Page 59 - 2685_BOMA_2017BuildingDirectory

DON WHITE, Executive Vice President with Colliers International, and
CHASE ALLEN, Vice President with Canada ICI, sat down with BOMA to talk about
investment activity in Winnipeg’s commercial real estate market. Don and Chase both
recently participated in the Winnipeg Real Estate Forum, and Don served as moderator for
BOMA’s annual State of the Industry Luncheon in November.

Did a lot of properties change hands in 2016?
What were some of the noteworthy sales in each sector?

DW: Commercial real estate investment activity in the sale of existing assets Telus Pension Fund made the year’s second
softened substantially in 2016 as overall volumes totaled only $439 million, a largest purchase by acquiring a majority interest
20% decline from the ten-year trailing average of $552 million, and more position in NewPort Centre at 330 Portage
than 50% off Winnipeg’s record trading year in 2014. Avenue. The property was previously owned
While sales volumes were muted across all sectors, retail investment sales by Slate Properties who last year also sold their
reached a five year low at just $94 million. The take-away in 2016 is that yet Winnipeg industrial portfolio which included
again these lower sales volumes were not a result of decreased demand twelve properties totaling 516,495 square feet.
as quality investment offerings still generated as much interest and bidding The third largest transaction of 2016 was
activity, if not more, but the lack of “trophy assets” that were brought to the the 50% interest sale of the Lumen Townhome
market in 2016 as no single transaction broke the $50-million-dollar mark with portfolio at South Pointe which is a recently
the number of properties sold / traded remaining comparable previous years. completed 148 unit suburban purpose-built
For the second consecutive year, Timbercreek made the largest purchase residential development located in southwest
of 2016 in Winnipeg with their acquisition of the Amethyst Holdings portfolio Winnipeg with a local private partnership
which included Plaza by the Riverside at 70 Garry Street and 86 Keewatin Street. acquiring the half interest and the original
The transaction was a value-added, repositioning opportunity for Timbercreek developer Porchlight Developments
who have been actively upgrading most of their buildings in our market. retaining its 50%.

Manitoba 2017 Commercial Building Directory 59