McConnell road ABBOTSFORD, BC
Partnership. Performance.
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Proposed at-grade
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Subject Property
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FOR SALE • • • •
Flexible 85,000-sf “big box” retail property Fully leased to Rona until 2021 Owner occupier opportunities Redevelopment and value-add opportunities
Robert C. Levine, Principal 604.647.5066 [email protected]
Michael Gill, Principal 604.647.5067 [email protected]
Michael Farrell, Vice President 604.646.8388 [email protected]
Michael Emmott, Senior Associate 604.647.1335 [email protected]
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34530
McConnell road abbotsford, BC
34530
mcconnell road abbotsford, BC
Property Summary
Opportunity
Municipal Address 34530 McConnell Road, Abbotsford, BC
Avison Young is pleased to present the opportunity to purchase 34530 McConnell Road in Abbotsford. This offering consists of a 100% freehold interest in an 85,218 square foot retail and warehouse building on 6.93 acres of land.
Legal Description Lot 2, Section 11, Township 16, New Westminster District Plan LMP 19477 Property I.D. 019-004-443 Site Size 6.93 acres (301,871 sf) Rentable Area 85,218 sf Parking / Parking Ratio 375 surface stalls 4.4 per 1,000 sf rentable floor area Clear Height 20 feet Occupancy Leased to Rona until July 2021, with a pre-determined rental increase in July 2016. Rona is currently not operating at this location. Year Built 2001 2014 Gross Property Taxes $344,754.17 Financing Clear Title Bare Trustee The title to the Property is held in a bare trustee. Price Contact Listing Agents Net Income $1,113,200 per annum (current) $1,224,520 per annum (July 2016) Operating & Property Tax Costs (2015 Budget) $393,943 ($4.62 psf)
The property is fully leased to Rona under the terms of a carefree net lease expiring on July 11, 2021. Rona has ceased operating out of this location, but is still responsible for its rental payments until the lease expiry. The rental and property tax and operating cost obligations of Rona for the duration of the term are estimated to be approximately $10 million. The offering is an excellent opportunity to purchase a property that offers a secure holding income over the next six years or, in lieu of the rental stream, investigate the possibility of negotiating a lump sum termination payment with Rona. Re-tenanting the Rona space and developing additional retail space on the site could create excellent value add circumstances for the property. The property benefits from a prominent location adjacent to Costco and just south of RioCan’s Abbotsford Power Centre that features Winners HomeSense as an anchor tenant in the Sumas Way retail thoroughfare.
Property Advantages 99 99 99 99 99 99
The only modern “big box” retail opportunity for sale in the Fraser Valley. Suitable for investors, developers with value-add strategies, or owner-occupiers. Secure income stream until 2021. Long-term lease to Rona, with one rental increase remaining in the term. Existing site coverage is approximately 25%, zoning allows for 50%. The large-format, warehouse-type configuration of the property accommodates a wide variety of occupier types including traditional big-box retailers or retailers requiring retail showroom space, as well as a warehouse to accommodate inventory.
Strong Retail Location 99 Situated in a dominant big box retail node. 99 Adjacent to the only Costco serving Abbotsford, Mission, and Chilliwack (next store is 30km west in the City of Langley). 99 With a current population of approximately 143,000, Abbotsford’s population is projected to reach 200,000 residents by 2035. 99 According to MPC Intelligence, over 700 residential units are currently under construction and a further 5,753 units are planned in the Abbotsford/Aldergrove sub-market. 99 New industrial properties are under development west of the property, on McConnell Road. 99 Improved vehicular access through proposed at-grade vehicular rail crossing immediately west of the property, connecting the industrial business parks on Riverside Avenue with the retail properties along Sumas Way and McConnell Road.
General Construction The building’s exterior walls consist primarily of prefinished metal panels. Low-slope roof systems are EPDM waterproofing membrane and insulated standing seam metal roof. The warehouse area is a 44’x27’ column grid. Interior ceiling heights are approximately 19-21’. Floors are polished concrete.
The current estimate of 3.9 million square feet (msf) of retail inventory in Abbotsford is projected to grow by an additional 1.5 msf by 2035, when Abbotsford’s population is expected to approach 200,000 residents. The greatest proportion of retail demand is expected to occur in grocery/supermarket stores and general merchandise (Source: City of Abbotsford Economic Development). Notable retail nodes and projects in Abbotsford include Highstreet (600,000 sf) and the Fraser Valley Auto Mall in Mt. Lehman, SevenOaks Shopping Centre (563,000 sf), and Clearbrook Town Square (188,000 sf) in the City Centre, and Abbotsford Power Centre (455,000 sf) in the Sumas Way “big box” retail node.
