Property Highlights
THE OPPORTUNITY
On behalf of Wawanesa (the “Vendor”), Capital Commercial Real Estate Services (the “Advisor” or “Capital”) is pleased to offer for sale 100% interest in 200 Main Street, a signature office building with a 320-stall underground parkade, and 165 Fort Street, a 35-stall surface parking lot, both located in Downtown Winnipeg and referred to as the “Properties” or the “Sites”. The Properties provide potential purchasers with an attractive income stream while also offering significant redevelopment potential. While the Properties offer meticulously maintained, high-quality modern office space, the generous 44,659 sq. ft. site and large underground parking garage is also ideally suited to accommodate a redevelopment. Purchasers can elect to submit offers on both 200 Main Street and 165 Fort Street together or independently.
INVESTMENT HIGHLIGHTS
METICULOUSLY MAINTAINED ASSET WITH EXTENSIVE CAPITAL UPGRADES
The Property has undergone extensive capital upgrades since acquired by Wawanesa in 2003. In addition to interior office renovations throughout the tower, Wawanesa has made significant investments in the building itself including the roof, building envelope, parkade membrane, elevators, mechanical systems, and windows.
SIGNIFICANT ON-SITE PARKING AT WELL BELOW REPLACEMENT COST
The Properties include a 320 stall, 3 level underground parking garage and a 35-electrified stall surface lot at 165 Fort Street. The total parking ratio on site of 3.2 per 1,000 sq. ft. is significantly higher than is typical in the downtown market. The underground nature of the parking also provides end users with the ability to control and secure their own property with direct access from the parkade into the building.
SIGNIFICANT REDEVELOPMENT OPPORTUNITY WITH IN-PLACE INCOME
The Properties’ aggregate site area and frontage along Main Street, York Avenue and Fort Street along with 2 00 Main Street’s attractive floor plate of over 11,000 sq. ft. provide multiple potential approaches for redevelopment either for office or multi-family purposes. The existing lease arrangement with Assiniboine Credit Union which runs until May 31, 2025 on 50,646 sq. ft. provides potential purchasers with excellent holding income during a repositioning period.
PROMINENT LOCATION
200 Main Street is located at the Northwest corner of the intersection of Main Street and York Avenue with 282 ft. of frontage on the West side of Main Street. 165 Fort Street is located on the East side of Fort Street and has 85 ft. of frontage. The Properties are in close proximity to Portage & Main as well as The Forks and offer excellent access to public transit. The Properties offer easy access off Main Street and Fort Streets with a rear lane-way connecting each site. 200 Main Street’s parking garage is accessed by a breezeway which is accessible from Main Street and the lane-way.
