Klein Group Real Estate https://kleingroup.com Royal Lepage Sussex Klein Group Thu, 07 May 2020 23:33:06 +0000 en-US hourly 1 https://wordpress.org/?v=5.3.3 https://kleingroup.com/wp-content/uploads/2018/03/cropped-klein_group_logo-275x300-32x32.jpg Klein Group Real Estate https://kleingroup.com 32 32 SOLD: 400 Block East 3rd St https://kleingroup.com/sold-400-block-east-3rd-st/ https://kleingroup.com/sold-400-block-east-3rd-st/#respond Thu, 07 May 2020 23:31:11 +0000 https://kleingroup.com/?p=8659 We are proud to announce the sale and completion of the the 2nd Phase of the development land purchase of the full city block of 400 East 3rd, North Vancouver. – Over 1.15 Acres in Land – Commercial/residential Mixed Use – Moodyville OCP, North Vancouver Congratulations to our purchaser Cascadia. It was a pleasure representing […]

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We are proud to announce the sale and completion of the the 2nd Phase of the development land purchase of the full city block of 400 East 3rd, North Vancouver.

– Over 1.15 Acres in Land
– Commercial/residential Mixed Use
– Moodyville OCP, North Vancouver

Congratulations to our purchaser Cascadia. It was a pleasure representing you in these deals and we very much look forward to your future landmark project on this site.

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COVID-19 Affect on Industrial Real Estate https://kleingroup.com/covid-19-affect-on-industrial-real-estate/ https://kleingroup.com/covid-19-affect-on-industrial-real-estate/#respond Wed, 29 Apr 2020 09:59:29 +0000 https://kleingroup.com/?p=8640 To date, industrial real estate has shown the greatest resiliency to lease default. E-commerce and logistics are one of the hottest markets and will likely remain strong after the outbreak is over. These services require already stressed industrial land and space supply. Mixed use industrial assets are one of the most lucrative investments in the […]

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To date, industrial real estate has shown the greatest resiliency to lease default. E-commerce and logistics are one of the hottest markets and will likely remain strong after the outbreak is over. These services require already stressed industrial land and space supply. Mixed use industrial assets are one of the most lucrative investments in the current market due to its versatility and ability to adjust to changing economies and consumer habits.

Subscribe to Dmytro Chernysh’s exclusive industrial market reports, distressed assets, and new offerings: http://bit.ly/KG-DmytroChernysh

(Photo courtesy of BusinessNHMagazine.com)

Related Link: https://www.businessnhmagazine.com/article/the-covid-19-effect-on-real-estate

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SOLD: Yellow Cedar Lodge, Terrace BC https://kleingroup.com/sold-yellow-cedar-lodge-terrace-bc/ https://kleingroup.com/sold-yellow-cedar-lodge-terrace-bc/#respond Mon, 20 Apr 2020 22:35:06 +0000 https://kleingroup.com/?p=8620 Eugen Klein of Klein Group Royal LePage Commercial successfully marketed and brokered the sale of this gorgeous riverfront resort property. Well built and operated for 14 years by our clients, it was a home away from home for many international clients and local guests. The new owners, @nicholas.dean.outdoors, continue to enhance their world class river […]

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Eugen Klein of Klein Group Royal LePage Commercial successfully marketed and brokered the sale of this gorgeous riverfront resort property.

Well built and operated for 14 years by our clients, it was a home away from home for many international clients and local guests. The new owners, @nicholas.dean.outdoors, continue to enhance their world class river fishing operation on the beautiful Skeena River. Check out www.nicholasdean.com for more info on world class fishing.

Contact us for more exceptional BC resorts, hotels and hideaways in the most beautiful place on Earth! Thank you to our amazing clients for their trust, in both their sale and relocation.

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Klein Group Celebrates 15 Years of Service with Royal LePage https://kleingroup.com/klein-group-celebrates-15-years-of-service-with-royal-lepage/ https://kleingroup.com/klein-group-celebrates-15-years-of-service-with-royal-lepage/#respond Thu, 09 Apr 2020 18:28:29 +0000 https://kleingroup.com/?p=8626 This was truly possible because of all the exceptional agents we’ve had throughout the years. Together, we take pride in this accomplishment and our continued commitment to excellence. Royal LePage President Phil Soper adds, “It is with great pleasure and gratitude that I extend my personal congratulations to you on reaching this milestone in your […]

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This was truly possible because of all the exceptional agents we’ve had throughout the years. Together, we take pride in this accomplishment and our continued commitment to excellence.

