All Property Sizes

  • All Property Sizes
  • Less than 1,000
  • 1,000 to 5,000
  • 5,000 to 10,000
  • 10,000 to 30,000
  • 30,000 to 50,000
  • 45,000 to 50,000
  • 50,000+

Price Range: From to

Lee & Associates Sells Out Office Units at the ‘Mahogany at Mill Lake’ Development in Abbotsford, BC

The Project

Lee & Associates’ Chris McIntyre and Sean Ogilvie were tasked with the sale of premium office spaces in a new, predominantly residential, mixed-use building. The Property is located on a corner lot approximately one block from Abbotsford Regional Hospital.

Building Features

  • Mixed-use residential with retail and two floors of office
  • Central location to service all of Abbotsford
  • Walking distance to Abbotsford Regional Hospital and Cancer Centre
  • Energy efficient geo-thermal heating
  • Parking for staff and visitors on-site

Background

The 26-storey Mahogany Tower located at 2180 Gladwin Road is the tallest building in Abbotsford.  This is a pioneering project in a mostly detached residential area; no supporting commercial in the immediate area.

Challenges

The ground floor retail units and two office units were sold by the developer. With occupancy in December 2018, the space was listed with a local brokerage, but only one unit was sold and the project lost momentum.  The listing was cancelled in April 2019 with over 60% office units still vacant.

Our Approach

Using their proven market strategies, database of qualified investors and full cooperation with local brokers, Chris and Sean helped achieve the Seller’s objectives in a timely manner.

Results

Chris and Sean successfully negotiated the sale of the remaining eight office units in only five months and achieved a new highwater mark for Fraser Valley office space at roughly $500 per square foot. Mahogany at Mill Lake is SOLD OUT!

We get results for our clients – call us to find out how we can help you.

ABOUT LEE & ASSOCIATES VANCOUVER

Celebrating 50 years in business, Lee & Associates Vancouver is a full service commercial real estate firm. Lee & Associates is the largest broker-owned firm in North America with over 60 offices in Canada and the United States. Lee & Associates provides superior market intelligence in office, industrial, retail, investment, and appraisal to meet the specialized needs of our clients. For more information, visit leevancouver.com.