Business in Brief - Victoria
Wednesday, Jul 15, 2009
Wednesday, Jul 15, 2009
Commercial building awards
VICTORIA - The Commercial Division of the Victoria Real Estate Board is currently seeking nominations for its 18th annual Commercial Building Awards.
This competition is dedicated solely to the advancement of excellence in exterior construction and design of commercial building and development projects throughout the Greater Victoria area.
Eligibility is simple. Nominated projects must have been completed between June 1, 2008 and May 31, 2009, be sensitive to the environment, esthetically pleasing and answer a specific developmental need within the community.
Excellence awards are presented in Industrial, Commercial and Investment categories. Subcategories are developed by the competition judges and are based on nominations received. Judges are chosen each year from Victoria’s business community.
For more information or a copy of the nomination form, please visit www.vreb.org/commercial.html or call the Victoria Real Estate Board at (250) 385-7766.
Columbia Fuels sold for $34.5M
VICTORIA - Columbia Fuels has been sold for $34.5 Million to Alberta-based Parkland Income Fund bought the home-heating oil supplier for $34.5 million.
“We’re a major national independent fuel marketer and we don’t have a large presence on Vancouver Island so it was a natural fit with us,” Mike Chorlton, Parkland president, said.
Columbia Fuels sells bulk fuel, lubricant, cardlock and biofuel, as well as being the major supplier of home heating oil on the Island. It has 200 employees.
Bear Mountain sale is near?
LANGFORD - Bear Mountain owner Len Barrie is apparently reconsidering selling the development to Siraj Capital, a Saudi Arabian financial consortium.
The sukuk, or an Islamic bond issue, hopes to raise $380 Million by the end of August to buy Barrie, who also owns the National Hockey League’s Tampa Bay Lightning, out of Bear Mountain.
Barrie is president and CEO of the Bear Mountain Master Partnership, was in London negotiating with Siraj, but told the Victoria Times Colonist that he admits he is undecided about selling the 500-hectare development which he believes could be worth between $2.5 Billion and $3.2 Billion when fully built out.
“I think we might want to hold,” Barrie told the Times Colonist, noting the Victoria real estate market has started to rebound and his development has recently inked deals for 120 properties with expectations that number could hit 190 in August.
For the past six months, Barrie and his group have been negotiating with Siraj Capital on a deal rumoured to be worth over $400 Million.
Red Barn stores purchased
VICTORIA - A group of four former Thrifty Foods managers have purchased the three Red Barn Market outlets in Saanich.
Russ Benwell, Ashley Bourque, Sam Schwabe and Peter Hansen have purchased the Red Barn Country Market at Vanalman Avenue, and markets at Mattick’s Farm in Cordova Bay and at 5550 West Saanich Road from Ian Fatt, who is retiring.
Concert looks at Yates build
VICTORIA - Concert Properties is looking at building a 12 storey office building in the 700 block of Yates Street.
Concert owns the vacant lot at 726-728 Yates, and has acquired, subject to conditions, adjoining properties to the east, including the English Sweet Shop up to Millie’s Lane.
Concert would build an office tower featuring retail stores at ground level with two levels of underground parking, if it obtains the necessary zoning.
Concert has built a number of projects in Greater Victoria, including the Belvedere condominiums in the Humboldt Valley, the Chelsea in Fairfield, and the Marriott Hotel and the Astoria.
Developments on their way
VICTORIA - A number of new developments are coming soon to Vancouver Island, as developers witness signs of recovery in the real estate market.
Sunriver Estates in Sooke is one of the projects on its way, with others including Qualicum Landing in Qualicum Beach, and Woodland Shores, a $95 Million development between Youbou and Lake Cowichan that covers 1,200 acres.
VICTORIA - The Commercial Division of the Victoria Real Estate Board is currently seeking nominations for its 18th annual Commercial Building Awards.
This competition is dedicated solely to the advancement of excellence in exterior construction and design of commercial building and development projects throughout the Greater Victoria area.
Eligibility is simple. Nominated projects must have been completed between June 1, 2008 and May 31, 2009, be sensitive to the environment, esthetically pleasing and answer a specific developmental need within the community.
Excellence awards are presented in Industrial, Commercial and Investment categories. Subcategories are developed by the competition judges and are based on nominations received. Judges are chosen each year from Victoria’s business community.
For more information or a copy of the nomination form, please visit www.vreb.org/commercial.html or call the Victoria Real Estate Board at (250) 385-7766.
Columbia Fuels sold for $34.5M
VICTORIA - Columbia Fuels has been sold for $34.5 Million to Alberta-based Parkland Income Fund bought the home-heating oil supplier for $34.5 million.
“We’re a major national independent fuel marketer and we don’t have a large presence on Vancouver Island so it was a natural fit with us,” Mike Chorlton, Parkland president, said.
Columbia Fuels sells bulk fuel, lubricant, cardlock and biofuel, as well as being the major supplier of home heating oil on the Island. It has 200 employees.
Bear Mountain sale is near?
LANGFORD - Bear Mountain owner Len Barrie is apparently reconsidering selling the development to Siraj Capital, a Saudi Arabian financial consortium.
The sukuk, or an Islamic bond issue, hopes to raise $380 Million by the end of August to buy Barrie, who also owns the National Hockey League’s Tampa Bay Lightning, out of Bear Mountain.
Barrie is president and CEO of the Bear Mountain Master Partnership, was in London negotiating with Siraj, but told the Victoria Times Colonist that he admits he is undecided about selling the 500-hectare development which he believes could be worth between $2.5 Billion and $3.2 Billion when fully built out.
“I think we might want to hold,” Barrie told the Times Colonist, noting the Victoria real estate market has started to rebound and his development has recently inked deals for 120 properties with expectations that number could hit 190 in August.
For the past six months, Barrie and his group have been negotiating with Siraj Capital on a deal rumoured to be worth over $400 Million.
Red Barn stores purchased
VICTORIA - A group of four former Thrifty Foods managers have purchased the three Red Barn Market outlets in Saanich.
Russ Benwell, Ashley Bourque, Sam Schwabe and Peter Hansen have purchased the Red Barn Country Market at Vanalman Avenue, and markets at Mattick’s Farm in Cordova Bay and at 5550 West Saanich Road from Ian Fatt, who is retiring.
Concert looks at Yates build
VICTORIA - Concert Properties is looking at building a 12 storey office building in the 700 block of Yates Street.
Concert owns the vacant lot at 726-728 Yates, and has acquired, subject to conditions, adjoining properties to the east, including the English Sweet Shop up to Millie’s Lane.
Concert would build an office tower featuring retail stores at ground level with two levels of underground parking, if it obtains the necessary zoning.
Concert has built a number of projects in Greater Victoria, including the Belvedere condominiums in the Humboldt Valley, the Chelsea in Fairfield, and the Marriott Hotel and the Astoria.
Developments on their way
VICTORIA - A number of new developments are coming soon to Vancouver Island, as developers witness signs of recovery in the real estate market.
Sunriver Estates in Sooke is one of the projects on its way, with others including Qualicum Landing in Qualicum Beach, and Woodland Shores, a $95 Million development between Youbou and Lake Cowichan that covers 1,200 acres.
