Alex Manojlovich’s Weekly Market Report: OVG to head up Hamilton arena reno
The week saw below-average transaction levels. However, it’s typical to see regressed transaction levels right after the beginning and end of the month.
In Hamilton, the largest transaction was Fengate Asset Management‘s purchase of a house on 2.25 acres for $2 million ($888,889/acre). The property is adjacent to the 75 acres of airport land Fengate purchased in April 2021. This new purchase provides them with street front access to Airport Rd.
The week’s largest purchase in the area was in Waterloo, where IN8 Developments purchased an office building for $9 million ($169/sqft). It’s an interesting purchase because IN8 Developments is known mainly for residential developments. As an office acquisition (as opposed to residential), the dollar value per square foot is low. It could indicate some vacancy, high capital expenditures or softening office values.
Recently, office transactions are becoming more frequent, however, not all office transactions are at peak values. In any case, it’s great to see demand increasing to pre-pandemic levels.
In the news, the American venue group OVG will take on their first Canadian project with the renovation of Hamilton’s FirstOntario Centre (formerly Copps Coliseum); Hamilton City Council and Vrancor have reached a deal for 354 King St. W.; and in downtown Hamilton, a three-alarm blaze levelled a 1920s-era building slated for redevelopment.
The GHA Sales Transaction Database offers you this week’s CRE transaction activity.
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U.S’s OVG heads up Hamilton arena renovation in first Canadian project
The Globe & Mail, June 14, 2022
City Council and Vrancor reach deal on 354 King St W development
The Public Record, June 20, 2022
Shopping centre landlords adding density
Retail Insider, June 13, 2022
Future MIP tenant OmniaBio announces private investor
CCRM, May 31, 2022
Giant fire collapses historic downtown warehouse: “total loss”
CBC News, June 18, 2022
Small airports such as Hamilton International see strong rebound
The Globe & Mail, June 13, 2022
Rents in cities near Toronto are soaring
The Toronto Star, June 13, 2022
Canada Monthly Mortgage Commentary May 2022
CBRE, May 30, 2022
Most REITs won’t feel rate hike impact unit 2025
BNN Bloomberg, June 15, 2022
Toronto’s The Well is now 98% leased
RENX, June 16, 2022