48 Industrial Property Facility Evaluations
Project Delivery Method: Facility Evaluations
Engineering Disciplines: Building Science
» Project Details
British Columbia Investment Management Corporation (bcIMC) Realty Corporation and British Columbia Investment Management Corporation, represented by its agent, Bentall Real Estate Services, approached Williams in December 2006 to conduct facility evaluations for a 48 property industrial portfolio.
At the time, Bentall Real Estate Services LP was in the process of conducting a due diligence assessment of the portfolio being sold by Sun-X Properties Ltd. in Winnipeg, Manitoba, with the intent of acquiring the properties. The time-limited real estate transaction required that the evaluation of all buildings, including a final report, be completed in a very short time, January 2 to January 10, 2007.
The extremely tight deadline, along with the logistics of expediting the facility evaluations, presented an interesting challenge. Teams were assembled from both the Manitoba and Northern Alberta offices by January 3, 2007. Our staff worked with the client’s teams to start the building evaluations. The scope of work of a regular facility evaluation was tailored to meet the deadline but still provided the client with the information necessary to proceed with the real estate transaction.
Within 24 hours of the delivery of the final reports to the client on January 11, 2007, a new request was made to undertake six additional investigations (structural and mechanical) on particular buildings within the portfolio and complete them by the middle of the following week.
Williams was extremely pleased to be a part of this exciting project, which culminated with the March 2, 2007 announcement that bcIMC Realty Corporation had successfully acquired the portfolio of 204,000 m2 of industrial space (46 buildings) and 14 hectacres of undeveloped land for an undisclosed amount, which is “believed to be the largest commercial real estate transaction in Manitoba’s history” (Winnipeg Free Press, March 2, 2007).