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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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News Headlines

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

Alex Manojlovich’s Weekly Market Report: Slate purchases 800 acres of Stelco land for $518 million

This week witnessed slightly below-average transaction levels.

In Hamilton, the largest transaction was for a retail plaza located across from Westdale Secondary School. The retail and office property sold to Westdale Properties for $14,850,000 ($277/sqft). It’s a decent price considering the large office exposure.

Kitchener-Waterloo witnessed two massive transactions. The largest was for 52 acres of industrial land in Cambridge. This property was purchased by Fengate Asset Management for $91,320,000 ($1,750,000/acre). It’s an absolutely massive value for industrial land. It seems there’s no limit in sight.


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There’s also lots of Hamilton news across the board:

  • Slate has acquired 800 acres of Stelco land for $518,000,000 and plans to develop a world-class business park
  • Eastgate Mall plans for 42 storey tower and multiple residential developments
  • Lime Ridge Mall is planning two 12-storey towers
  • The first iteration of the Delta Secondary School development has been released
  • Slate looks to break ground on their Corktown development in 2023

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

Alex Manojlovich

News Headlines

Slate closes on 12m sqft of Hamilton Stelco industrial land
RENX, June 1, 2022

Slate purchases Stelco land for $518m
The Hamilton Spectator, June 1, 2022

Eastgate Mall proposes 42 storey tower, multiple residential buildings
The Public Record, June 6, 2022

Lime Ridge Mall plan two 12 storey residential towers
The Public Record, June 4, 2022

First development for east Hamilton Delta Secondary school site submitted to City
The Public Record, June 2, 2022

Downtown boomtown: ‘Hamilton is the new Brooklyn’
The Hamilton Spectator, June 1, 2022

Slate set to break ground on Corktown Condos in 2023
The Hamilton Spectator, May 31, 2022

OLT supports Ancaster townhouse development for 15 Church St
The Hamilton Spectator, June 6, 2022

Hamilton vacant homes tax
The Hamilton Spectator, June 2, 2022

May 2022 RAHB stats
MLS ®  Residential Market Activity for RAHB Areas, May 2022

Rent for 2 bedroom in Hamilton nears $2,000/month
The Hamilton Spectator, May 31, 2022

Hamilton Downtown BIA creates “memory lane” self-guided tour
The Hamilton Spectator, May 31, 2022

Montez buy Waterloo factory square office complex for $122m
RENX, June 2, 2022

London, ON Cherryhill Village sells for record $571M
RENX, May 30, 2022

Ontario home buyers flocking to Quebec
The Toronto Star, May 28, 2022

BoC raises rate to 1.5%
CBC News, June 1, 2022

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On Saturday, June 11 at 10 a.m., take time to celebrate and learn about the street art in downtown Hamilton through a guided tour. 

✏️ Register now!

You’ll find out the meaning behind some of Hamilton’s most beautiful street art and hear stories about the transformation of local buildings and businesses along the way.

The tour starts at One West Avenue S. It’s a Forge & Foster building adorned with the famous ‘Raise’ mural by Lester and Norman Coloma.

Your guides will lead you to locations around downtown. Bring water and wear comfy shoes. Register now before space fills up.

Admission is free but a donation to the Hamilton Community Fridge is welcomed.

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