Royal LePage President Phil Soper adds, “It is with great pleasure and gratitude that I extend my personal congratulations to you on reaching this milestone in your career. Your 15 consecutive years of service with Royal LePage and dedication to your trade are commendable.”

Klein Group Staff and Agents

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Press Release: Eugen Klein Has Been Reappointed as Director of the Land Title Survey Authority of BC https://kleingroup.com/press-release-eugen-klein-has-been-reappointed-as-director-of-the-land-title-survey-authority-of-bc/ https://kleingroup.com/press-release-eugen-klein-has-been-reappointed-as-director-of-the-land-title-survey-authority-of-bc/#respond Mon, 06 Apr 2020 17:04:23 +0000 https://kleingroup.com/?p=8617 Eugen Klein, ICD.D has been reappointed as Director of the Land Title Survey Authority of British Columbia. Eugen added, “I would really like to thank the leadership at the British Columbia Real Estate Association (BCREA) and all licensees/REALTORS® in BC, for their trust and continued support. The LTSA continues to innovate and reinvest in our […]

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Eugen Klein, ICD.D has been reappointed as Director of the Land Title Survey Authority of British Columbia.

Eugen added, “I would really like to thank the leadership at the British Columbia Real Estate Association (BCREA) and all licensees/REALTORS® in BC, for their trust and continued support. The LTSA continues to innovate and reinvest in our land registry and information systems that facilitate trade, better policy making and market efficiency in BC. With our award winning CEO, Connie Fair, and an incredible executive team, the LTSA is a model of policy, innovation and automation for registrars and governments all over the world. I am very proud to be part of its leadership.”

For more information, visit www.ltsa.ca.

Did you know you can access every land parcel in BC through our Parcel Map BC service? Try it for free at https://ltsa.ca/online-services/parcelmap-bc

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Landlord Strategies and Navigating Covid-19 https://kleingroup.com/landlord-strategies-and-navigating-covid-19/ https://kleingroup.com/landlord-strategies-and-navigating-covid-19/#respond Wed, 01 Apr 2020 07:00:10 +0000 https://kleingroup.com/?p=8598 In addition to impacting the wellbeing of hundreds of thousand of people all over the world, we are starting to see the effects of the Coronanvirus/Covid-19 on the global and local economies and financial markets. With consumers being advised to stay home and certain businesses ordered to significantly limit their operations or to close on […]

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In addition to impacting the wellbeing of hundreds of thousand of people all over the world, we are starting to see the effects of the Coronanvirus/Covid-19 on the global and local economies and financial markets.

With consumers being advised to stay home and certain businesses ordered to significantly limit their operations or to close on an indefinite basis, many tenants specifically in the restaurant and retail sector, are experiencing problems in managing their employees and paying their expenses including their rent.

Increasingly, tenants are approaching landlords and seeking financial assistance for this crises period. Landlords in turn are facing a major dilemma in how to respond to these requests. The financial burden on the landlord is also significant as they still have to pay their mortgages and property taxes. Under a commercial lease, a landlord usually has many remedies available to them in dealing with a tenant in default of their lease due to non-payment of rent or closure of business, however, these are not normal circumstances. With the current crises being so widespread, an incorrect strategy by the landlord can result in significant vacancies and irreversible financial implications.

Are you a Landlord faced with Tenants seeking rent relief and wondering what are the best practices? Are you looking to understand what other Landlords, of similar assets and size, are being asked by other tenants, and second, what are your options? What are some of the best strategies for Landlords around rent deferral?

Considerations for Landlords

As with Tenants, Landlords are similarly advised to review their lease agreement and seek professional and legal advice and fully assess both legal and business consequences of pursuing any remedies available to them under their lease agreement. Landlords should remember that a request for rent relief does not imply a default itself.

