Winnipeg Free Press

Winnipeg Free Press (Newspaper) - February 02, 2015, Winnipeg, Manitoba C M Y K PAGE B4 204 928 5000 www. dtzwinnipeg. com Martin McGarry martin. mcgarry@ dtzwinnipeg. com For Sub- Lease 1821 Wellington Avenue ( Airport Place) Industrial Space (+/-) 146,261 sq ft. Available Immediately Extremely cost effective space located within CentrePort Canada and located directly adjacent to James A Richardson International Airport. Great space for a variety of distribution and manufacturing uses. Huge lot for ease of truck access, maneuverability and outside storage. 13 dock doors ( 8' X10'), 1 grade door ( 12' x10'), 1 ( 8' x10') dock door with internal ramp. Pylon sign space available. Zoning: M2. Jane Arnot jane. arnot@ dtzwinnipeg. com Cam & Tax: Lease Rate: $ 5.25 psf until August 2015 $ 5.50 psf until August 2016 $ 1.62 psf ( 2013 est.). Includes hydro, water, gas, and management fees Independently Owned & Operated p r o f e s s i o n a l s 1601 Buffalo Place 204- 957- 0500 Independently Owned & Operated p r o f e s s i o n a l s 1601 Buffalo Place 204- 957- 0500 ALL AVAILABLE WINNIPEG OFFICE SPACE CENTRALIZED ON ONE FREE WEBSITE www. joebanfield. com is a division of www. officespacewinnipeg. com BUSINESS RELOCATING REAL ESTATE FOR SALE G. T. Rowswell Realty Leasing Co. 300- 460 Main Street, Winnipeg, MB. R3B 1B6 Ph: 204- 957- 1834 Fax: 204- 943- 8696 Downtown North of Portage Ave. Total Building Size approx. 8,500 Sq. Ft. Potential Development to 13,000 Sq. Ft. Age 1985. Zoning C2. Parking for 34 cars G. T. Rowswell Realty Leasing Co. 300- 460 Main Street, Winnipeg, MB. R3B 1B6 Ph: 204- 957- 1834 Fax: 204- 943- 8696 Contact Graeme T. Rowswell 204- 981- 7455 Contact Graeme T. Rowswell 204- 981- 7455 BUSINESS RELOCATING REAL ESTATE FOR SALE 657 Corydon Ave. 2,500 Sq. Ft. Premises having Main Floor 1,300 Sq. Ft. Retail; Second Floor 1,200 Sq. Ft. Office; Basement 700 Sq. Ft. Effective Age 1970. Zoning C2. Parking for 6/ 9 on site. Possession Arranged. Exclusive Destination Boutique/ Professional Space for Lease Last space ( 1130 sq. ft. main floor) available in Winnipeg's premiere location, in the centre of the three highest disposable income neighbourhoods. Cost efficient, contemporary & geothermal, with easy parking, landlord onsite. Join these leading professionals: please view at: www. 1735corydon. ca Cindy Dyson Fine Art Opening February 23 Opening Fall 2015 BUSINESS EDITOR: SHANE MINKIN 204- 697- 7292 I SHANE. MINKIN@ FREEPRESS. MB. CA I WINNIPEGFREEPRESS. COM MONDAY, FEBRUARY 2, 2015 B 4 I T was a record- smashing year for sales of investment properties in Winnipeg in 2014. Preliminary year- end numbers compiled by Colliers International show nearly $ 1 billion worth of properties - $ 972 million to be exact - changed hands last year in the city. That's nearly a quarter of a billion dollars more than the previous record of $ 762 million set in 2007. " There's lots of people, there's lots of money, and there are lots of deals going on," Don White, executive vice- president of national investment services for Colliers' Winnipeg office, told a recent Real Estate Institute of Manitoba's forecast luncheon. The 140 properties that were snapped up included office, retail, industrial and apartment buildings. " We also saw a lot of land trading last year, as people jockeyed for development opportunities for the coming year," White added. He said the buyers included real estate investment trusts, pension funds and private- equity investors from here and other parts of Canada. " The capital is coming from everywhere." He said out- of- province investors have taken an added interest in the Winnipeg market in the wake of the Manitoba economy's strong performance during the 2008- 09 global recession and the string of high- profile real estate developments that have occurred here over the past decade - such things as the new airport terminal, the new stadium and the Canadian Museum for Human Rights. " So the real estate fundamentals and the economic fundamentals have been largely positive," he added. " It's true to what Winnipeg is. We have moderate expectations, and with moderate