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

Alex Manojlovich’s Weekly Market Report: Condo Towers coming to Hamilton with new Slate development

This week witnessed excellent transaction levels.

The area’s largest transaction was in Hamilton at 970 Upper Wentworth St. Everest purchased the 79,000 sq. ft retail plaza for $26 million ($329/sq. ft). It illustrates a high price-per-square-foot for retail that was more commonplace pre-pandemic.

970 Upper Wentworth St. is across from the Lime Ridge Mall, which made the news recently thanks to Cadillac Fairview‘s proposal to demolish the former Sears building and replace it with two 12-storey residential towers.

It’s great to see retail continuing its comeback in 2022.

The region’s second-largest purchase was in Waterloo, where Lexington Park Real Estate Capital purchased a 31,800 sq. ft industrial building at 80 Lodge St. for $12.5 million ($393/sq. ft). That’s an absolutely massive valuation for industrial.

In the news, Slate plans to break ground on Corktown condo highrises in 2023; the OLT approved 25 storeys for Vrancor‘s residential project at 354 King St. W.; and DeSantis is planning luxury condos in rural Winona.

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


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News Headlines

Hamilton condo towers on Slate’s busy development slate
RENX, June 24, 2022

OLT approves 25 storeys at 354 King St W
The Public Record, June 28

Luxury Fifty Rd condos to replace rural Winona homes 
The Hamilton Spectator, June 27, 2022

City to appeal $100/acre tax ruling on Hamilton steelmaking land
The Hamilton Spectator, June 18, 2022

US tech company focused on trust verification opening Canadian office in Hamilton
The Hamilton Spectator, June 22, 2022

Hamilton mountain residents still cautious about proposed development of former Sherwood Centre Bowling Lanes
The Hamilton Spectator, June 22, 2022

Canadian industrial to continue delivering historic returns
RENX, June 22, 2022

Toronto could see up to 5,000 condo unit cancellations
The Globe & Mail, June 18, 2022

Toronto’s housing crisis of 1922 rooted in policies that still make housing unaffordable
The Globe & Mail, June 17, 2022

Calgary Tower office space may make way for farming
Calgary Herald, June 21, 2022

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