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75 Prince William Street, Saint John, NB
Known as the Bank of Canada Building, the circa 1960’s office building with a mid-century vibe has sold. The property, strategically located at the epicenter of uptown Saint John’s business district, was acquired by an investor from Calgary Alberta. The property traded for $1,680,000
The Seller, Prince Williams Properties ULC, based in California, had owned the building for several years. Strong leasing activity in the building over the last 18 months meant that the building was almost fully occupied with a strong mix of tenants making the property more attractive to investors.
“I really appreciate the expertise and diligence of Stephanie Turner in securing the leases in a challenging environment and ultimately closing the sale on the property. It’s been a pleasure to work with her.” commented the seller.
In their own announcement earlier today, the buyer stated “At 34,500 sq ft and 12 units, it is the largest office building I have bought yet. But what is more impressive is the team of extremely competent pros that made this happen during the chaos of COVID19 over the past couple months.”
Although these are uncertain times, the property boasts tenants in industries such as law, tech and alternative energy which continue to perform well despite the pandemic.
Stephanie Turner was the Listing Agent and Milad Debly, Century 21 represented the Buyer.
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.
According 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.
New leasing availability at CenterBeam Place!
Old-World Character Combined with New-World Engineering. A much sought-after location for any company seeking an unparalleled work environment of beauty and efficiency.
5,658 sf or 6,633 sf options ready for tenant fit-up. These ‘brick & beam style’ office suites offer plenty of large windows and natural light, as well as private elevator access
VIEW/DOWNLOAD/PRINT Marketing Flyer HERE
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.
819 Millidge Avenue, Saint John, NB
The transaction closed earlier this week and the buyer is still ensure what the future holds for the property. I’m sure the neighbours will be watching with interest!
Millidge Avenue is a major traffic artery and leads to Saint John’s central business district less than 10 minutes away.
Development in the immediate area consists mainly of single family homes with some commercial/retail developments nearby as well as two senior’s complexes. The Saint John Regional Hospital and the University of New Brunswick Saint John Campus are also located in Millidgeville. From a recreational stand point, Millidgeville is well served with easy access to Rockwood Park (one of the largest municipal parks in Canada) as well as the Royal Kennebeccasis Yacht Club.
Stephanie Turner represented both the Seller and the Buyer
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.
75 Prince William Street, Saint John, New Brunswick
New office at 75 Prince William Street in the Bank of Canada Building
Canadian Nuclear Partners (CNP), a wholly-owned subsidiary of Ontario Power Generation, was established in 2012 and has grown into a well-respected service provider offering inspection, engineering, asset management, training and consulting services to clients in the power generating sector. With much success in Ontario, CNP has expanded their operations to Saint John, New Brunswick. The new office in Saint John is a welcome addition to the CNP network as it continues to create strong partnerships with various stakeholders in the region.
For CNP’s Vice President, Jason Van Wart, it is an exciting time as he was born and raised in Saint John and looks forward to contributing to the community that was so instrumental to his upbringing. “It is an exciting time for CNP. We are growing on a national and international level. Having an office in Saint John is a wonderful opportunity to give back to the very community that has been an important part of our business and build new opportunities for the future.”
CNP looks forward to delivering on its key values of safety, integrity and excellence to the energy community in New Brunswick.
Stephanie Turner represented both the Landlord and Tenant in this commercial leasing transaction
75 Prince William Street, Saint John, NB
When Introhive first arrived in Saint John they needed office space quickly which allowed for flexibility while they ramped up their presence in Saint John. Connexion Works provides an ideal short term solution. Once they got a better handle on their growth strategy for this market it became evident that they would need to find a larger and more permanent solution. A search of the local vacant office space uncovered a space that seemed ideal. The space was formerly occupied by DFS Architects and had been completely renovated only 4 years ago. It has a cool modern vibe and a great view of the harbour! Introhive only needed to make a few minor changes to the space to make it perfect for them.
Introhive is a relationship data science platform for #CRM that drives user adoption and proactively delivers valuable insights about clients and prospects. They now have 16 employees in Saint John. Jerry Carr, Introhive’s CTO commented “We are continuously recruiting and having an awesome office space is a key part of attracting top talent.”
Stephanie Turner represented Introhive as well as DFS Architects and the head-landlord Prince Williams Property ULC in this leasing transaction.
The Bank of Canada building is also FOR SALE. For more info on this investment opportunity CLICK HERE
58 King Street, Saint John, New Brunswick
The history of Saint John is deep and often fascinating. I recently listed office space for lease on the top floor of 58 King Street and came to discover that the building is referred to as the Skinner Building.
“The Skinner Building was built in 1877 for clothier William Doherty. Alfred Skinner was the proprietor of a carpet wareroom in the building from the early 1880’s until the Great Depression in 1929.
After the “great fire”, Skinner started out on his own accord at 68 King Street. His business became too large for the premises so he relocated to this building. It was stated in the 1880’s that in Saint John there was no name more familiar in the households than “Skinner’s warerooms”.
He had many contracts for supplying carpets to hotels and public buildings throughout the Maritimes. In the early 1900’s Skinner’s was proclaimed to have the largest retail stock of floor coverings in Canada. ” READ MORE Source: www.historicaplaces.ca
Need office space? JUST LISTED: Located on the fourth floor, this 2,932 sf suite features exposed brick walls and modern/industrial vibe. Its layout comprises a reception / waiting area off the elevator, one private office, a spacious glassed-in boardroom, kitchenette and plenty of open space for workstations. Rich with character, this space will not last long – don’t miss out!