- What A court will decide on whether to accept a bid on a Coquitlam, B.C., industrial property next week
- Why The offer for 145 Golden Drive was $21.2m
- What next Higher bids can still be made in court
An industrial property in a Vancouver suburb will be in court on July 3 to potentially approve a $21.2m bid from Dalla Zanna Properties for the distressed asset, Green Street News can reveal.
The 7-acre site, at 145 Golden Drive in Coquitlam, is still open to higher offers until the current one is approved by the Supreme Court of British Columbia.
Colliers has the marketing assignment on behalf of the receiver, Deloitte Restructuring. Deloitte listed the property in August after owner Whitewater Developments was placed under receivership.
The receivership was initiated by the Royal Bank of Canada, with Whitewater Developments and a subsidiary owing the bank $11.6m. Whitewater also owes $27.5m to the Business Development Bank of Canada, which holds a first-ranking mortgage on 145 Golden Drive.
The property was initially shopped with a pricing guidance of $36.5m, but it was eventually reduced to $25m. Court documents reveal the land received four bids, ranging from a $16.8m offer from the City of Coquitlam to the eventually accepted $21.2m bid from Dalla Zanna Properties.
The property, part of the Mayfair Industrial Park, is currently occupied by two tenants. Aluma Systems has a lease in place until September but has chosen not to renew. Ulma Construction Systems has a lease running until April 2026 with an option to renew for another five years.
Four acres of the site is subject to a BC Hydro easement but can be used for parking or outdoor storage. The remainder can be used in its current form or redeveloped.
