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VT Commercial second quarter commercial real estate transactions – Vermont Biz

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Vermont Business Magazine VT Commercial of Burlington has released its second quarter commercial real estate transactions report.

The Crystal Cottage of Vermont relocated its retail store to 176 Battery Street, Burlington.  Yves Bradley and Linda Letourneau of V/T Commercial assisted both the landlord, Stern Property LLC, and the tenant.

Yves Bradley of V/T Commercial announced the lease of 1,150 sf of office space at the Innovation Center of Vermont to Securitas Security Services USA, Inc.  Bradley represented the landlord, and J.L. Davis Realty represented the tenant.

London Middlebury leased 2,250 sf of office space at 110 West Canal Street, Winooski from Infill Winooski II, LLC.  Yves Bradley of V/T Commercial assisted both parties in this lease.

89 South Williams Street, Burlington was sold to Rock Creek Partners from 89 South Williams Street, LLC.  Yves Bradley of V/T Commercial represented the buyer and Brad Worthen of Pomerleau Real Estate represented the seller.

John Beal of V/T Commercial announced the lease of 10,150 sf of industrial space at 115 Wellness Drive, Williston to Kelly Brothers.  Beal represented the landlord, Unsworth Properties, LLC and Brad Worthen of Pomerleau Real Estate represented the tenant.

Yves Bradley of V/T Commercial leased two suites on behalf of Kilburn & Gates Industries, LLC.  Integrative Physical Therapy, LLC leased 3321 sf at 305 St. Paul Street, Burlington and Skida leased 4,416 sf at 16 Kilburn Street, Burlington.

Linda Letourneau of V/T Commercial announced the lease of 783 sf at 202 Commerce Street, Williston to Phoenix Development Group, LLC.  Letourneau assisted the tenant and the landlord, Northwestern Vermont Board of Realtors, in this transaction.

Tony Blake and Yves Bradley of V/T Commercial leased 2,449 sf of retail space to the Urban Salon at 8A Dorset Street, South Burlington on behalf of The Greer Family, LLC.  Meg McGovern of Donahue & Associates represented the tenant.

Cafe Dim Sum leased an additional 2,418 sf at 95 St. Paul Street, Burlington to expand its restaurant.  Yves Bradley of V/T Commercial assisted the tenant and the landlord, Investors Corporation of Vermont.

The former TD Bank property at 23 Pleasant Street, Richmond was sold to Delta Properties, LLC.  John Beal and Bill Kiendl assisted all parties in this sale.

V/T Commercial’s Linda Letourneau leased 1,368 sf at 126 College Street to Toltec Capital, LLC.  Linda assisted the tenant and Yves Bradley assisted the landlord, Investors Corporation of Vermont.

Maynard Acupuncture Clinic leased 2,770 sf at 1775 Williston Road, South Burlington from Investors Corporation of Vermont.  Yves Bradley of V/T Commercial assisted all parties in this lease.

North Country Kettlebells leased 1,547 sf of space at 30 Main Street, Burlington from Investors Corporation of Vermont.  Yves Bradley of V/T Commercial assisted all parties.

Tony Blake of V/T Commercial, acting as exclusive area representative of Keurig Dr. Pepper, leased over 20,000 sf of office space in Pilgrim Park, Waterbury on behalf of his client.

Madysta Telecom USA, Inc. leased a 400 sf office suite at 125 College Street, Burlington from One Hundred Twenty Five College Street, LLC.  Linda Letourneau of V/T Commercial assistec both parties in this transaction.

L5, Inc. acquired 64 & 114 Main Street, Bradford from True Owl Ventures, LLC. Yves Bradley, of V/T Commercial assisted both parties in this sale.

Take Good Care Fitness, LLC leased space at the Maltex Building, 431 Pine Street, Burlington from The Maltex Partnership.  Linda Letourneau and Yves Bradley of V/T Commercial represented the landlord and Ryn Nick of J.L. Davis Realty represented the tenant.

Organizers’ Capital Inc. leased 6,582 sf of office space at 30 Kimball Avenue, South Burlington.  John Beal of V/T Commercial represented the landlord, Kimball Partners, LLC,  and Steve Donahue of Donahue & Associates represented the tenant.

Yves Bradley of V/T Commercial announced the lease of 40,000 sf of industrial space at 372 Route 67, Shaftsbury to Mack Molding.  Bradley assisted the tenant and the landlord, TFB Realty, LLC in this transaction.

Kish LLC leased 786 sf of space at the Maltex Building, 431 Pine Street, Burlington from The Maltex Partnership.  Linda Letourneau and Yves Bradley of V/T Commercial assisted all parties.

Pivot Marketing leased 2,250 sf at 177 Battery Street, Burlington.  John Beal of V/T Commercial represented the tenant and Kendra Kenney of Pomerleau Real Estate represented the building owner.

