FRIDAY, NOVEMBER 16, 2012 THE VANCOUVER COURIER
Mall sales scarcity forcing owners’ hands
GLEN KORSTROM biv.com
eloitte Real Estate’s recent Crane Survey highlights a trend in retail mall ownership: there are few opportunities to buy malls, leading prospective mall owners to either build new developments or to reinvest in existing assets. The report notes that a handful of groups own the
majority of large retail assets in Metro Vancouver. “Most of the larger shopping centres in Canada are owned by a select few groups, and they haven’t been sellers in recent years,” said Andrew Evans, who coauthored the report. “It’s not that there was a lull this year. That’s just the way the market is. The guys want to hold onto these trophy assets because they per-
form well.” Only two retail assets have sold with a price tag of $50 million or more in the past year. The Village at Thunderbird Centre was acquired by Sun Life for a reported $148 million, and the plaza at New Westminster Station was acquired by First Capital Realty for $100 million plus an earn-out of up to $20 million. Having few opportunities
David (DJ) Evans
Colonial Paciﬁc Realty
White Rock - Ocean Park
12895 18th Ave., South Surrey White Rock Private yard. 4 bedrooms and 4 bathrooms. 3 levels, 3,388 sq. ft. of living space. 7,377 sq. ft. corner lot. 24 x 24 detached garage. Walk to shopping and all levels of schools. Also 1,250 sq. ft. self contained 1 bedroom suite, with private entrance.
to buy malls means there are two options for developers: build new malls or expand existing properties. New malls in various stag-
es of planning and development include Ivanhoe Cambridge and the Tsawwassen First Nation’s Tsawwassen Mills project, Property De-
velopment Group’s Tsawwassen Commons project, and YVR and McArthurGlen Group’s planned outlet mall on Sea Island.
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*Contact salesperson for details. ^ Sales Tax rates are those in effect on date of purchase. _ST PTT and TT are net after any exemptions or rebates which may apply to qualiaed purchasers. Limited time offer. Sales by disclosure statement. bllaire Properties (Easton) Inc. Red Dot REM Ltd. 604531`500.
Vancouver Courier November 16 2012