Emblem Purchases Third Downtown Development Site

This week saw an average amount of transactions, with Brantford noticeably slow during August and September.

The most significant transaction for the second consecutive week was a high-density residential land sale in HamiltonEmblem Developments has purchased its third site in the city, 100 John St. N. and 61 Wilson St. — currently the site of an office and a retail building — for $8 million (approximately $13.8 million/acre). It’s slightly above market value, but this valuation could signify things to come with increasing condo unit values.

In the second largest transaction of the week, NorthWest Healthcare Properties REIT sold a medical office building for $294/sq. ft in Hamilton‘s east end.

In the news, more details have been revealed about last week’s Connolly sale, the Television City condos are expected to be built by 2026, and a study has found that OLT decisions have favoured developers 97% of the time.

News Headlines

Connolly Site Sold
The Hamilton Spectator, September 22, 2022

Television City condo expected to be built in 2026
The Hamilton Spectator, September 9, 2022

Ontario Land Tribunals decisions have favoured developers 97% of the time
The Hamilton Spectator, September 20, 2022

Deeply affordable Cityhousing building first of its kind in Hamilton
The Hamilton Spectator, September 24, 2022

Plan to build 23 homes on small lots in Kitchener sparks concerns over traffic
The Record, September 21, 2022

Renting growing twice as fast as home ownership
CBC News, September 21, 2022

Job vacancies hit record high in Q2 
BNN Bloomberg, September 20, 2022

Rendering of the Design District towers by Emblem Developments

Alex Manojlovich’s Weekly Market Report: Emblem Launches Largest Downtown Hamilton Condo Project

This week witnessed some great action.

The retail asset class continues its return to consistency with a few smaller deals this week.

The largest transaction in Hamilton this week was for 250 Fruitland Rd. in Stoney Creek. This 19.64-acre piece of land sold for $23.562 million (approximately $1.2 million/acre). This is below market value for residential land. However, the parcel appears to be zoned agricultural currently.

Nearby, developer Melrose Investments purchased 4.44 acres for $900,000 ($202,000/acre), which is great value but probably includes more work than the Fruitland Rd. deal.

The largest transaction in the area occurred in Cambridge, where Argyle Capital Partners purchased a 200,000 sq. ft industrial building for $33 million ($165/sq. ft). It’s a slightly large purchase price given the market and size of the asset, but I wouldn’t be surprised if this were fair market value given the way industrial demand and industrial market lease rates continue to grow.

In the news, Emblem launches Hamilton’s largest downtown project, the COA moves forward with a 109-unit development project on Dundurn St., and the website has been launched for the 75 James Condo development by LiUNA.

The GHA Sales Transaction Database offers you this week’s CRE transaction activity.


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News Headlines

Emblem launches largest downtown Hamilton condo project
RENX, June 27, 2022

75 James Condominiums official website
2022

Minor Variance re: 330 Dundurn St. S. eight-storey residential project
City of Hamilton Committee of Adjustment

New pocket track expands West Harbour GO train service
In The Hammer, June 28, 2022

Centre[3] expands into Forge & Foster’s 29 Harriet St. in the Bayfront Studio District
The Hamilton Spectator, July 4, 2022

Feds turnover Burlington Canal piers to HOPA for pedestrian use
Global News, June 28, 2022

June 2022 Rent Report
Rentals.ca

Blackstone sees opportunities in student housing, multi-family, life sciences and more
The Hamilton Spectator, June 29, 2022

London, ON to cut parking requirements
CBC News, June 24, 2022

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