Alex Manojlovich presents ‘Forge & Foster’s Hamilton Commercial Real Estate Report Year in Review’ on January 25 at CoMotion on King at 115 King St. E. We encourage savvy investors and well-informed citizens alike to join us for valuable insights at this free public event. Refreshments provided. RSVP today!
Happy New Year! I hope everyone had a safe and happy holiday.
The midpoint of December saw good volumes but no major translations.
The largest transaction occurred in the Niagara Region, where 46 acres of ICI land traded for $12 million (approximately $250,000/acre).
In Hamilton, the largest deal was for 1.4 acres of residential land in Stoney Creek, which was sold to Mountainview Building Group for $3.2 million ($2.2 million/acre).
In the news, The Spec looked into Hamilton’s urban boundary expansion, City Centre Mall has closed, and RBC reported a slow national housing market for December.
It will be interesting to see year-end data as we typically see larger transactions close, but it may be muted due to interest rates.
If you’re interested in learning what happened in Hamilton during 2022 and the trends heading into 2023, please join me at The Hamilton Commercial Real Estate Report: Year in Review at CoMotion on King at 115 King St. E. on January 25 at noon. RSVP today!
Two adjacent development sites in London, Ont., where Phase 1 of the 584-unit residential and retail Applewood Marketplace is nearing completion, have been put on the sale block by a court-appointed receiver.
EY is handling the sale, having been appointed receiver over all the assets, undertakings and properties of Applewood Marketplace Inc.
Construction of the first phase of the north London development was about 75 per cent complete but had experienced a series of delays that added to its costs and eventually put the project into receivership.
Applewood Marketplace consists of a five-storey building with 107 rental apartments, nine rental townhouses and 15,000 square feet of ground-floor commercial space on 2.5 acres at 865 Kleinburg Dr.
However, work at the site had stopped on June 1, according to documents filed as part of the proceeding.