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212 Glover Rd. in Hamilton

Alex Manojlovich’s Weekly Market Report: LiUNA files two non-decision appeals to OLT

The week’s most significant transaction was for this 65-acre vacant industrial site at 212 Glover Rd. in Hamilton.

This week witnessed a decent volume of deals, with Hamilton being the top performer for the second consecutive week.

The volume of transactions continues to be steady since the Bank of Canada increased its rate by 1.00% to 2.50% on July 13.

This week’s largest transaction occurred in Hamilton, where IKEA Properties purchased a 65-acre vacant industrial site at 212 Glover Rd. for $82 million (approximately $1.25 million/acre). This looks to be a good price, as the cost of industrial land in Hamilton is rising quickly. Specifically, this industrial land node close to Nebo Rd. has witnessed land transactions of $1.5 million for smaller parcels. Also of note is the neighbouring industrial land at 190 Glover Rd., which was purchased by RFA Capital for approximately $6 million ($1.2 million/acre).

This week’s second-largest transaction occurred in Kitchener, where Fusion Homes purchased 6.9 acres of residential land for $3.2 million/acre.

In the news, LiUNA has filed two non-decision appeals to the OLT, Metrolinx has released a video previewing how the LRT will be constructed, and the Toronto rental market is tightening.

News Headlines

LiUNA files two non-decision appeals to OLT
The Public Record, July 25, 2022

CityHousing Hamilton projects face $5.4M gap
The Hamilton Spectator, July 25, 2022

Metrolinx releases new video highlighting how Hamilton’s LRT will be constructed
In The Hammer, July 25, 2022

New noise study underway on City Centre development application
The Public Record, July 29, 2022

OPM moves into former Walmart, future NHDG development
The Hamilton Spectator, July 22, 2022

Widespread support for car-free King St experiment
The Hamilton Spectator, August 2, 2022

Intelligent Investment: Canadian Cap Rates & Investment Insights Report
CBRE Research, Q2 2022

Toronto rental market tightens as ‘uneconomical” projects get scrapped
BNN Bloomberg, July 22, 2022

More families are choosing multigenerational living amid Canada’s housing crisis
The Globe & Mail, July 25, 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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