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4.65 acres SOLD on Rothesay Avenue

60 Rothesay Avenue, Saint John, NB

A high profile parcel of land totaling 4.65 acres has been SOLD. The land wraps around the existing Canadian Tire Gas Bar and has road frontage on both Rothesay Avenue and McAllister Drive. Watch for a new retail project happening soon!

Stephanie Turner was the Listing Agent

Lorneville Mechanical leasing E.S. Fox building

405 King William Road, Saint John

As reported by HUDDLE, Lorneville Mechanical Contractor’s Ltd (“Lorneville”) announced this week that they won a contract to fabricate large modules as part of an expansion at the Irving Oil Refinery. Although they’re manufacturing the components at their current facility in the Spruce Lake Industrial Park, they required additional space. The nearby E.S. Fox building located at 405 King William Road was vacant and on the market. They’re using the Fox building for their tooling group and for some material storage associated with the project. “Given the short term nature of the contact, it didn’t make financial sense to purchase the building but we were fortunate enough to be able to negotiate a 9 month lease of the facility” says Todd Bethune, Lorneville’s C.F.O. There were other ways to satisfy the requirement for additional space but the close proximity to Lorneville’s current facility made the E.S. Fox building an ideal solution and both sides were pleased to be able to hammer out a deal.  

The 24,000 sq ft facility with 54’ clear ceiling height sits on 27 acres of land and is ideal for large module manufacturing. It will continue to be marketed for sale or lease and will be vacated by Lorneville in early March 2018. For more information on 405 King William Road click HERE

Stephanie Turner represented both the Landlord and Tenant in the transaction

Is talking to the media worth it? #91King

Despite the fact that they often screw it up (not you Huddle!)… the answer is yes! Especially since I’m fortunate to have a platform where I can help set the record straight.

I did an interview this week with a rookie Telegraph Journal reporter. She did not misquote me in the story but left out a lot of great stuff that would have made this a positive story! Things such as:

  • I told her that it’s not unheard of for large redevelopment projects such as this to take as long as 4 years to sell. 1) The Bustins portfolio took 4 years and look at it now! (Thanks Historica!!). 2) Le Faubourg at 125 Prince William Street had been listed for several years and is FINALLY under agreement and is scheduled to close in 2017.
  • Yes, I did say there are not many investors willing to take risk but I did not say there aren’t any… we just need more!
  • 91 King has seen a flurry of activity since Irving Oil’s Home Office began construction across the square.

And lastly, when asked about the status of the retail market in uptown Saint John I could not stop gushing about the vibe uptown… the unique restaurants, pubs & micro breweries that are quickly putting Uptown Saint John on the map as a “foodie destination”. We have this growing cluster and it will attract more!

Missed the TJ article? You can read it below SOURCE: TODAY’S EDITION on-line at thttp://digital.olivesoftware.com/Olive/ODN/TelegraphJournal/#

 

#GrowSJ Update. Top 3 salient points related to commercial real estate

Mayor Don Darling just shared a report by the city’s Commissioner of Growth and Community Development Services.

Here are the top 3 salient points relating to commercial real estate:

  1. Major project construction accounted for more than half of the 80 million dollars of construction projects in 2016. Notably phases one and two of the IOL home office project, the new Uptown Liquor store and retail expansion in East Point, McAllister Mall and in Millidgeville.
  2. Another portion of the $80 Million included re-investment in the City’s Heritage districts including major renovations to the Imperial Theatre and 20 other smaller heritage renovation projects. The City’s heritage districts were funded by the city’s heritage incentive program.
  3. There is 137,493 square meters (that’s almost 34 acres!) of vacant land in our prime central neighbourhood, at rates a fraction of the cost of Canada’s major cities, and ready to be developed. The land is a mix of commercial & residential. The map below shows some of the commercial opportunities.
in-fill-map

Uptown In-Fill Map. Vacant Land Highlighted in Red

READ MAYOR DON DARLING’S ENTIRE UPDATE HERE  (3 minute read)

Moosehead & Cox were two most popular stories of 2016

Now that we’re in to 2017, I wanted to thank everyone who has visited my website/blog in 2016. The site got a ton more traffic last year, hitting a new annual record of 43,696 views (up from 25,546 in 2016).

best-day-everThe single best day was June 1st. The story that day was “Moosehead Should be at the Head of King Street #91king” with 6,679 views. UPDATE: Unfortunately, as most of you have heard Moosehead’s subsequent plans to build on the waterfront have been shelved. Maybe that means that they will reconsider #91king!  If you missed the original story you can find it HERE

My next most-read story of 2016 was on April 27th and it was “Cox Electronic Winding Down Retail Business” with 5,298 views. UPDATE: The story said that the store would be open until the end of 2016 but wound up closing several weeks earlier. This showcase property is for sale or lease. Did you miss the story in April? You can read it HERE

countries-chart-2Where do you think these “views” come from? Canada and the US rank 1 & 2 but would you have guessed that France is 3rd? Next come South Korea & Barbados. See chart to the right for the top 10 countries of original of traffic to www.SJcommercialRE.com

Thanks again for visiting and a big shout to www.huddle.today for picking up several of my stories in 2016. I’m looking forward to 2017 and what the Saint John Commercial Real Estate market has in store. Don’t forget to follow me on Twitter @steffturner