CPTA & BC Assessment Market Value Forum Office, Retail, - PowerPoint PPT Presentation

2015 Roll CPTA & BC Assessment Market Value Forum Office, Retail, Industrial & Hotel Portfolios October 30th, 2014

OVERVIEW  Major Retail Properties Market Synopsis  Lower Mainland Industrial Market Synopsis  Office Market Synopsis  Hotel Market Synopsis 3

2015 Roll Major Retail Properties Market Synopsis October 30, 2014 Presenters: Ramaish Shah, Senior Appraiser, Fraser Valley Shari Jablonski, Senior Appraiser, Central Vancouver Island

AGENDA  Recent Retail Transactions  2015 Assessment Preview Roll Summary  Discussion and Questions 5

RECENT RETAIL TRANSACTIONS Victoria - Hillside Centre  Dec 2013  $230,000,000(reported)  594,793SF  $387/SF  Anchored by Target, Sears  Est. Cap: 6%-6.25% 6

RECENT RETAIL TRANSACTIONS Victoria - Foul Bay  Jan 2014  $25,600,000  67,332 SF  $380/SF  Anchored by Save On  Est. Cap: 5.5% - 5.75% 7

RECENT RETAIL TRANSACTIONS Ladysmith – Coronation Mall  April 2014  $19,225,000  77,772 SF  $247/SF  Major tenants: Save On Foods, Rexall Drugs, BMO  Est. Cap: 6.00 - 6.25% 8

RECENT RETAIL TRANSACTIONS Nanaimo – Longwood Station  June 2014  $33,100,000  105,925 SF  $312/SF  Major tenants: Thrifty Foods, TD  Est. Cap: 5.75 – 6.00% 9

RECENT RETAIL TRANSACTIONS Mill Bay Centre  July 2014  $19,255,000  88,428 SF  $218/SF  Major tenants: Thrifty Foods, Royal Bank, Pharmasave  Est. Cap: 6.25 – 6.50% 10

RECENT RETAIL TRANSACTIONS Campbell River – Timberline Village  August 2014  $10,300,000  29,592 SF  $348/SF  Major Tenants: Shoppers Drug Mart, TD  Est. Cap: 6.75 - 7.00% 11

RECENT RETAIL TRANSACTIONS Vancouver – False Creek Village  December 2013  $45,100,000  63,524 SF GLA  $710/SQ.FT.  Strata – Urban Fare, London Drugs, and CRUs  Est. Cap: 4.50% 12

RECENT RETAIL TRANSACTIONS Coquitlam - King Edward Centre  May 22, 2014  $13,565,000  81,647 SF GLA  $166.14/SF  Est. Cap: 6.25 – 6.50% 13

RECENT RETAIL TRANSACTIONS Delta – Ladner Harbour Centre  June 2014  $19,750,000  57,111 SF GLA  $346/SF  Lordco, BMO, Budget Foods, & Pharmasave  Est. Cap: 5.25 – 5.75% 14

RECENT RETAIL TRANSACTIONS Mission – Mission SmartCentre  August 2013  $34,450,000  117,063 SF GLA  $294/SF  Anchored by Walmart  Est. Cap: 5.75 - 6.0% 15

RECENT RETAIL TRANSACTIONS Kamloops– RONA  January 24, 2014  $13,000,000  51,665 SF GLA  $251/SF  Est. Cap: 7.5-7.75% 16

RECENT RETAIL TRANSACTIONS Prince George – Pine Centre  Dec 2013  $130,000,000  482,031 SF  $270/SF  Anchored by Target, Sport Chek  Est. Cap: 6-6.50% 17

2015 Retail Preliminary Value Direction Rental Rates Cap Rates Assessed Values (0-5% increase) 18

SOUTH FRASER MAJOR INDUSTRIAL TRANSACTIONS 2010 - 2011 For your Major Retail Property Assessment enquires, please contact: REGION Contact Capital Office Bruce Bennett CV Island Shari Jablonski VSS Simone D'Souza North Fraser Harpreet Basra South Fraser Darren Jerke Fraser Valley Ramaish Shah Kamloops Ron Arnett Kelowna and the Okanagan Carl Walton Prince George and the North Beau Rossel Kootenays Paul Mrazek