Boston Beer Corporation leased 2,226 sf of office space at the Maltex Building, 431 Pine Street Burlington from The Maltex Partnership.  Yves Bradley and Linda Letourneau of V/T Commercial assisted each party.

John Beal of V/T Commercial announced the sale of commercial condominiums Units 6&7 at 595 Dorset Street, South Burlington to Sughas Properties.  Beal assisted both parties in this sale.

Tony Blake of V/T Commercial announced the lease of 1,626 sf of office space to Sussman Law PLLC at 600 Blair Park, Williston. Blake represented the landlord, Triptik III Realty Partnership, LP and Esther Lotz Broker represented the tenant.

Hillside Properties leased office space at 380 Hurricane Lane, Williston to Vermont Cannabis Solutions.  Linda Letournea and John Beal of V/T Commercial assisted the landlord and the tenant.

Cygna Health and Life Insurance Company renewed its lease at 30 Main Street, Burlington from Investors Corporation of Vermont.  Yves Bradley of V/T Commercial assisted both parties in this renewal.

Turner Toys has relocated its business to 2,932 sf at Finney Crossing, Williston.  Tony Blake of V/T Commercial assisted the landlord, Rieley Properties, LLC & Snyder FC Commercial Properties, LLC as well as the tenant.

Stoner-Andrews leased 4,000 sf of showroom, office and warehouse space at 1354, Marshall Avenue, Williston from Sunrun.  Tony Blake of V/T Commercial assisted both parties in this lease.

VT Commercial Real Estate Sales & Leasing www.vtcommercial.com

 

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Former B.C. Realtor has licence cancelled, $130K in penalties for role in mortgage fraud

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The provincial regulator responsible for policing B.C.’s real estate industry has ordered a former Realtor to pay $130,000 and cancelled her licence after determining that she committed a variety of professional misconduct.

Rashin Rohani surrendered her licence in December 2023, but the BC Financial Services Authority’s chief hearing officer Andrew Pendray determined that it should nevertheless be cancelled as a signal to other licensees that “repetitive participation in deceptive schemes” will result in “significant” punishment.

He also ordered her to pay a $40,000 administrative penalty and $90,000 in enforcement expenses. Pendray explained his rationale for the penalties in a sanctions decision issued on May 17. The decision was published on the BCFSA website Wednesday.

Rohani’s misconduct occurred over a period of several years, and came in two distinct flavours, according to the decision.

Pendray found she had submitted mortgage applications for five different properties that she either owned or was purchasing, providing falsified income information on each one.

Each of these applications was submitted using a person referred to in the decision as “Individual 1” as a mortgage broker. Individual 1 was not a registered mortgage broker and – by the later applications – Rohani either knew or ought to have known this was the case, according to the decision.

All of that constituted “conduct unbecoming” under B.C.’s Real Estate Services Act, Pendray concluded.

Separately, Rohani also referred six clients to Individual 1 when she knew or ought to have known he wasn’t a registered mortgage broker, and she received or anticipated receiving a referral fee from Individual 1 for doing so, according to the decision. Rohani did not disclose this financial interest in the referrals to her clients.

Pendray found all of that to constitute professional misconduct under the act.

‘Deceptive’ scheme

The penalties the chief hearing officer chose to impose for this behaviour were less severe than those sought by the BCFSA in the case, but more significant than those Rohani argued she should face.

Rohani submitted that the appropriate penalty for her conduct would be a six-month licence suspension or a $15,000 discipline penalty, plus $20,000 in enforcement expenses.

For its part, the BCFSA asked Pendray to cancel Rohani’s licence and impose a $100,000 discipline penalty plus more than $116,000 in enforcement expenses.

Pendray’s ultimate decision to cancel the licence and impose penalties and expenses totalling $130,000 reflected his assessment of the severity of Rohani’s misconduct.

Unlike other cases referenced by the parties in their submissions, Rohani’s misconduct was not limited to a single transaction involving falsified documents or a series of such transactions during a brief period of time, according to the decision.

“Rather, in this case Ms. Rohani repetitively, over the course of a number of years, elected to personally participate in a deceptive mortgage application scheme for her own benefit, and subsequently, arranged for her clients to participate in the same deceptive mortgage application scheme,” the decision reads.

Pendray further noted that, although Rohani had been licensed for “a significant period of time,” she had only completed a small handful of transactions, according to records from her brokerage.

There were just six transactions on which her brokerage recorded earnings for her between December 2015 and February 2020, according to the decision. Of those six, four were transactions that were found to have involved misconduct or conduct unbecoming.

“In sum, Ms. Rohani’s minimal participation in the real estate industry as a licensee has, for the majority of that minimal participation, involved her engaging in conduct unbecoming involving deceptive practices and professional misconduct,” the decision reads.

According to the decision, Rohani must pay the $40,000 discipline penalty within 90 days of the date it was issued.

 

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Should you wait to buy or sell your home?

