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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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Alex Manojlovich’s Weekly Market Report: Slate purchases 800 acres of Stelco land for $518 million

This week witnessed slightly below-average transaction levels.

In Hamilton, the largest transaction was for a retail plaza located across from Westdale Secondary School. The retail and office property sold to Westdale Properties for $14,850,000 ($277/sqft). It’s a decent price considering the large office exposure.

Kitchener-Waterloo witnessed two massive transactions. The largest was for 52 acres of industrial land in Cambridge. This property was purchased by Fengate Asset Management for $91,320,000 ($1,750,000/acre). It’s an absolutely massive value for industrial land. It seems there’s no limit in sight.

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There’s also lots of Hamilton news across the board:

  • Slate has acquired 800 acres of Stelco land for $518,000,000 and plans to develop a world-class business park
  • Eastgate Mall plans for 42 storey tower and multiple residential developments
  • Lime Ridge Mall is planning two 12-storey towers
  • The first iteration of the Delta Secondary School development has been released
  • Slate looks to break ground on their Corktown development in 2023

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

Alex Manojlovich

News Headlines

Slate closes on 12m sqft of Hamilton Stelco industrial land
RENX, June 1, 2022

Slate purchases Stelco land for $518m
The Hamilton Spectator, June 1, 2022

Eastgate Mall proposes 42 storey tower, multiple residential buildings
The Public Record, June 6, 2022

Lime Ridge Mall plan two 12 storey residential towers
The Public Record, June 4, 2022

First development for east Hamilton Delta Secondary school site submitted to City
The Public Record, June 2, 2022

Downtown boomtown: ‘Hamilton is the new Brooklyn’
The Hamilton Spectator, June 1, 2022

Slate set to break ground on Corktown Condos in 2023
The Hamilton Spectator, May 31, 2022

OLT supports Ancaster townhouse development for 15 Church St
The Hamilton Spectator, June 6, 2022

Hamilton vacant homes tax
The Hamilton Spectator, June 2, 2022

May 2022 RAHB stats
MLS ®  Residential Market Activity for RAHB Areas, May 2022

Rent for 2 bedroom in Hamilton nears $2,000/month
The Hamilton Spectator, May 31, 2022

Hamilton Downtown BIA creates “memory lane” self-guided tour
The Hamilton Spectator, May 31, 2022

Montez buy Waterloo factory square office complex for $122m
RENX, June 2, 2022

London, ON Cherryhill Village sells for record $571M
RENX, May 30, 2022

Ontario home buyers flocking to Quebec
The Toronto Star, May 28, 2022

BoC raises rate to 1.5%
CBC News, June 1, 2022

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On Saturday, June 11 at 10 a.m., take time to celebrate and learn about the street art in downtown Hamilton through a guided tour. 

✏️ Register now!

You’ll find out the meaning behind some of Hamilton’s most beautiful street art and hear stories about the transformation of local buildings and businesses along the way.

The tour starts at One West Avenue S. It’s a Forge & Foster building adorned with the famous ‘Raise’ mural by Lester and Norman Coloma.

Your guides will lead you to locations around downtown. Bring water and wear comfy shoes. Register now before space fills up.

Admission is free but a donation to the Hamilton Community Fridge is welcomed.

in Editorial, Weekly Market Report Newsletter Posted by wpengine

Slate plans up to 12M sq. ft. of industrial on Hamilton Stelco land

Don Wilcox, RENX, June 1, 2022

Slate Asset Management has closed on the acquisition of approximately 800 acres of industrial development land and buildings from Stelco Inc. in Hamilton. The firm said it plans to develop up to 12 million square feet of new industrial on the lands, which is already zoned for a wide range of uses.

The industrial park could create up to 23,000 new jobs across the Greater Toronto and Hamilton area, and inject up to $3.8 billion into the economy according to an economic study conducted by Ernst & Young.

The sale closed this morning, although local media reports disclosed several months ago Slate would become the new owner. Financial details were not immediately disclosed.

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