Recently, a conditional offer was accepted on the building to the east of CREB^®’s office, 233 Mayland Place NE. 

With the conditions now removed, members are advised that the property has been sold at a price of $3,100,000. The funds from the sale will be applied to CREB^®’s reserve funds.

In 2008, CREB^®’s board of directors made the decision to purchase the building at a price of $6,300,000 by drawing down reserves. At the time, several reasons were cited for the purchase of this property, including the need for more parking. In mid-2014, the board of directors determined that the sale of this asset was in the best interests of the organization.

Prior to awarding the listing in 2014, members were invited to provide proposals, the same process that was followed in subsequent listings of the property. In March of 2019, the board of directors decided to again request proposals from members. After reviewing the seven proposals received, which suggested possible selling prices from $2,400,000 to $4,585,000+, the decision was made to list the property. On July 11, 2019 the listing was awarded to Sano and Dan Stante of RE/MAX Real Estate (Central) at a list price of $3,500,000.

During the request for proposal process last spring, we heard a clear consensus from the proposals and listing interviews that the building resale market is at bottom, not expected to drop further but also not expected to improve for many years. Since April of 2010, one tenant occupied the entire building, but over the past five years we consistently receive feedback that the escalating lease generated sub-market capitalization rates.

This serious constraint coupled with the fact that the tenant has for some time now signaled they were not intending to renew their lease meant that CREB^® continued to be a motivated seller. Thus, the board of directors chose to act rather than have the property become vacant upon the tenant’s lease expiring on June 30, 2020.

Parking will be available in the building’s lot until mid-June 2020. With a number of neighbouring properties in development, new potential parking may be available for CREB^® use in the future.