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SOLD: 90 Paradise Row

90 Paradise Row, Saint John, New Brunswick

SJ Energy closes on purchase. Plan to relocate Smythe Street substation. 

After over a year of searching and after considering at least 16 locations, SJ Energy has purchased 90 Paradise Row in Saint John, NB. The property consists of a commercial building with a gross leasable area of 8,934 square feet sitting on 0.42 acres. The property also includes surplus land of 0.89 acres. This surplus land has been identified as the site of a new SJ Energy substation which will replace the current facility located on Smythe Street by Harbour Passage.

Saint John Energy Looks To Move Uptown Substation

Artist rendering of new Paradise Row substation Photo courtesy of http://www.thewave.ca and the City of Saint John

According to a http://www.thewave.ca story which ran back in early August, the Smythe Street substation is at the end of its life. Dana Young, manager of asset management for Saint John Energy, said there are several reasons why they want to build the new substation elsewhere. “The Union substation is currently in a zone that’s at risk of flooding as sea levels continue to rise. 90 Paradise Row is at a higher elevation.”

The property required a rezoning for this use which took a little longer than planned due to COVID and the challenges in holding public hearings. Ultimately the re-zoning was approved and the sale closed at the end of August.

The Smythe Street substation sits on some pretty desirable waterfront real estate. While the substation was at the end of its useful life and at risk of flooding some day, it could also be argued that it was not the highest and best use of that land. Once the new Paradise Row substation is built, SJ Energy will start the process of decommissioning the Smythe Street facilities.

Stephanie Turner represented the purchaser (SJ Energy) in this commercial real estate transaction.


To read the entire story than ran back on August 5th, click the link below

Saint John Energy Looks To Move Uptown Substation

Who is Brunswick Brokers?

Some of you have seen the news that the Saint John & Moncton offices of Partners Global have rebranded. Back in 2015, just about the time I joined the brokerage, Brunswick Brokers Limited created an alliance with Halifax based Partners Global Corporate Real Estate. After a five year partnership, it was determined that it was time for each company to stand on it’s own again.

With the help of local company Bonfire, we developed a new logo which was the launching point for our whole new look. We hired a local in-house marketing resource, rolled out a new website www.bbrokers.ca, new email addresses and new signage. Otherwise, It’s business as usual in Saint John!

DON’T FORGET TO UPDATE MY EMAIL ADDRESS! It’s now sturner@bbrokers.ca and watch for our new signs out in the market now!

LEASED – 30 Whitebone

30 Whitebone Way, Unit 3, Saint John, New Brunswick

McCoy Turnkey Construction just signed the lease on this industrial/commercial space in the McAllister Industrial Park. Earlier this year the company leased a small warehouse in the sister building (34 Whitebone) located next door. “The company is growing and we are busting at the seams in our current space” says Mike McCoy, owner. “Adding to our infrastructure here in Saint John will help us ramp up to the demand on our crews. We’re also looking to expand in Fredericton.”

The demand for residential and commercial construction projects has been brisk despite the pandemic.

Stephanie Turner represented both McCoy Turnkey Construction and the Landlord (Broadway Place Ltd) in this commercial real estate transaction. 

Broadway Place Ltd. is a New Brunswick based commercial real estate holding company  They currently own over 420,000 sq ft of building space throughout New Brunswick.

NEW SEA Bird Suites – Millidgeville

819 Millidge Ave, Saint John, New Brunswick

Site of the former Mission Church (St John the Baptist & St Clement) 

Two signs have recently appeared at the corner of Millidge Avenue and Daniel Drive in Millidgeville. Work is now scheduled to begin on a $17-million multi-residential development called “SEA Bird Suites”.

According to the sign, the demolition of the existing church and rectory will start on March 23rd and is estimated to last approximately 10 days. Anyone interested in the development can contact Stephen: 647-3228


Stephanie Turner represented both the seller and the buyer on the 1.94 acre property acquisition. 

Converted Malls & Bullpen Environments: Effects on Office Leasing

bull pen exampleAccording to a recent article “Office, industrial vacancies decline across New Brunswick” published in the on-line Real Estate News Exchange.

“There were 43 office buildings with a combined gross leasable area of 2.51 million square feet surveyed in Greater Saint John.”

The overall office vacancy rate in our market decreased from 19.1% in 2018 to 14.07% last year. Despite this improvement, the vacancy rate is still considered higher than is desirable. A couple of explanations were given…

 

“The office market in Saint John is in some ways the victim of the city’s past economic success, which saw a number of urban shopping centres constructed in the 1960s and 1970s,” Baird Allen [manager of Turner Drake’s economic intelligence unit] explained. “When demand for retail space shifted away from these malls, they were converted to office space, so the city has a disproportionate amount of class-C office space for a city of its size.

