An east Vancouver office park has been purchased by a group of investors who appear willing to wait out the return of commercial real estate values.
RSVP Investments LLC paid $1.8 million for the 12,000-square-foot Fieldstone Office Park at 11109 N.E. 14th St., off 112th Avenue.
Rent from the office complex’s tenants is expected to generate income until the commercial market returns, said Garret Harper, associate vice president and broker with NAI Norris Beggs & Simpson in Vancouver.
“The buyer was looking for a stabilized property which they felt would produce immediate income.” Harper said.
He said investors also hope to see the property increase in value over the next five to 10 years.
Clark County’s commercial real estate market posted little growth in the first quarter of this year, with vacancies remaining well above peak absorption levels, according to Norris Beggs & Simpson.
The company tracked a 20.43 percent office vacancy rate in Vancouver during the first three months of 2011. That compares with an 18.1 percent vacancy rate in the first quarter of 2010.
Overall, commercial real estate investment purchases appear to be down, Harper said. However, he expects sales to improve as higher vacancies and a surge in bank-owned foreclosures result in falling prices for professional buildings.
“Some investors are buying distressed properties because they are motivated to buy at a substantially reduced price,” Harper said.
