- What 1020 Lorimer Boulevard is on the block with guidance in the mid-$20m range
- Why The property is 93% leased
- What next Appelt Properties has given the assignment to Cushman & Wakefield
A medical-office building in Winnipeg is in play with guidance in the mid-$20m range, Green Street News can reveal.
Appelt Properties has given the assignment for 1020 Lorimer Boulevard to Cushman & Wakefield’s Stevenson Investment Team.
The five-storey building is 93% leased to 20 medical tenants, including Western Surgery Centre, Sterling Lyon Pediatrics and Sterling Periodontics & Implant Dentistry. The weighted average lease term is four years.
The 67,000 sq ft asset was completed in 2012. There are 194 underground and surface parking stalls. A purchaser would have the opportunity to create an additional revenue stream by implementing paid parking. Per marketing materials, there are over 500 visitors per day.
The office building is on over 2 acres at the intersection of Lorimer Boulevard and Sterling Lyon Parkway. It’s 570m from Kenaston Boulevard, 3km from Pembina Highway and 7km from Grace Hospital and St. Boniface Hospital.
The office vacancy rate in Winnipeg was 13.1% in Q1, Cushman & Wakefield said in a recent report. The city reported around 11,800 sq ft of negative net absorption for the quarter.
Recent office transactions in Winnipeg, according to Green Street’s Sales Comps Database, include 361-365 Hargrave Street and 114 Garry Street. Slate Office REIT sold the buildings to Pine Creek First Nation in late 2024 for $11m and $14.2m, respectively.
Appelt is a fully integrated real estate company focused on healthcare and multifamily assets. Greg Appelt is the founder and president of the Kelowna, B.C.,-based company.