Traffic Counts Average Daily Traffic Volume* Sumas Way (Highway 11) northbound & southbound at TransCanada Hwy (2007)
33,000
TransCanada Highway westbound and eastbound at Sumas Way (2013)
67,000
*Represents most recent Ministry of Transportation statistics
Site Plan
ABBOTSFORD POWER CENTRE (455,214 sf) Winners Homesense PetSmart
Abbotsford Demographic Snapshot Abbotsford (CY) 137,686
2013 estimated
142,881
2016 projected
149,631
2018 projected
154,133
2023 projected
167,551 Abbotsford (CY) $84,904
2016 projected
$94,548
2018 projected
$101,016
Zoning Intent: “To accommodate a wide range of commercial uses in buildings two storeys or less, in an automobile-oriented environment.”
99 Maximum height is 10m or two storeys, whichever is less
ENTRANCE
OVERHEAD DOOR
OVERHEAD DOOR
STORAGE YARD
US BORDER (5 MINS)
99 Maximum 50% lot coverage
SHIPPING & RECEIVING
99 Maximum 1.0 FSR
COVERED YARD
99 Permitted uses including bus depot, nursery, restaurant, retail, trade school, fitness studio, indoor recreation, funeral parlour, accessory residential use or accessory office use
EXIT
COVERED GARDEN CENTRE
Source: PCensus
GARDEN CENTRE GREENHOUSE
2013 estimated
SUBJECT PROPERTY
Sumas Way
2011 Census*
Avg. Household Income
The Source Quiznos Wendy’s/Tim Hortons
McConnell Road
ACKS BC RAIL RAILWAY TR
Total Population
NORTH
Abbotsford Retail Market
Mission (15 mins)
Highway 11 Vancouver (55 mins)
TransC
anad a
Highw
ay
Agricultural Land Reserve
Chilliwack (25 mins)
Proposed at-grade
rail crossing
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Rd
Subject Property
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Agricultural Land Reserve
Canada/U.S. Border Crossing (5 mins)
Partnership. Performance. Avison Young Commercial Real Estate (B.C.) Inc. #2100-1055 W. Georgia Street Box 11109 Royal Centre Vancouver, BC V6E 3P3, Canada Robert C. Levine, Principal 604.647.5066 [email protected]
Michael Gill, Principal 604.647.5067 [email protected]
Michael Farrell, Vice President 604.646.8388 [email protected]
Michael Emmott, Senior Associate 604.647.1335 [email protected]
avisonyoung.com
© 2015 Avison Young (Canada) Inc. All rights reserved. E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young Commercial Real Estate (BC) Inc.
TransC
anada
Highw
ay
Proposed at-grade
rail crossing
e Riv
rsid
eR
d
Subject Property
Su
m
a
/ ay W s
FOR SALE • • • •
Flexible 85,000-sf “big box” retail property Fully leased to Rona until 2021 Owner occupier opportunities Redevelopment and value-add opportunities
Robert C. Levine, Principal 604.647.5066 [email protected]
Michael Gill, Principal 604.647.5067 [email protected]
Michael Farrell, Vice President 604.646.8388 [email protected]
Michael Emmott, Senior Associate 604.647.1335 [email protected]
McC
Hi
onn
w gh
e ll
Roa
d
11 ay
34530
McConnell road abbotsford, BC
34530
mcconnell road abbotsford, BC
Property Summary
Opportunity
Municipal Address 34530 McConnell Road, Abbotsford, BC
Avison Young is pleased to present the opportunity to purchase 34530 McConnell Road in Abbotsford. This offering consists of a 100% freehold interest in an 85,218 square foot retail and warehouse building on 6.93 acres of land.
Legal Description Lot 2, Section 11, Township 16, New Westminster District Plan LMP 19477 Property I.D. 019-004-443 Site Size 6.93 acres (301,871 sf) Rentable Area 85,218 sf Parking / Parking Ratio 375 surface stalls 4.4 per 1,000 sf rentable floor area Clear Height 20 feet Occupancy Leased to Rona until July 2021, with a pre-determined rental increase in July 2016. Rona is currently not operating at this location. Year Built 2001 2014 Gross Property Taxes $344,754.17 Financing Clear Title Bare Trustee The title to the Property is held in a bare trustee. Price Contact Listing Agents Net Income $1,113,200 per annum (current) $1,224,520 per annum (July 2016) Operating & Property Tax Costs (2015 Budget) $393,943 ($4.62 psf)
The property is fully leased to Rona under the terms of a carefree net lease expiring on July 11, 2021. Rona has ceased operating out of this location, but is still responsible for its rental payments until the lease expiry. The rental and property tax and operating cost obligations of Rona for the duration of the term are estimated to be approximately $10 million. The offering is an excellent opportunity to purchase a property that offers a secure holding income over the next six years or, in lieu of the rental stream, investigate the possibility of negotiating a lump sum termination payment with Rona. Re-tenanting the Rona space and developing additional retail space on the site could create excellent value add circumstances for the property. The property benefits from a prominent location adjacent to Costco and just south of RioCan’s Abbotsford Power Centre that features Winners HomeSense as an anchor tenant in the Sumas Way retail thoroughfare.
