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Aeon Studio Group, TAS and Forge & Foster aim to turn 14 acres of barren land at Tiffany and Barton into a film production hub.

Alex Manojlovich’s Weekly Market Report: Exodus of Toronto suburbs driving Hamilton growth

This week witnessed a great volume of deals, even by month-end standards.

This week’s big winner was residential land, plus it’s good to see the office and retail assets continuing to trade at pre-pandemic levels.

Hamilton‘s largest transaction was near the airport for an unaddressed piece of land on the corner of Upper James St. and Twenty Rd. The commercially zoned 61.63 acres sold for $13.6 million ($220,000/acre).

The area’s largest transaction was in Brantford, where 110 acres sold to Primont Homes for $46 million ($414,000/acre). This purchase price suggests further land entitlement may be required. Also of note, Concert Properties purchased two plots of land in Kitchener for prices suggesting high-density development.

In the news: Torontonians are flocking to Hamilton, Council debates affordability for Hamilton’s future film district, and CBRE’s 2022 Q2 Industrial and Office figures are released.

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

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News Headlines

Exodus of Toronto suburbs driving Hamilton growth
The Hamilton Spectator, July 7, 2022

Council debates affordability for Hamilton’s future film district
The Hamilton Spectator, July 5, 2022

MLS® Residential Market Activity for RAHB Areas
Realtors Association of Hamilton-Burlington, June 2022

Three 31-storey condo towers planned for downtown Hamilton parking lot
The Hamilton Spectator, July 4, 2022

Affordable housing projects in jeopardy, non-profits say
The Hamilton Spectator, July 6, 2022

City council approves Hamilton 100 agreement
The Hamilton Spectator, July 4, 2022

Hamilton Main St to be reduced from 5 to 4 lanes
The Hamilton Spectator, July 6, 2022

Tale of two markets: industrial space almost non-existent in KW, while downtown office vacancies among highest in Canada
The Record, July 6, 2022

Canadian Industrial Figures: Continued industrial demand sees heightening rental rate growth
CBRE, Q2 2022

Canadian Office Figures: Office market steadying, with Vancouver and suburban markets leading the recovery
CBRE, Q2 2022

Critics demand less talk, more action on zoning plan to tackle Toronto’s housing crisis
CBC News, July 1, 2022

Labour shortages leading to cancelled projects in superheated construction sector
The Financial Post, July 7, 2022

Canada to enter moderate and short-lived recession in 2023 warns RBC
The Globe & Mail, July 7, 2022

Sweating it out at a high-end gym attracts workers back to the office
The Globe & Mail, July 5, 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.


Subscribe

Sign up for Alex Manojlovich’s Weekly Market Reports and receive this valuable local commercial real estate market research in your inbox each Tuesday.


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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