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Bank of New Brunswick a.k.a Le Faubourg sold

125 Prince William Street, Saint John


First listed for sale in 2008 for $1,250,000, this building (easily identified by its massive pillars) has been sold. Over the years we’ve had a couple of offers which failed to close for different reasons but we’ve finally gotten this one across the finish line!

The buyers, Ron Lovett  & Courtney Sherlock from Halifax, see the building as a great long term investment. “We have really seen so much growth in uptown Saint John over the past 4 years. It’s really starting to come alive” commented Lovett.

 “The building is so beautiful, it just needs a little TLC” says Lovett.

The building is occupied by the previous owner Arc’f de Saint-Jean Inc. and they will be remaining as a tenant on the top floor of the building for up to 2 years. The ground floor on Water Street is home to Loyalist City Brewery.

The main vacancies are the former AlleyGria restaurant space on the level below Prince William and the Prince William Street “bar” space which many Saint John residents still remember operated at one time as the nightclub “Pillars”.

Stephanie Turner of Partners Global represented the Seller and Jason Stephen of Royal LePage represented the Buyer with a shout out to Judith Makin at TUCK Studio for being such a great ambassador for the building and the community!

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.

St. John Ambulance Building SOLD

65 University Avenue, Saint John, New Brunswick

This 3,000 sq ft building located in a high profile Millidgeville location has finally changed hands. The property has been “under agreement” for close to 3 months. Although the due diligence on commercial building usually does take time, this transaction was further complicated by the need to have the property rezoned. The property was previously zoned “Neighbourhood Community Facility” which limited what a buyer could do with the building to mainly institutional type uses. It took a buyer willing to pay the fee to the City to request that the property be re-zoned (with no guarantees) and the patience to wait through the 2 month process.

In the end, the buyer, Integrity Home Health Services, was successful in getting the property rezoned to “General Commercial” and will be operating their in-home health care business out of the facility. According to Kris Price, co-owner of Integrity Home Health Services, “The property suits us very well, with this much space it will allow us to grow and further develop our training program for our Personal Care Aids”

St. John Ambulance moved their training facility to Parkway Mall in East Saint John early this year.

Stephanie Turner of Partners Global represented the Seller, St John Ambulance
Andrew Baskin of Coldwell Banker represented the Buyer, Integrity Home Health Services

Colonial Inn being marketed for Sale-By-Tender

175 City Road, Saint John, New Brunswick

Buyers interested in the LAND, BUILDINGS, AND EQUIPMENT FORMERLY OPERATING as a HOTEL & RESTAURANT at 175 CITY ROAD, SAINT JOHN, NEW BRUNSWICK are encouraged to submit sealed offers to purchase.   Tender Bids are due by September 1st, 2017.  Note: The highest or any offer will not necessarily be accepted.

According to a news story that ran today on www.Country94.ca, The hotel and restaurant are now closed and some windows have been boarded up.  Local historian, Harold Wright, commented in the story that he feels “it already has a lot of good resources so if someone can put some money into it could add to Saint John’s economy.”

The site is located on the north side of City Road, just south of Highway 1. The property is approximately 2.45 acres (1 hectare) in size and irregular in shape (see PID Map below). The property has approximately 420 feet of road frontage on City Road and is approximately 275 feet deep.

The sale process is being administered by the receivers Powell Associates Ltd. The receiver has made allowances for buyers who are represented by a commercial real estate broker. If you are an investor interested in more information about the property including photos of the inside, booking a tour of the property and/or would like assistance in crafting a sealed bid offer, I can help.  Call Stephanie: 506-333-3442

 http://maritimetrustee.ca/property-for-sales-colonial-inn-saint-john-new-brunswick/

 
PID map                                                                                                             Photo source: Powell Associates Ltd

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 of Partners Global 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 4 years and is FINALLY under agreement and is scheduled to close in August.
  • 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/#