Industrial Property in Burnaby’s Royal Oak Neighborhood | $2.9M Transaction
Successful Sale of Industrial Property in Burnaby's Royal Oak Neighborhood
Case Study: Achieving a Swift, High-Value Transaction for 6841 Palm Avenue
On March 15, 2019, our team successfully facilitated the sale of an industrial property located at 6841 Palm Avenue, Burnaby, for $2,900,000. The transaction was completed swiftly, exceeding the client’s expectations in both price and terms
Transaction Details
- Property Address: 6841 Palm Avenue, Burnaby, BC
- Sale Price: $2,900,000
- Sale Date: March 15, 2019
- Property Type: Industrial building with redevelopment potential
- Site Size: 10,237 SF
- Gross Leasable Area: 5,344 SF
- Zoning: M4
Property Overview
The property, built in 1972, is a single-story industrial building situated in Burnaby’s Royal Oak neighborhood. It was identified in the Royal Oak Urban Village Official Community Plan as suitable for medium-density residential redevelopment, enhancing its appeal to potential buyers.
Challenges and Solutions
The owner, after 40 years of ownership, sought a swift, off-market sale at a high price due to personal circumstances. We conducted a comprehensive database search within two weeks to identify qualified buyers and prepared a due diligence package, including a clean Phase 1 environmental report, within one week. This proactive approach facilitated efficient negotiations and a quick closing.
Marketing Strategy
Despite the off-market nature of the sale, we leveraged our extensive network to identify and qualify interested parties quickly. Tours were arranged, and an offer submission date was set promptly, ensuring a competitive bidding environment.
Conclusion
Within a week, we received two offers. After rigorous negotiations, the client accepted an unconditional cash offer with a quick closing, aligning perfectly with their objectives. The final sale price and terms exceeded the client’s expectations.
Testimonial
"Sam Emam was a pleasure to work with during our recent sale transaction of 6841 Palm Avenue, Burnaby. His knowledge of Burnaby’s industrial market is second to none. He was very patient and diplomatic during the entire process, handling ongoing issues with the challenging buyer with extreme professionalism and courtesy. Sam kept us informed of every development right away. We highly recommend Sam Emam to sell your building as he always puts his client’s needs first."
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