Fwd: 1861 Marine Dr., West Vancouver, B.C.

Hi kate and Madonna - Tim may have already contacted you so if this is
redundant let me know - hoping we can resolve this quickly.

From: Timothy Thomas <tt@homecareassistance.com>
Date: Thu, Jan 26, 2023 at 9:16 AM
Subject: Fwd: 1861 Marine Dr., West Vancouver, B.C.
To: Angie Markwell <angie.markwell@thekey.com>

Could we please discuss this on our 1:1 tomorrow?

From: Wittenberg, Zachary @ Vancouver <Zachary.Wittenberg@cbre.com>
Date: Tue, Jan 24, 2023 at 1:57 AM
Subject: RE: 1861 Marine Dr., West Vancouver, B.C.
To: Fuller, Lauren @ San Diego <Lauren.Fuller@cbre.com>, Madonna Borger <
madonna.borger@thekey.com>
Cc: tt@homecareassistance.com <tt@homecareassistance.com>

Hi Team – Apologies for the delay in responding. I connected with Bill this
morning and had a good conversation about the market, your requirements and
renewal terms. He’s owned the building since 1985 and has had a solid of
run of medical(esq) tenants with little to no vacancy. (Which is not
surprising given the West Van market). Most of this sub-market is made up
of private owners and the buildings are retirement plans for keeping cash
flow. He has been getting decent action from a posted sign but is still OK
to give us the first blush.

What I was able to discuss with him:

   - 3 year term with 3 yr option to renew
   - $5,980/mth gross (inclusive of property taxes, but those can change
   year over year) – are you able to confirm your current monthly? As I
   only have the 2020 figures.
      - We typically don’t see this type of rent structure much anymore,
      usually it’s triple net. For example in this neighborhood for similar
      buildings the rent would be between $40-46 psf net + $20-24 psf in
      Additional Rent (prop tax, building common area costs etc).
   - Renovation allowance: he wasn’t keen on committing to providing one
   but would be dependent on the terms.
   - Parking: 3 Stalls @ $90/mth + tax
   - Signage: I understand this is taken care of by the Landlord –are there
   any changes/upgrades needed?

There are only a few comparable options to consider in the neighborhood:

   1. 1820 Marine Dr – Across the street from your current location. Would
   likely require a large reno – time/cost would be a big factor. It’s also a
   bit smaller. (brochure attached).
   2. 1405 Bellevue – This would be a good comp. It’s currently under
   offer. (brochure attached).
   3. 1441 Clyde – Also a bit small and not on the main street but a good
   comparable option. (no brochure)
   https://www.spacelist.ca/listings/bc/west_vancouver/retail/for-lease#787946

My recommendation is to draft a simple LOI to the current Landlord. A 3
year term is the shortest being considered and instead of trying to shave
off $150/mth, I suggest we push for a 2 month rent abatement to assist in
refreshing costs. This could be staggered to not interrupt cash flow for
the Landlord, ie 1st month and 13th month of the term. If there are any
glaringly LL building items that need to be addressed, we can insert them
as well. Also, the current lease is under Orofresh. Would we need to do a
new lease or does an addendum work and/or changing the legal entity to The
Key? A

Lastly – As this sub-market is mostly private ownership who look after
their own leasing in-house, the Landlord’s do not offer a fee to agents.
The Tenant is responsible for the agency fee for its representing party.
The tenant rep fee is equivalent to 2 months rent + tax. There a couple
ways we could try and build it into the rent or deal (which is effectively
what most sophisticated Landlord’s do) but it still is “paid” for by the
Tenant at the end of day. Ie we could ask the LL to cover 50% and have it
taken out of any abatement & have The Key could cover 50%.

Happy to jump on a call to review any of the above. I am flexible
Tues/Wednesday.

Zach Wittenberg | Vice President

*Personal Real Estate Corporation *

CBRE Limited | Real Estate Advisory & Transaction Services

1021 West Hastings Street, Suite 2500 | Vancouver, BC  V6E 0C3

T +1 604 662 5158 | C +1 778 990 9105

Zach.wittenberg@cbre.com | http://www.cbre.ca/ZW
<https://www.cbre.ca/en/people-and-offices/zachary-wittenberg>

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*From:* Fuller, Lauren @ San Diego <Lauren.Fuller@cbre.com>
*Sent:* Monday, January 23, 2023 11:49 AM
*To:* Madonna Borger <madonna.borger@thekey.com>; Wittenberg, Zachary @
Vancouver <Zachary.Wittenberg@cbre.com>
*Subject:* RE: 1861 Marine Dr., West Vancouver, B.C.

Thanks for sharing, Madonna.

Zach – not sure if you’ve chatted with the Landlord yet, but we don’t want
to lose the opportunity to renew while we evaluate what else is in the
market. We understand if he’d still like to tour but we don’t want him to
move forward with another group just yet.

Let me know what he says!

*Lauren Fuller*
Transaction Coordinator | Lic. 02124477
CBRE | Global Advisory & Transaction Services
4301 La Jolla Village Drive, Suite 3000 | San Diego, CA 92122
C +1 818 967 8157
*lauren.fuller@cbre.com <lauren.fuller@cbre.com>*

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*From:* Madonna Borger <madonna.borger@thekey.com>
*Sent:* Monday, January 23, 2023 11:12 AM
*To:* Wittenberg, Zachary @ Vancouver <Zachary.Wittenberg@cbre.com>;
Fuller, Lauren @ San Diego <Lauren.Fuller@cbre.com>
*Subject:* Fwd: 1861 Marine Dr., West Vancouver, B.C.

*External*

fyi

From: *Timothy Thomas* <tt@homecareassistance.com>
Date: Fri, Jan 20, 2023 at 11:52 AM
Subject: Fwd: 1861 Marine Dr., West Vancouver, B.C.
To: Madonna Borger <madonna.borger@thekey.com>, Mary Bradley <
mbradley@relo-strategies.com>

Fyi

From: *Bill Evans* <wcevansinc@gmail.com>
Date: Fri, Jan 20, 2023 at 2:39 PM
Subject: 1861 Marine Dr., West Vancouver, B.C.
To: Timothy Thomas <tt@homecareassistance.com>

Hi Tim

I thought I would give you an update on what is happening with the leasing
of the space.

I have actually had a stronger than expected response from my marketing
efforts.

One prospective Tenant wants the space, but I have turned them down because
I don't believe they would be compatible with other Tenants.  So, I have
put them on hold for now.

There will be another showing on Monday to a Real Estate company.

Meanwhile, I have been reluctant to put a "For Lease" sign up in hopes that
your firm would still be interested in keeping the space.  However, as this
is the prime season for renting the space, this firm will be erecting a
sign on the property on Monday.

If you have any thoughts or questions, please let me know.

Cheers,

Bill Evans, for W.C. EVANS INC.

604-836-2494

*Timothy Thomas*
*Head of Canada Division*
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