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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.
$200 million private investment in New Brunswick economy!
A refinery shutdown is also called a turnaround. During turnarounds refineries usually carry out inspections and replace or upgrade equipment to ensure safety, reliability and improve environmental performance.
“The Irving refinery spent $60 million in 2014 which employed 2,000 workers for a million hours. The turnaround was such a big event, it had a $51.6 million impact on New Brunswick’s GDP. This is in part because the many workers needed food, accommodation and other necessities, which benefited the local economy.” Source: www.canadianfuels.ca
This year’s turnaround, dubbed Operation Falcon #opfalcon, was just announced and involves a reported investment of $200,000,000! That’s over 3 times last year’s investment. This is the largest private sector investment in New Brunswick this year. The fundamental issue in determining the size of the economic impact is the “openness” (more…)