Saint John Commercial Real Estate

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Bank of Canada building SOLD

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 of Partners Global 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, Partners Global was the Listing Agent and Milad Debly, Century 21 represented the Buyer.

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

Canadian Nuclear Partners sets down roots in Saint John

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, Partners Global, represented both the Landlord and Tenant in this commercial leasing transaction

SOLD – 1655 Manawagonish Road

1655 Manawagonish Road, Saint John, NB

Many passers-by believed this brick building was a church due to the signage out front which read “Convention of Atlantic Baptist Churches” but it was purpose built in 1981 as a two story office building. After several years on the market, the property was sold late last week. The property was sold to Unifor and new owners plan to continue to use it as an office building.

sold photo

Stephanie Turner, Partners Global, represented the Seller and Mike Hosford, Colliers Moncton, 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

 

T4G is Moving Uptown (more pics)

384 Lancaster Avenue, Saint John, NB

T4G has announced that they are moving their Saint John operation to an uptown location. As such, they have put their building, located at 384 Lancaster Avenue, on the market. The decision to move uptown is motivated by their desire to be a bigger part of the knowledge and tech industry in Saint John. This is just one more nod to the increasing vibrancy that uptown Saint John has been experiencing recently and helps foster the Brick Park “knowledge park” movement which is aimed to grow the cluster of knowledge industry companies working in close proximity uptown.

T4G is still considering options for their new location.

For more information on 384 Lancaster Avenue opportunity click HERE

Note: Some photos of the interior of 384 Lancaster Ave can be seen below.

LEASED… last 2 units at Irving Millennium Drive development

8-10 Millennium Drive, Quispamsis, New Brunswick

leased editMurphy’s Pharmacies of PEI are opening a location in Quispamsis under the Guardian Drugs banner. Murphy’s operates a chain of independent pharmacies and have been serving the health needs of communities across Prince Edward Island for 30 years.  “We’re been working with Irving Oil through Partners Global and Provincial Realty for some time now to lease space in the Millennium Drive retail development. We’ve leased the two remaining vacant units between Subway and House of Chan. One side will be a pharmacy and the other a medical clinic including after-hours clinic” said Jeff Murphy, Chief Financial Officer at Murphy’s Pharmacies. “We love the location. Being close to a growing residential area made a lot of sense for us.”

Stephanie Turner was the listing agent.