Discussion and Questions? Discussion and Questions? 20

Industrial Properties Market Synopsis October 30, 2014 Presenters: Nick Damiani, Appraiser, North Fraser Region Clayton Olson, Appraiser, North Fraser Region

AGENDA  Recent Industrial Transactions  Land  Improved  2015 Assessment Preview Roll Summary  Discussion and Questions 22

RECENT INDUSTRIAL TRANSACTIONS - LAND 3150 & 3270 E Broadway, Vancouver  Sale Price: $40,510,000 ($4,402,000/acre)  Sale Date: August 2014  Land Size: 9.2 Acres  Zoning: I2 – Light Industrial  OCP: Light Industrial  Sale Notes: Vendor Lease-Back 23

RECENT INDUSTRIAL TRANSACTIONS - LAND 3405 Willingdon Ave, Burnaby  Sale Price: $57,908,000 ($1,445,000/acre)  Sale Date: March 2014  Land Size: 40.063 Acres  Zoning: CDP6B2  OCP: Industrial  Sale Notes: Vendor Lease-Back 5-year development horizon 24

RECENT INDUSTRIAL TRANSACTIONS - LAND 3149 Norland Ave, Burnaby  Sale Price: $2,600,000 ($2,680,000/acre)  Sale Date: January 2014  Land Size: 0.97 Acres  Zoning: M2  OCP: Industrial  Sale Notes:Private Transaction 25

RECENT INDUSTRIAL TRANSACTIONS - LAND 860 Dominion Ave, Port Coquitlam  Sale Price: $6,100,000 ($856,000/acre)  Sale Date: April 2014  Land Size: 7.13 Acres  Zoning: A (Agricultural)  OCP: M3 (Light Industrial)  Sale Notes: 2 year development timeframe. 25% of lot lost to road dedication. 26

RECENT INDUSTRIAL TRANSACTIONS - LAND 11200 Twigg Pl, Richmond  Sale Price: $8,233,000 ($1,649,000/acre)  Sale Date: October 2013  Land Size: 4.991 Acres  Zoning: I - Industrial  OCP: Industrial 27

RECENT INDUSTRIAL TRANSACTIONS - LAND 6633 154 St, Surrey  Sale Price: $2,620,000 ($1,296,000/acre)  Sale Date: December 2013  Land Size: 2.021 Acres  Zoning: CD  OCP: Industrial 28

RECENT INDUSTRIAL TRANSACTIONS - LAND 12344 83A Ave, Surrey  Sale Price: $955,000 ($1,583,000/acre)  Sale Date: March 2014  Land Size: 0.603 Acres  Zoning: IL  OCP: Industrial 29

RECENT INDUSTRIAL TRANSACTIONS - LAND 44158 Progress Way, Chilliwack  Sale Price: $4,145,088 ($561,000/acre)  Sale Date: January 2014  Land Size: 7.39 Acres  Zoning: CD14  OCP: Heavy Industrial  Sale Notes: Progress Way Industrial Park 30

RECENT INDUSTRIAL TRANSACTIONS - LAND 44085/44109 Yale Rd, Chilliwack  Sale Price: $2,000,000 ($1,105,000/acre)  Sale Date: May 2014  Land Size: 1.81 Acres  Zoning: M2 (Industrial)  OCP: Industrial  Sale Notes: 2 adjacent sites, small shop on site. Purchased for land value. 31

RECENT INDUSTRIAL TRANSACTIONS - IMPROVED 8665 Barnard St, Vancouver  Sale Price: $7,800,000 ($248/sf)  Sale Date: April 2014  GLA: 31,410sf  Year Built: 1973, 2000, 2013  Site Coverage: 56%  Estimate CAP: 4.50%-5.00% 32

