the types of business that could be carried out on a
property. As a result, this case puts an end, in commercial
transactions, to the use of servitude agreements to protect certain
exclusive businesses or commercial uses from third parties in a
given location.

Exclusive use clauses have long been included in leasing
agreements, such as those in shopping centers, to define the
permitted uses of the leased property and prohibit or limit one
tenant from carrying on the same type of business or
principal use” as another tenant. The bottom
line is to protect the market within a property and ensure the
commercial success of all tenants. The Civil Code of Quebec
(C.C.Q.) does not currently define or regulate such clauses
directly; these are usually the result of negotiations between the
landlord and the tenants. Exclusive use clauses have also been used
in commercial real estate transactions, in the form of servitude
agreements. Under Quebec civil law, Article 1177 C.C.Q. defines a
servitude as “a charge imposed on an immovable, the
servient land, in favour of another immovable, the dominant land,
belonging to a different owner
.”

The Duguay matter is the most recent case in which the
Quebec courts had to determine whether exclusive use agreements in
commercial real estate transactions were valid in civil law. In
this case, the Respondents owned a shopping centre and various
contiguous or nearby lots, which they leased for commercial
purposes. In 1998 and 2000, the Respondents sold two of those lots
to a third party for the purpose of opening a clothing store. The
notarized deed of sale included a servitude agreement stipulating
that the buildings of the shopping centre owned by the Respondents
could not be used to carry on business activities that would
compete with those of the buyer (i.e. a family clothing store),
while the properties acquired by the buyer could not, for their
part, be used for the principal business activities then taking
place at the Respondents’ shopping centre and on the
neighbouring lots they owned (i.e. a grocery store, drugstore,
movie theatre and department store). In 2012, the two properties
were sold by the initial buyer to the Appellant, with the new deed
of sale providing that both properties remain subject to the
exclusive use servitudes set out in 1998 and 2000. Following this
subsequent sale, the Appellant asked the Superior Court to declare
that the “servitude agreement” was not enforceable and to
order its striking out on the grounds that it did not constitute
servitudes, but rather, personal obligations.

The Court of Appeal found that, since the purpose that the
Respondents claimed to be pursuing through these exclusive use
agreements, namely to promote the commercial diversity of their
shopping centre, served largely to ensure that the businesses in
the shopping centre they owned were not subject to commercial
competition, they could not be construed as constituting valid
servitudes under the C.C.Q. The Court of Appeal found that the
rights flowing from these agreements do not relate to the
Respondents’ real estate property, but rather to the
Respondents’ financial and commercial interests.

As a result, although the exclusive use servitude agreements
could be deemed creative in commercial real estate transactions,
the Court of Appeal of Quebec ruled in favour of the Appellant,
finding that such agreements restricting commercial use do not
constitute valid servitudes, as they do not encumber the dominant
land as required by Article 1177 C.C.Q., but only apply to the
servient land. According to the Court of Appeal, these stipulations
must be characterized as personal obligations binding on the first
buyer and the Respondent but not the Appellant as the subsequent
buyer. Moreover, the Court of Appeal found that the Respondents had
not demonstrated that the Appellant agreed to undertake these
agreements as personal obligations when purchasing the
properties.

Footnotes

1 Société immobilière Duguay inc. v.
547264 Ontario Limited, 2020 QCCA 571

2 Société immobilière Duguay inc. v.
547264 Ontario Limited, 2018 QCCS 2099 (CanLII)

Originally published by August-September 2020 issue of
Canadian Lawyer InHouse magazine

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

POPULAR ARTICLES ON: Real Estate and Construction from Canada

Construction Dispute Resolution In Ontario

Miller Thomson LLP

The Canadian Construction Documents Committee (“CCDC”) forms of contract provide for a dispute resolution process that is generally contained in Part 8 of the contract.

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

LACKIE: There are signs of a softening real-estate market – Toronto Sun

Published

on


Article content continued

We apologize, but this video has failed to load.

[embedded content]

How could house-poor Canadians, already saddled with alarming levels of consumer debt, manage their way through this, let alone out the other side?

But they did. And it was, quite frankly, astonishing.

According to CMHC, Canadians deferred $1 billion worth of mortgages per month during the pandemic, while the Canadian Bankers Association reports that more than 760,000 Canadians either skipped a mortgage payment or took advantage of a deferral program.

As of Sept. 13, more than $78 billion had been paid out to Canadians in the form of the Canada Emergency Response Benefit.

Yet, by the time the emergency lockdown restrictions started to relax, the real estate market was in full swing.

The June and July sales figures broke records set a year earlier, and the Toronto market spread its heat to the suburban and rural markets. In cottage country, properties were selling with multiple offers just hours after hitting the market.

We apologize, but this video has failed to load.

[embedded content]

Could this really just be the result of pent-up demand? Of fundamental changes in consumer appetites? A hunger for more space, more land, less density?

There were tons of theories.

Maybe all along we haven’t fully appreciated the level of demand, I wondered.

Maybe people weren’t as hurt by lost earnings as one might have expected?

Maybe the busy summer was the combined effect of insatiable demand met with people hustling to get set up to more comfortably ride out the fall’s all but guaranteed second wave.

Let’s block ads! (Why?)



Source link

Continue Reading

Trending