In what was perhaps the largest industrial transaction by dollar value in Metro Vancouver in Q4 2024, Manulife Financial Corporation (TSX: MFC) sold two industrial properties located in close proximity to one another to a single buyer.
The two industrial properties are located at 91 Glacier Street and 2440 Canoe Avenue — a 10-minute walk away from one another — in the Mayfair industrial area of Coquitlam located just north of the Port Mann Bridge and the Fraser River.
Manulife beneficially owns the properties under 91-93 Glacier (BC) Properties Inc. and 2440 Canoe (BC) Properties Inc., according to British Columbia's Land Owner Transparency Registry.
According to commercial real estate brokerage Cushman & Wakefield, Manulife sold both properties for $71,250,000 in Q4 2024 to Vancouver-based Belkorp.
BC Assessment values the Glacier Street property at $37,594,000 and the Canoe Avenue property at $38,894,000, for a total valuation — dated back to July 1, 2024 — of $76,488,000.
With the two properties totalling to 202,266 sq. ft, according to Cushman & Wakefield, the sale price translates to approximately $352 per sq. ft.
The sale was brokered by Stuart Morrison and Chris Morrison of Colliers, who announced the sale on LinkedIn earlier this month.
According to the brokers, both properties are currently fully-leased.
The 91 Glacier Street property is being used as a distribution centre for Bumper to Bumper, an auto parts provider, according to signage outside the building. The company is owned by Uni-Select Canada, who renewed their lease in 2020 and 2023.
The 2440 Canoe Street property is a single parcel that consists of two standalone buildings (2338 Canoe and 2440 Canoe) that together make up the Keyport Business Centre, according to signage outside the buildings as of June 2024. Tenants include ABB Inc., Delgate Warehousing & Distribution, Redpath Relocations, Effydesk, Refrigerative Supply, and Xenex Laboratories Inc.
Belkorp, the new owner, is a private investment company founded by Morris Belkin that focuses on real estate, operating businesses, and capital markets, according to the company's corporate website. The company is now led by Morris' son Stuart, who has been Chairman & CEO since 1987.
Belkorp holds a portfolio of multi-family real estate in Seattle, Portland, Phoenix, and Austin, while its industrial portfolio is concentrated in British Columbia. Last year, Belkorp was involved in a transaction with regional transportation provider TransLink that saw Belkorp sell two industrial properties in Surrey to TransLink for a combined $85.6 million.