  • Is there an upside for the landlord to terminate their tenancies and have the property vacant? Is there any immediate development potential or density transfer opportunity that requires the property to be vacant.
  • Is there a “Force Majeure” clause in their lease and if so how is it defined? Does it impact the party’s performance requirements under the lease due to the current circumstances?
  • Under what conditions would the Tenant be considered in default of the lease?
  • What is the financial capability of the tenant? Would they truly be able to survive the situation without the landlord’s help? What are the chances that the tenant will default in the near future after this crisis is over? Would they have the financial power to repay the owned rent in the future?
  • Are the Tenants aware of the relief package for small businesses available through the Federal and Provincial governments? Would it be valuable for the landlord to distribute notices to make tenants aware of their options?
  • How much is the Tenant’s security deposit and under what conditions can a landlord use it?
  • Are there any Federal or local financial relief programs available for the landlord? Some Utility companies are offering penalty free late payment options and some municipalities are considering deferral options for property taxes.
  • What are the chances that the landlord would be able to re-lease the space if the tenant can not continue?

 
If the landlord does not decide to assist the tenant overcome the current situation, depending on the lease agreement they may have options to terminate and reposes spaces or keep the tenancies in place and sue for damages.

Some Viable Options Available To Landlord’s And Tenants:

  • Temporary Rent Reduction/ Basic Rent Free Periods
  • Deferral Of Rent
  • Converting Basic Rent Leases to Percentage Rent Leases
  • Rent Abatement
  • Landlord Loans
  • Use Of Security Deposit
  • Subleasing

 
For a more detail review and explanation of the above options and how they would relate to your specific situation, asset or lease, feel free to contact Raman Bayanzadeh.

Both Landlords and Tenants should take the time to review the government of BC’s COVID-19 state of emergency and preparedness response and recovery plan.

Photos Courtesy of Daily Hive

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Tenant Strategies and Navigating Covid-19 https://kleingroup.com/tenant-strategies-and-navigating-covid-19/ https://kleingroup.com/tenant-strategies-and-navigating-covid-19/#respond Tue, 31 Mar 2020 00:11:38 +0000 https://kleingroup.com/?p=8573 In addition to impacting the well-being of hundreds of thousand of people all over the world, we are starting to see the effects of the Coronavirus/Covid-19 on the global and local economies and financial markets. With consumers being advised to stay home and certain businesses ordered to significantly limit their operations or to close on […]

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In addition to impacting the well-being of hundreds of thousand of people all over the world, we are starting to see the effects of the Coronavirus/Covid-19 on the global and local economies and financial markets.

With consumers being advised to stay home and certain businesses ordered to significantly limit their operations or to close on an indefinite basis, many tenants specifically in the restaurant and retail sector, are experiencing problems in managing their employees and paying their expenses including their rent.

Increasingly, tenants are approaching landlords and seeking financial assistance for this crises period. Landlords in turn are facing a major dilemma in how to respond to these requests. The financial burden on the landlord is also significant as they still have to pay their mortgages and property taxes. Under a commercial lease, a landlord usually has many remedies available to them in dealing with a tenant in default of their lease due to non-payment of rent or closure of business, however, these are not normal circumstances. With the current crises being so widespread, an incorrect strategy by the landlord can result in significant vacancies and irreversible financial implications.

Are you a Tenant seeking relief from your Landlord and looking for a best practices approach? Are you looking to understand what other tenants, of similar use and size, seeking in rent relief? What are some of the strategies around rent deferral?

Considerations for Tenants

Before taking any action, tenants are advised to review their lease agreement and seek legal advice on the implications of their potential actions, what would constitute a default of the lease, and legal options available to their landlord.

British Columbia has recently issued a ban on eviction of tenants which has created major misunderstanding amongst many business owners. It is important to understand that the ban, at this point of time, only applies to Residential Tenancies and not to Commercial Tenancies which are governed by their lease agreements and common law.

Some item that tenants need to review are as follows:

  • Is the business considered to be a service that has been ordered to close or may it stay open with certain adjustments?
  • What action or condition triggers a default by the tenant under their lease? Tenants must remember that in many lease agreements, a default , even if resolved, may take away future renewal options and 1st rights of refusals.
  • Under what conditions can a landlord evict them due to closure of business?
  • Would the landlord benefit from the property becoming vacant? Does the property have immediate development potential that the property owner would like to take advantage of?
  • How much is the security deposit that the landlord holds and under what conditions can a landlord use it?
  • What potential coverages are available to the tenant under their commercial insurance policy?
  • What other options become available to the landlord if they close their business?
  • Is there a “Force Majeure” clause in their lease and if so how is it defined? Does it impact the party’s performance requirements under the lease due to the current circumstances?
  • What are the relief programs offered by the Federal and Provincial governments for small businesses? Increasingly many options are becoming available in the form of interests free and low interest loans, payroll subsidies, tax deferments, and more…

After reviewing the above, a Tenant should assess their financial position and understand what best case and worst-case concessions they would require from landlord. As with landlords, tenants also need to understand that a win-win solution is required.

