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.
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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The week saw below-average transaction levels. However, it’s typical to see regressed transaction levels right after the beginning and end of the month.
In Hamilton, the largest transaction was Fengate Asset Management‘s purchase of a house on 2.25 acres for $2 million ($888,889/acre). The property is adjacent to the 75 acres of airport land Fengate purchased in April 2021. This new purchase provides them with street front access to Airport Rd.
The week’s largest purchase in the area was in Waterloo, where IN8 Developments purchased an office building for $9 million ($169/sqft). It’s an interesting purchase because IN8 Developments is known mainly for residential developments. As an office acquisition (as opposed to residential), the dollar value per square foot is low. It could indicate some vacancy, high capital expenditures or softening office values.
Recently, office transactions are becoming more frequent, however, not all office transactions are at peak values. In any case, it’s great to see demand increasing to pre-pandemic levels.
In the news, the American venue group OVG will take on their first Canadian project with the renovation of Hamilton’s FirstOntario Centre (formerly Copps Coliseum); Hamilton City Council and Vrancor have reached a deal for 354 King St. W.; and in downtown Hamilton, a three-alarm blaze levelled a 1920s-era building slated for redevelopment.
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U.S’s OVG heads up Hamilton arena renovation in first Canadian project
The Globe & Mail, June 14, 2022
City Council and Vrancor reach deal on 354 King St W development
The Public Record, June 20, 2022
Shopping centre landlords adding density
Retail Insider, June 13, 2022
Future MIP tenant OmniaBio announces private investor
CCRM, May 31, 2022
Giant fire collapses historic downtown warehouse: “total loss”
CBC News, June 18, 2022
Small airports such as Hamilton International see strong rebound
The Globe & Mail, June 13, 2022
Rents in cities near Toronto are soaring
The Toronto Star, June 13, 2022
Canada Monthly Mortgage Commentary May 2022
CBRE, May 30, 2022
Most REITs won’t feel rate hike impact unit 2025
BNN Bloomberg, June 15, 2022
Toronto’s The Well is now 98% leased
RENX, June 16, 2022