“This oversupply is a contributing factor to the high vacancy rate. Other factors include the nature of the economy in Saint John, which has a strong industrial focus, as well as broader trends in how office space is utilized — going from individual offices to cubicles, and now to flex space and bullpen environments where employees work in communal spaces that require fewer square feet of office space per person.”

Read the entire article below which provides further insight in the Saint John office & warehouse leasing market as well as stats for Moncton and Fredericton.

Office, industrial vacancies decline across New Brunswick

Welcome Hatch to Uptown Saint John

58 King Street, Saint John, New Brunswick

Directly on the heals of Commercial Properties Limited announcing they were moving their offices from the 4th floor of 58 King to a much needed/expanded space at the Red Rose building, we are pleased to confirm that the space has been leased to Hatch. The space is 2,932 square feet (located above the radio station on King Street) and needed very little in the way of leasehold improvements to meet Hatch’s needs. The space has some exposed brick and an open ceiling offering a modern industrial feel while maintaining much of the heritage character of the building.

Hatch supplies engineering, project & construction, business consulting and operational services to the mining, metallurgical, energy and infrastructure industries. They are relocating their office from the Marr Road in Rothesay to the uptown core.

“We see Saint John as a growth market for us and this new location brings us closer to two of our major clients while also providing additional amenities for our staff such as nearby parks, coffee shops and eateries.” commented Lorne Flowers from Hatch.

Please join me in welcoming Hatch to Uptown Saint John.

Stephanie Turner represented the Landlord and Greg Brewster, Colliers represented the Tenant in the transaction.

JUST LEASED: 340 King William Road

340 King William Road, Saint John, New Brunswick

A 10,000+ industrial warehouse building and fenced compound in the Spruce Lake Industrial Park has been leased. The Landlord is Sandav Holdings Ltd out of St John’s NFLD. The property has had many used over the years including being the NB home-base for Household Movers & Shippers, a Coca-Cola distribution centre and most recently was leased to GFL Environmental Inc. Upgrades will be performed on the building and lands over the next few months. The new tenants expects to take possession around August 1st of this year.

Stephanie Turner was the listing agent.

SOLD – 60 Enterprise Drive, Quispamsis

sold imageA 6,600 square foot industrial building sitting on 2.18 acres of land and located in the Hammond River Industrial Park has been sold. The vendor was Price Waterhouse Coopers Limited as Private Receiver of 670558 NB Ltd. The property had garnered a fair amount of interest while listed particularly towards the end of 2018 when multiple offers came in. The successfully buyer is a local company and will be issuing a press release soon. Rumour has it that the building nearby, formerly occupied by Select Kitchen, also traded recently. This is great news for the town of Quispamsis’ Hammond River Industrial Park as it continues to attract investment and diversify it’s business base.

Stephanie Turner represented the seller and Noreen Russell, Royal LePage Atlantic represented the buyer.

75 Prince William LOCATION LOCATION LOCATION

AUGUST, 2018. The old adage that location is key still hold true. With the recent announcement of the new museum on the Saint John waterfront, 75 Prince William Street has it in spades.

According to the CBC story “The “landmark” four-storey, 120,000 square foot building [museum] is intended to present a glass and terra cotta front on two sides facing the harbour and Market Square, and a more traditional look toward the uptown.”

The story goes on to say “The museum is intended to be the first piece for the long anticipated Fundy Quay development, which could someday include residential and commercial projects on the waterfront next to Market Square.”

Check out the aerial view of the immediate area below and find out more about the opportunity at 75 PRINCE WILLIAM STREET  (SOLD)

 

SOLD – 384 Lancaster Avenue

Pure Nature’s Wellness Inc.,  a wholly owned subsidiary of Aphria Inc., has finalized the purchase of 384 Lancaster Ave in west Saint John. The property will be used in the future as a laboratory for the testing and production of medicinal cannabis oils.   In a recent CBC story, Ian Scott, Aphria’s Product Development Officer, said “This facility will be staffed with chemists, scientists, laboratory technicians, research and development experts as well as all the required process and packaging support staff.”

In order to allow for the use, the property was successfully rezoned to “Business Park Commercial” with the added condition the property is not to be used in future for anything other than a cannabis processing facility. Rick Turner of Hughes Surveys in Saint John assisted Aphria with the logistics of the re-zoning application and public consultation to address any local concerns.

Early on, the Province of New Brunswick recognized this relatively new and fast growing industry as an opportunity for our province and have been proactive in their efforts to attract cannabis related businesses to NB. Steve Milbury of Opportunities New Brunswick, the province’s economic development agency, was involved in attracting Aphria to our province and helped support Aphria in their efforts to get the Lancaster property re-zoned for their use.

Stephanie Turner represented both the Sellers and Buyers in this commercial real estate transaction.