Property Advantages 99 99 99 99 99 99
The only modern “big box” retail opportunity for sale in the Fraser Valley. Suitable for investors, developers with value-add strategies, or owner-occupiers. Secure income stream until 2021. Long-term lease to Rona, with one rental increase remaining in the term. Existing site coverage is approximately 25%, zoning allows for 50%. The large-format, warehouse-type configuration of the property accommodates a wide variety of occupier types including traditional big-box retailers or retailers requiring retail showroom space, as well as a warehouse to accommodate inventory.
Strong Retail Location 99 Situated in a dominant big box retail node. 99 Adjacent to the only Costco serving Abbotsford, Mission, and Chilliwack (next store is 30km west in the City of Langley). 99 With a current population of approximately 143,000, Abbotsford’s population is projected to reach 200,000 residents by 2035. 99 According to MPC Intelligence, over 700 residential units are currently under construction and a further 5,753 units are planned in the Abbotsford/Aldergrove sub-market. 99 New industrial properties are under development west of the property, on McConnell Road. 99 Improved vehicular access through proposed at-grade vehicular rail crossing immediately west of the property, connecting the industrial business parks on Riverside Avenue with the retail properties along Sumas Way and McConnell Road.
General Construction The building’s exterior walls consist primarily of prefinished metal panels. Low-slope roof systems are EPDM waterproofing membrane and insulated standing seam metal roof. The warehouse area is a 44’x27’ column grid. Interior ceiling heights are approximately 19-21’. Floors are polished concrete.
The current estimate of 3.9 million square feet (msf) of retail inventory in Abbotsford is projected to grow by an additional 1.5 msf by 2035, when Abbotsford’s population is expected to approach 200,000 residents. The greatest proportion of retail demand is expected to occur in grocery/supermarket stores and general merchandise (Source: City of Abbotsford Economic Development). Notable retail nodes and projects in Abbotsford include Highstreet (600,000 sf) and the Fraser Valley Auto Mall in Mt. Lehman, SevenOaks Shopping Centre (563,000 sf), and Clearbrook Town Square (188,000 sf) in the City Centre, and Abbotsford Power Centre (455,000 sf) in the Sumas Way “big box” retail node.
Traffic Counts Average Daily Traffic Volume* Sumas Way (Highway 11) northbound & southbound at TransCanada Hwy (2007)
33,000
TransCanada Highway westbound and eastbound at Sumas Way (2013)
67,000
*Represents most recent Ministry of Transportation statistics
Site Plan
ABBOTSFORD POWER CENTRE (455,214 sf) Winners Homesense PetSmart
Abbotsford Demographic Snapshot Abbotsford (CY) 137,686
2013 estimated
142,881
2016 projected
149,631
2018 projected
154,133
2023 projected
167,551 Abbotsford (CY) $84,904
2016 projected
$94,548
2018 projected
$101,016
Zoning Intent: “To accommodate a wide range of commercial uses in buildings two storeys or less, in an automobile-oriented environment.”
99 Maximum height is 10m or two storeys, whichever is less
ENTRANCE
OVERHEAD DOOR
OVERHEAD DOOR
STORAGE YARD
US BORDER (5 MINS)
99 Maximum 50% lot coverage
SHIPPING & RECEIVING
99 Maximum 1.0 FSR
COVERED YARD
99 Permitted uses including bus depot, nursery, restaurant, retail, trade school, fitness studio, indoor recreation, funeral parlour, accessory residential use or accessory office use
EXIT
COVERED GARDEN CENTRE
Source: PCensus
GARDEN CENTRE GREENHOUSE
2013 estimated
SUBJECT PROPERTY
Sumas Way
2011 Census*
Avg. Household Income
The Source Quiznos Wendy’s/Tim Hortons
McConnell Road
ACKS BC RAIL RAILWAY TR
Total Population
NORTH
Abbotsford Retail Market
Mission (15 mins)
Highway 11 Vancouver (55 mins)
TransC
anad a
Highw
ay
Agricultural Land Reserve
Chilliwack (25 mins)
Proposed at-grade
rail crossing
ers R iv
ide
Rd
Subject Property
m Su
a
McC onn
/ ay sW
Hi
g
hw
e ll
Roa
d
11 ay
Agricultural Land Reserve
Canada/U.S. Border Crossing (5 mins)
Partnership. Performance. Avison Young Commercial Real Estate (B.C.) Inc. #2100-1055 W. Georgia Street Box 11109 Royal Centre Vancouver, BC V6E 3P3, Canada Robert C. Levine, Principal 604.647.5066 [email protected]
Michael Gill, Principal 604.647.5067 [email protected]
Michael Farrell, Vice President 604.646.8388 [email protected]
Michael Emmott, Senior Associate 604.647.1335 [email protected]
avisonyoung.com
© 2015 Avison Young (Canada) Inc. All rights reserved. E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young Commercial Real Estate (BC) Inc.
