It’s interesting how expensive homes always seem to make the news, but commercial transactions with much higher values happen regularly. By comparison, there have been two residential properties that have sold over $2M this year ($2M and $2.3M, to be precise), whereas there have been several commercial sales well in excess of that.
For example, the following commercial properties have already sold in 2018:
2803 Millwoods Road – Kameyosek Shopping Centre – 46,128 sq ft retail complex sold for $18,850,000
4440 Gateway Blvd – Raddison Hotel – 235 units – $16,500,000
760 St. Albert Road – St. Albert – 27,552 sq ft retail complex just sold for $9,500,000
11120 178 St – 53,000 sq ft office building sold for $8,135,000
1515-10 Street – Nisku – 33,021 sq ft industrial building sold for $6,875,000
3303 118 Ave – 29,991 sq ft retail complex sold for $5,900,000
10204 123 St – 0.69 acres sold for $4,800,000
11511 76 Ave – 0.61 acres sold for $4,100,000
This isn’t even a comprehensive list, as there were numerous other industrial properties, multi-family properties and land parcels that have sold for over $2M.
Interestingly, the Raddison Hotel previously sold in 2005 for $29,100,000 (which represents a 43% decline). 11120-178 Street (purchased by the College And Association of Registered Nurses of Alberta), was previously sold for $10,600,000 in 2007 (a 23% decline).
* Note: we removed a sale for a $60M land parcel, which did not occur in 2018.
Chad GriffithsPartner, SIOR, CCIM
Chad is a partner with NAI Commercial Real Estate and focuses on the Greater Edmonton area. Chad entered the industry in 2004 and has completed over 400 commercial transactions with clients ranging from small, local companies to large institutional owners. Chad has been a top 15 producer with NAI Canada-wide since 2013.
Ryan BrownPartner, BCom, SIOR
Ryan is a partner with NAI Commercial Real Estate in Edmonton and is currently ranked nationally as one of NAI's top advisors. Having executed in excess of $100 Million worth of sales transactions and over 2 Million square feet of lease transactions, Ryan has developed a firm understanding of asset evaluation and an aptitude for building design, functionality, and long-term practicality.
Darcie is a licensed Commercial Real Estate Agent in the Province of Alberta with a focus on the Edmonton market and its surrounding areas. Darcie accomplishes custom solutions for her clients through her personable nature and results driven attitude. Darcie can help if you are looking to invest in commercial real estate or are looking for representation for a sale or lease transactions.
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