Industrial Property in Burnaby’s Edmonds Neighborhood | $3.48M Transaction
Successful Sale of Industrial Property in Burnaby's Edmonds Neighborhood
Case Study: Navigating Environmental Challenges and Securing Client-Favorable Terms
On January 30, 2018, Sam and his team facilitated the sale of an industrial property located at 7444 Edmonds Street, Burnaby, for $3,480,000. Despite environmental challenges, they secured a favorable deal, including a two-year leaseback arrangement, aligning with the client’s business continuity goals.
Transaction Details
- Property Address: 7444 Edmonds Street, Burnaby, BC
- Sale Price: $3,480,000
- Sale Date: January 30, 2018
- Property Type: Industrial building with future high-density mixed-use development potential
Property Overview
The property, occupied by BIG O TIRES, was identified in the City of Burnaby’s Edmonds Official Community Plan as supporting high-density mixed-use development, along with five neighboring lots for potential future development. This designation enhanced the property’s value beyond its current industrial use.
Challenges and Solutions
The sale process was complicated due to environmental challenges requiring extensive testing and reporting. Sam and his team collaborated with Next Environmental to complete mandatory reports, including Phase 1, Phase 2, and a Detailed Site Investigation (DSI), ensuring compliance and transparency for potential buyers.
Market Strategy
A comprehensive due diligence and marketing package was prepared, targeting local, national, and international developers interested in high-density mixed-use development sites. The marketing strategy encompassed direct marketing, paid advertising, social media, and listings on various commercial real estate websites, effectively reaching a broad audience.
Conclusion
An investor presented a compelling offer, which the clients accepted, including a two-year leaseback at a favorable rate, allowing them to continue operating their business while planning for the future.
Testimonial
"Sam marketed and sold our building at 7444 Edmonds in Burnaby. The process was complicated due to environmental challenges, but Sam stayed committed during the whole process of environmental testing and kept the purchaser engaged. Our industrial building had land value for future high-density mixed-use development, so Sam got us an amazing price. Sam kept us informed of each step during the process and got the job done. We highly recommend Sam Emam to handle the sale of your building."
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