RECENT INDUSTRIAL TRANSACTIONS - IMPROVED 1345 Grant St, Vancouver  Sale Price: $3,625,000 ($177/sf)  Sale Date: March 2014  GLA: 20,496sf  Year Built: 1968  Site Coverage: 109%  Estimate CAP: 4.25%-4.75% 33

RECENT INDUSTRIAL TRANSACTIONS - IMPROVED 8131 & 8183 Wiggins St, Burnaby  Sale Price: $47,600,000 ($201/sf)  Sale Date: December 2013  GLA: 236,398sf  Year Built: 2010  Site Coverage: 46%  Estimate CAP: 5.00%-5.50%  Sale Notes: Vendor Lease-Back 34

RECENT INDUSTRIAL TRANSACTIONS - IMPROVED 7039 Winston St, Burnaby  Sale Price: $7,125,000 ($125/sf)  Sale Date: April 2014  GLA: 56,859sf  Year Built: 1969  Site Coverage: 44%  Estimate CAP: 5.25%-5.75%  Sale Notes: Vacant 35

RECENT INDUSTRIAL TRANSACTIONS - IMPROVED 2820 Production Way, Burnaby  Sale Price: $18,600,000 ($216/sf)  Sale Date: November 2013  GLA: 85,913sf  Year Built: 1990  Site Coverage: 39%  Estimate CAP: 5.50%-5.75%  Sale Notes: Share Transfer 36

RECENT INDUSTRIAL TRANSACTIONS - IMPROVED 115 Schoolhouse St, Coquitlam  Sale Price: $7,100,000 ($133/sf)  Sale Date: April 2014  GLA: 53,200sf  Year Built: 1973  Site Coverage: 34%  Estimate CAP: 5.75%-6.25%  Sale Notes: 10 stand-alone warehouses. 37

RECENT INDUSTRIAL TRANSACTIONS - IMPROVED 12111 Bridgeport Rd, Richmond  Sale Price: $8,900,000 ($218/sf)  Sale Date: June 2014  GLA: 40,763sf  Year Built: 1975  Site Coverage: 58%  Estimate CAP: 4.25%-4.50%  Sale Notes: Multi-Tenanted 38

RECENT INDUSTRIAL TRANSACTIONS - IMPROVED 7601 MacDonald Rd, Delta  Sale Price: $4,700,000 ($152/sf)  Sale Date: Sept 2013  GLA: 30,859sf  Year Built: 2001  Site Coverage: 43%  Estimate CAP: 4.50%-4.75%  Sale Notes: Owner-Occupancy 39

2015 INDUSTRIAL PRELIMINARY VALUE DIRECTION Land Values (5-10% increase) Rental Rates Cap Rates Assessed Values (5-10% increase) 40

SOUTH FRASER MAJOR INDUSTRIAL TRANSACTIONS 2010 - 2011 For your Industrial Property Assessment inquires, please contact: 1-866-valueBC (825-8322) Vancouver : Mario Lee (Ext. 09574) North Fraser : Richard Kwan (Ext. 10244) South Fraser : Brent Sear (Ext. 14236) Fraser Valley : Harpreet Bhullar (Ext. 15270)

Discussion and Questions? Discussion and Questions? 42

Office Market Synopsis October 30th, 2014 Presenters: Bruce Evans-Atkinson, Senior Appraiser, VSS Region Simone D’Souza , Senior Appraiser, VSS Region

AGENDA  Major Project Under Construction  Recent Office Transactions  2015 Preview Assessment Roll Summary  Discussion and Questions 44

MAJOR OFFICE PROJECTS UNDER CONSTRUCTION MAJOR OFFICE PROJECTS UNDER CONSTRUCTION  DOWNTOWN Size Completion Year Telus Gardens 480, 000 s.f. 2015 745 Thurlow St 370,000 s.f. 2015 1021 West Hastings St 260,000 s.f. 2014 725 Granville St 250,000 s.f. 2015 980 Howe St 250,000 s.f. 2015 Rogers Arena West 110,000 s.f. 2015 45