BIV Real Estate Round-Up: All In The City - Nicola Wealth

BIV Real Estate Round-Up: All In The City

By Peter Mitham

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All in the city

Intracorp Development Group’s loss is Nicola Crosby Group’s gain.

Vancouver-based Nicola Crosby recently picked up three buildings with a total area of 140,500 square feet in Seattle’s Pioneer Square district for $19.1 million. The buildings are primarily commercial, with one including a few storeys of residential.

Intracorp bought the properties from Seattle’s Goodman Real Estate Inc. in October 2007 as part of a portfolio of four properties valued at $53 million.

It owned one of the buildings outright, but defaulted on a loan from GE Capital for the remaining properties.

GE stepped in last September, and Nicola Crosby was able to pick up the properties in January through a court-ordered sale when the properties went under the gavel in December.

Nicola Crosby CEO Wayman Crosby was out of town last week and unavailable for interviews.