The number of transactions this week was about average, with Niagara seeing an increase in activity while Brantford was a no-show.

This week’s most exciting and expensive sale was at 98 James St. S. in downtown Hamilton. The Connolly Site sold for $24 million ($75 million/acre). It’s an astronomically high price, but it could make sense at an estimated value of $80/buildable sq. ft, although that’s still very high for Hamilton. Alternatively, the price could include some other form of value, like an approved site plan or pre-construction deposits.

The former James Street Baptist Church, constructed between 1878 and 1882, has had a tumultuous decade:

In the news this week beyond the Connolly, Lamb Developments has sold a 50% interest in 428 Main St. W. in Hamilton to local developer New Horizon Development Group for $2.25 million ($2.8 million/acre). Once the site of Zizzo’s Car Care & Mor (sic), 428 Main St. W. is now a vacant lot across from the Westgate on Main condo development by Matrix Development Group.

In the Niagara region, Starlight Investments has purchased a 75-unit multi-residential asset in Welland for $11 million (nearly $150,000/unit).

This week’s second-largest transaction was in Beamsville, where a grocery-anchored retail plaza sold for $15.1 million ($280/sq. ft).

In the news, Empire Homes has proposed 1,000 homes in Hagersville, Rentals.ca released their September rental report, and the former GM site in St. Catherines has been approved for high-density zoning.

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