Tenant’s should contact their landlord and explain how their businesses are being affected and be prepared to provide financial data to support their claim.

Some Viable Options Available To Landlord’s And Tenants

  • Temporary Rent Reduction/ Basic Rent Free Periods
  • Deferral Of Rent:
  • Converting Basic Rent Leases to Percentage Rent Leases
  • Rent Abatement
  • Landlord Loans
  • Use Of Security Deposit
  • Subleasing

 
For a more detail review and explanation of the above options and how they would relate to your specific situation, asset or lease, feel free to contact Raman Bayanzadeh.

Both Landlords and Tenants should take the time to review the government of BC’s COVID-19 state of emergency and preparedness response and recovery plan.

Photos Courtesy of Daily Hive

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Amir Kamyab-Nejad: Education Chair CCIM Western Canada Chapter https://kleingroup.com/amir-kamyab-nejad-education-chair-ccim-western-canada-chapter/ https://kleingroup.com/amir-kamyab-nejad-education-chair-ccim-western-canada-chapter/#respond Wed, 04 Mar 2020 23:02:47 +0000 https://kleingroup.com/?p=8512 Huge congratulations to Amir Kamyab-Nejad for becoming Education Chair for CCIM Western Canada Chapter earlier this year. Best wishes to you as you advance your mission forward to CCIM’s continuing upward trajectory. The Western Canada CCIM Chapter serves as the focal point for quality education, networking and market services for the commercial investment real estate […]

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Huge congratulations to Amir Kamyab-Nejad for becoming Education Chair for CCIM Western Canada Chapter earlier this year. Best wishes to you as you advance your mission forward to CCIM’s continuing upward trajectory.

The Western Canada CCIM Chapter serves as the focal point for quality education, networking and market services for the commercial investment real estate specialist, by offering resources enabling the commercial investment practitioner to deliver superior service to clients and customers.

CCIM stands for Certified Commercial Investment Member. The CCIM lapel pin denotes that the wearer has completed advanced coursework in financial and market analysis, and demonstrated extensive experience in the commercial real estate industry. CCIM designees are recognized as leading experts in commercial investment real estate.

Above all, the CCIM designation represents proven expertise in financial, market, and investment analysis, in addition to negotiation.

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Raman Bayanzadeh: CCIM President Western Canada Chapter https://kleingroup.com/raman-bayanzadeh-ccim-president-western-canada-chapter/ https://kleingroup.com/raman-bayanzadeh-ccim-president-western-canada-chapter/#respond Wed, 04 Mar 2020 21:01:35 +0000 https://kleingroup.com/?p=8499 We want to give a very enthusiastic and sincere note of congratulations to congratulate Raman Bayanzadeh for becoming President for CCIM Western Canada Chapter earlier this year. CCIM is lucky to have found such a passionate and hard-working president.

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We want to give a very enthusiastic and sincere note of congratulations to Raman Bayanzadeh for becoming President for CCIM Western Canada Chapter earlier this year. CCIM is lucky to have found such a passionate and hard-working president.

The Western Canada CCIM Chapter serves as the focal point for quality education, networking and market services for the commercial investment real estate specialist, by offering resources enabling the commercial investment practitioner to deliver superior service to clients and customers.

CCIM stands for Certified Commercial Investment Member. The CCIM lapel pin denotes that the wearer has completed advanced coursework in financial and market analysis, and demonstrated extensive experience in the commercial real estate industry. CCIM designees are recognized as leading experts in commercial investment real estate.

Above all, the CCIM designation represents proven expertise in financial, market, and investment analysis, in addition to negotiation.

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Press Release: Western Investor Ad – March 2020 https://kleingroup.com/press-release-western-investor-ad-march-2020/ Mon, 02 Mar 2020 22:15:04 +0000 https://kleingroup.com/?p=8492 Klein Group offerings in the March 2020 edition of the Western Investor featuring the latest Vancouver Commercial Real Estate offerings.

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Klein Group in the March 2020 edition of the Western Investor featuring the latest Commercial Real Estate offerings.

View PDF:

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