expectations comes balance. While to some people that might sound boring, if you're an investor, that's good." White said the biggest frustration for investors is the demand for quality investment properties far outweighs the available supply. " There is a stubborn part of the market right now, and that stubborn part is people who own things and say they won't sell for two reasons," he said. " One, they fear paying tax. And two, they don't know what they'd do with the money." He warned that strategy could backfire if frustrated investors who can't find existing buildings to buy opt to build new ones instead. He noted there's already some of that happening with some of the new apartment blocks being built in the city in the last few years. But while it's still a healthy, well- balanced market, it won't be if there's a sudden onslaught of new office, retail, industrial and multi- family residential development, White said. That could lead to an oversupply of investment properties, which could drive down property values. " So that stubborn market... had better be aware of the construction that's here because it's real," he added, " and I think it's going to come at a pretty good clip in the coming years." The two most active investment sectors in 2014 were office and retail, which accounted for about $ 640 million of last year's sales total. A prime example was the sale of the 33- storey office tower at 201 Portage Ave., along with an adjoining parkade and a vacant lot at 416 Main St., for more than $ 150 million. Others were the sale of the Kildonan Place shopping centre for $ 138.5 million and the sale of the Cargill Building - an eight- storey office/ retail complex on Graham Avenue - for more than $ 40 million. Main Street artist- market project long on dreams, short on cash A FINANCING shortfall is threatening to scuttle a proposed artist market under construction in a long- vacant building on Main Street. Ryan Poworoznik, a local graphic designer/ artist/ photographer, had hoped to have his Compendium Artist Market completed by now. The project involves gutting the interior of a 2,400- square- foot building at 564 � Main St. and turning it into a mixed- use facility featuring an art gallery, a craft market, a photography studio and an organic coffee/ juice bar. But due to some unforeseen issues with his banker and ongoing problems with the project's plumbing- and- heating contractor, the project is far from completed and Poworoznik doesn't have the funds to finish it. He said after failing to reach a settlement with his bank, he's now awaiting the outcome of an appeal. " I'm hoping that things will turn out in my favour and that the bank will be advised to provide enough compensation ( to) allow me to get back on track. But I won't know for another month or so," he explained in a recent email. " If that fails, that will be it, unless I find investor( s) or a partner to continue on with. However, my attempts to find either have come up empty thus far." Poworoznik said he's hoping someone will read about his predicament and offer to help. " If I'm not able to get the money... it'll be a waste of several years and the hundreds of thousands of dollars it took to get to this point," he added. " It'll likely be a debt that I'll never be able to pay off and will leave me ( and my family who have invested in the project) with quite an uncertain future." Know of any newsworthy or interesting trends or developments in the local office, retail or industrial real estate sectors? Let real estate reporter Murray McNeill know at the email address below, or at 204- 697- 7254. murray. mcneill@ freepress. mb. ca 2014 big year for investments Property sales hit record as buyers focus on city INVESTMENT PROPERTY MURRAY McNEILL KEN GIGLIOTTI / WINNIPEG FREE PRESS FILES The building at 201 Portage Ave., along with a parkade and vacant lot, sold for more than $ 150 million. PHIL HOSSACK / WINNIPEG FREE PRESS FILES Ryan Poworoznik says he's having issues with his banker and his plumbing- and- heating contractor. Commercial Properties & Investments B_ 04_ Feb- 02- 15_ FP_ 01. indd B4 2/ 1/ 15 6: 37: 52 PM ;