Last week the successful sale of 28 Stavanger Drive, St. John's, NL, officially closed. Colliers East was retained by Costco to bring the vacant asset to market, as a result of their relocation to a brand new 182,000 SF construction, which is now the largest Costco in Canada.
The Colliers East, Newfoundland & Labrador team was able to promptly secure a purchaser, being the sole brokerage involved in the transaction. The local team was led by commercial sales and leasing expert, Lloyd Nash, who has successfully facilitated numerous transactions since Colliers East planted its flag in the region in July 2020.
The property was acquired by leading company KMK Capital which is involved in a wide variety of construction and development projects across Newfoundland and Labrador, and throughout North America. "The purchase of the former Costco building positions us well to take advantage of one of the most accessible and best-located buildings in the St. John’s CMA. Complimenting the location is the competitive advantage of being able to renovate the building to “as if new” condition at well below new construction prices in today’s climate. This will allow us to offer a strong value proposition to our tenants. Dealing with Colliers East on the transaction was a professional and enjoyable experience.", said Justin Lahda, Chief Executive Officer of KMK Capital.
Sitting on a 13.52-acre site with 692 paved parking spots this 142,470 SF industrial warehouse with 5-dock loading doors and 1-grade loading door is an exceptional asset to add to the KMK Capital portfolio. It is well located in a key shopping district surrounded by retail, restaurants and professional services.
“This was a winning transaction for both parties,” said Bill Hennessey, Managing Director of Colliers East. “This sale, paired with the flurry of recent activity we are seeing in the Newfoundland & Labrador market, validates our growth strategy. Our boots-on-the-ground team, has second-to-none local market knowledge, and we are working diligently to continue to discover new opportunities and bring value to the region."
Colliers East, also worked closely with Costco Wholesale in the site selection for their new construction in Moncton, New Brunswick.
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