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The Bank of Canada is expected to announce its key interest rate decision in less than two weeks. Last month, the bank lowered its key interest rate to 4.7 per cent, marking its first rate cut since March 2020.

CTV Morning Live asked Jason Pilon, broker of Record Pilon Group, whether now is the right time to buy or sell your home.

When it comes to the next interest rate announcement, Pilon says the bank might either lower it further, or just keep it as is.

“The best case scenario we’re seeing is obviously a quarter point. I think more just because of the job numbers that just came out, I think more people are just leading on the fact that they probably just gonna do it in September,” he said. “Either way, what we saw in June, didn’t make a big difference.”

Here are the pros of buying/ selling now:

Pilon suggests locking in the rate right now, if you don’t want to take a risk with interest rates going up in the future.

He says the environment is more predictable right now, noting that the home values are transparent, which is one of the benefits for home sellers.

“Do you want to risk looking at what that looks like down the road? Or do you want to have the comfort in knowing what your house is worth right now?” Pilon said.

And when it comes to buyers, he notes, the competition is not so fierce right now, noting that there are options to choose from.

“You’re in the driver seat right now,” he said while noting the benefits for buyers.

Here are the cons of buying/ selling now:

He says one of the cons would be locking in the rate right now, then seeing a rate cut in the future.

The competition could potentially become fierce, if the bank decides to cut the rate further more, he explained.

He notes that if that happens, the housing crisis will become even worse, as Canada is still dealing with low housing inventory.

An increase in competition would increase the prices of houses, he adds.

Selling or buying too quickly isn’t the best practice, he notes, suggesting that you should take your time and put some thought into it.

Despite all the pros and cons, Pilon says, real estate remains a good investment.

According to the latest Royal LePage House Price Survey for the second quarter of this year, the average home price in Canada is $824,300. That’s up 1.9 per cent from the same time last year, and up 1.5 per cent from the first quarter of 2024.

In the Ottawa Housing Market Report for June 2024, the average price of a home was up 2.4 per cent from this time last year to $686,535, but down 0.6 per cent from May 2024.

Experts believe many potential buyers are still hesitant of jumping into the housing market and waiting for another interest rate cut of 50 to 100 basis points.

“I don’t think it’s going to be the rush that we see in the past, because people are used to more of a conservative approach right now,” said Curtis Fillier, president of the Ottawa Real Estate Board. “I think there’s still a bit of a hold back, but I definitely do think with another rate cut, we’ll probably see a very positive fall market.”

With files from CTV News Ottawa’s Kimberly Fowler

 

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Real estate stocks soar to best day of year on rate cut bets

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(Bloomberg) — The stock market’s worst group notched its best day of the year as a cooler-than-expected inflation report stoked bets that the Federal Reserve will start cutting interest rates in September.

Shares of real estate companies jumped 2.7% Thursday for their biggest gain of 2024, climbing to their highest level since March as investors snapped up homebuilder, digital and commercial real estate stocks alike. Real estate also was the best-performing group in the S&P 500 Index Thursday, with volume that was around 30% higher than the 30-day average, according to data compiled by Bloomberg.

Arguably the most significant news to come from the latest consumer price index reading was a pullback in housing-related inflation. Shelter costs rose just 0.2% for the slowest monthly increase in three years. Homebuilders, which have risen 7.1% this year, were up 7.3% for the session, the most since 2022. Shares of D.R. Horton Inc., which is scheduled to report earnings next Thursday, gained 7.3%.

“Housing has really been the last shoe to drop in terms of winning the battle against high inflation,” Preston Caldwell, chief U.S. economist at Morningstar wrote in a note to clients Thursday. “Leading-edge data has strongly indicated for some time now that a fall in housing inflation was in the works.”

A rally in real estate stocks is bad news for short sellers who have been piling into the group, which is the worst performer in the S&P 500 this year. To start the week, short interest as a percentage of float hovered near 49% in the SPDR Homebuilders ETF, the highest level since February for the exchange-traded fund, according to data from S3 Partners.

Property owners are rallying as well. Real estate investment trusts, which were brutally penalized during the two-year run up in borrowing costs, advanced by as much as 3%. And the outlook for the group appears to have turned a corner, according Rich Hill, senior vice president and head of real estate strategy and research at Cohen & Steers Capital Management.

“We think this is a compelling backdrop for listed REITs especially as fundamental growth remains on solid footing,” he said, referencing the latest inflation data and rate outlook. “The rally that started in October of 2023 pushing returns more than 20% above their trough looks set to continue if inflation cools and interest rates continue to decline.”

Shares of industrial REIT Prologis Inc., which reports second-quarter results on Wednesday, rose 3.3% to hit their highest level since April. U.S. Treasury yields tumbled, with the 10-year bond falling to 4.2% and the policy-sensitive two-year note slipping to 4.5%.

(Updates indexes and stock prices for market close.)

 

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