Top Retail Leases Recognized for Toronto
Top Retail Leases Recognized for Toronto
Prominent retail leases signed by SportChek, Home Société and A Plus Sport negotiated by top dealmakers from SmartCentres Real Estate Investment Trust, First Gulf, CBRE and MQ Real Estate Team are among the third-quarter retail leases recognized by CoStar.
As big-ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. CoStar will recognize the largest leases completed each quarter and the dealmakers who made them happen in their respective markets.
Here are the Toronto retail leases selected as the third-quarter 2023 winners of the CoStar Power Broker Quarterly Deal Awards:
Space Leased: 45,000 SF
Deal Type: New Lease
Size: 87,977 SF
Tenant: SportsChek
Brokers Involved: Luke Moore of SmartCentres Real Estate Investment Trust represented the landlord.
Deal Commentary: SportsChek struck a deal in the third quarter to occupy half of this former department store building, which is part of the Walmart-anchored SmartCentres Etobicoke Index at 162 Queen St N. The former Sail location will be occupied by SportChek along with an updated and expanded Mark’s, both of which are part of the Canadian Tire Corp. retail group. SmartCentres Etobicoke and SmartCentres Etobicoke Index shopping centres consist of approximately 624,000 square feet of open-air retail space across 54 acres. The centres straddle North Queen St. at Highway 427 and The Queensway beside Sherway Gardens within Toronto West’s southern Etobicoke retail node. Both retail properties are owned and managed by SmartCentres Real Estate Investment Trust.
Space Leased: 43,500 SF
Deal Type: New Lease
Size: 460,620 SF
Tenant: Home Société
Brokers Involved: Jonathan Weinberg of First Gulf represented the landlord.
Deal Commentary: Home Société’s lease for a large block of retail space on the first and second floors of this Toronto office building for its MUST furniture division qualified as a top retail deal of the third quarter. The furniture design company’s new store space in downtown Toronto is part of a new condominium complex in the Moss Park/Regent Park neighbourhood known as Home Power and Adelaide managed by Great Gulf Group.
Space Leased: 30,311 SF
Deal Type: New Lease
Size: 537,085 SF
Tenant: A Plus Sport
Brokers Involved: Phillip Cheung and Evan S. White of CBRE represented the landlord. Mya Qi of MQthe Real Estate Team represented the tenant.
Deal Commentary: In one of the quarter’s largest retail leases signed in an enclosed mall, A Plus Sport committed to opening a new location spanning over 30,000 square feet at the Sheridan Centre in Mississauga. The new facility will be a hybrid recreational centre, featuring badminton and volleyball courts, golf simulators and general recreational facilities for children, as well as retail space dedicated to sporting goods. The lease marks the first retail concept for A Plus Sport in the Toronto market. The mall is owned by Dunpar Homes, which focuses on master-planning commercial and industrial sites in prime areas in the Greater Toronto Area into vibrant, livable communities.
Space Leased: 25,000 SF
Deal Type: New Lease
Size: 87,977 SF
Tenant: Mark’s Work Wearhouse
Brokers Involved: Luke Moore of SmartCentres Real Estate Investment Trust represented the landlord.
Deal Commentary: In a second top third-quarter deal for SmartCentres Etobicoke retail complex, an updated and expanded Mark’s Work Wearhouse will join SportsChek in reactivating this former department store building.
Space Leased: 13,200 SF
Deal Type: New Lease
Size: 90,000 SF
Tenant: Greta Bar
Brokers Involved: Brandon Gorman, Graham Smith and Matthew Marshall of JLL represented the tenant.
Deal Commentary: Greta, which has locations in Calgary, Edmonton and Vancouver, is bringing its arcade bar street food concept to Toronto after signing a lease in the third quarter at 590 King Street West in Toronto. Located in the King West and Bathurst area, the office building is owned by YAD Investments, a private Canadian-owned company headquartered in Toronto.
Source CoStar Click here to read a full story
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