Top Property Sales Recognized for Greater Toronto
Top Property Sales Recognized for Greater Toronto
The sale of a portfolio of data centers handled by CBRE and Scotiabank and an office disposition arranged by Cushman & Wakefield are among the top third-quarter property sales recognized by CoStar.
As big-ticket items involving sizable investments, commercial property transactions often have a wider impact within the local community. CoStar recognized the largest deals completed during the third quarter in their respective markets.
Here are the Greater Toronto property sales selected as the third-quarter 2023 winners of the CoStar Power Broker Quarterly Deal Awards:
Sale Price: $1,350,000,000
Sale Date: August 16, 2023
Size: 1,670,289 SF
Buyer: KDDI Canada, Toronto, ON
Seller: Allied Properties Real Estate Investment Trust, Toronto, ON
Brokers Involved: Peter Senst of CBRE and Justin Bosa and Peter Zorbas of Scotiabank represented the seller.
Deal Commentary: In one of the largest deals in the third quarter for the market, Allied Properties sold a trio of data centre properties, including a leasehold interest at CBC’s headquarters, to a Japanese telecommunications provider in a CA$1.35 billion deal. The Toronto-based real estate investment trust, hired CBRE Limited and Scotiabank to market the portfolio that included freehold interests in 151 Front St. West and 905 King St. West, as well as a leasehold interest in 250 Front St. West.
Sale Price: $193,000,000 (allocated)
Sale Date: September 29, 2023
Size: 536,770 SF
Buyer: Veyron & Co, New York, NY
Seller: IBM, Markham, ON
Brokers Involved: Robert Elms and Pat Murphy of Cushman & Wakefield represented the seller.
Deal Commentary: In another top deal from the quarter, IBM sold a pair of office properties to New York-based Veyron & Co. for $191.04 per square foot. The sale-leaseback transaction included the four-storey 8200 Warden Ave. building as well as a second office property in Bromont, Quebec, that has yet to close.
Sale Price: $165,000,000
Sale Date: July 20, 2023
Size: 922,000 SF
Buyer: Groupe Mach and Sarees Investments, Montreal, QC
Seller: Dorsay Development, Toronto, ON and AIMCo, Edmonton, AB
Brokers Involved: Matt Picken, Bryce Gibson and Tyler Randa of JLL represented the seller.
Deal Commentary: Groupe Mach kicked off the quarter with a blockbuster deal in early July to buy the Atria Business Park in partnership with Sarees Investments. The three office buildings at 2225, 2235 and 2255 Sheppard Ave. E. in North York is considered one of the largest office nodes on the outskirts of downtown Toronto. The purchase expanded Montreal-based Mach’s position in the Toronto market.
Sale Price: $81,500,000
Sale Date: August 18, 2023
Size: 281,265 SF
Buyer: Newmar Alpa Lumber Group, Mississauga, ON
Seller: Oxford Properties Group, Toronto, ON
Brokers Involved: Jonathan Gorenstein of Lennard Commercial Realty represented the buyer.
Deal Commentary: Newmar Alpa Lumber Group, one of the largest suppliers and manufacturers of construction products distributed across Canada and within the United States, accomplished a rare feat in the third quarter by acquiring an industrial building in Oxford Properties’ Vaughan Industrial Park in an off-market transaction. Oxford rarely parts with properties in the industrial park, according to local brokers. The building at 81 Royal Group Crescent is located in Concord, north of Toronto. The sale was arranged by Lennard Commercial Realty broker Jonathan Gorenstein. The property, which occupies a 10-acre parcel and was built in the late 1990s, is currently tenanted by automotive supplier Martinrea, with five years remaining on its lease. A previous furniture supplier tenant went out of business and vacated the property earlier this year.
Sale Price: $80,500,000
Sale Date: July 18, 2023
Size: 263,074 SF
Buyer: Woodbourne Canada Management, Toronto, ON
Seller: BentallGreenOak, Toronto, ON
Brokers Involved: Peter Senst, Matthew Brown and Kai Tai Li of CBRE represented the seller.
Deal Commentary: Woodbourne, a major investor, operator and developer of apartments, seniors’ housing, student housing, self-storage and other real estate assets, invests primarily in urban areas across Canada on behalf of a broad base of institutional investors, including public and private pension funds, endowments, foundations, and funds of funds, picked up this seven-property industrial portfolio in Vaughan from BentallGreenOak in a third-quarter deal.
Source CoStar Click here to read a full story
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