Top Sales and Leases Recognized in Canada
Top Sales and Leases Recognized in Canada
TPG’s Purchase of Industrial Portfolio Marks Quarter’s Largest Deal
The $990 million sale of a 75% interest in two business parks in the Greater Toronto Area was Canada’s largest real estate transaction during the fourth quarter, making it one of the top deals recognized in the latest CoStar Power Broker quarterly awards.
Oxford Property Group sold the stake in the Class-A industrial properties to TPG, a global alternative asset management firm based in Fort Worth, Texas.
TPG sees the Greater Toronto Area as one of the most attractive industrial markets in the world. It said the joint venture offered it an opportunity to enter the market on a large scale by acquiring a 5.1 million-square-foot,10-property portfolio that included Brampton Business Park and Vaughan Business Park.
“We have followed the Canadian industrial sector for several years,” said Jacob Muller, a partner with TPG, in a commentary when the deal was announced on Dec. 18.
Oxford continues to manage the portfolio, which is fully leased and includes tenants with strong credit such as Mondelez, Best Buy, Campbells, and Olympia Tile. All are signed to longer-term leases.
“With this transaction, we generate significant capital to reinvest back into Ontario, which includes the million square feet of new [Greater Toronto Area] industrial developments we are set to deliver by 2026,” said Jeff Miller, head of North American industrial at Oxford Properties, in a comment on the deal.
The listing brokers were Peter Senst, Kai Tai Li and Matthew Brown of the real estate services giant CBRE. No broker represented the buyer.
Top Office Lease
Sobey’s Renews Lease in Toronto Suburb of Mississauga
The fourth quarter’s top office lease was in Toronto’s suburb of Mississauga, where grocery operator Sobeys signed a 237,000-square-foot lease at 4980 Tahoe Blvd.
The country’s second-largest grocery chain signed a 10-year lease at the six-storey building, with the ground floor operating as retail and the remaining floors being used for office operations. The start date of the lease was Oct. 1.
Gabrielle Mair of Metrus Properties was the leasing representative contact. Metrus Properties was founded in 1972 and is a member of the Con-Drain group of companies.
Orlando Espinola, vice president of real estate at Sobeys, was the tenant contact.
Top Retail Lease
Altea Active Snaps Up Nordstrom Rack Space
The top retail lease of the quarter was in downtown Toronto, where Avant, a luxury wellness and social club and a subsidiary of Altea Active, signed a lease at 1 Bloor Street East.
The company plans to open on the upper level of the former Nordstrom Rack space at the corner of Bloor and Yonge Street. It will have a dedicated street-facing entrance on Bloor Street in a building owned and managed by First Capital REIT.
The lease for 32,000 square feet was signed on Oct. 1. The lease kicks in on Feb. 1, 2025.
Eric Sherman, head of national operations of First Capital REIT, was the landlord and leasing representative. Jeff Flemington, senior vice president, director and broker at Avison Yong, represented the tenant.
Top Industrial Lease
Clorox Renews Warehouse Lease in Brampton
The Clorox Co. renewal of its warehouse space in Brampton northwest of Toronto, was selected as the top industrial lease of the quarter.
The global manufacturer and marketer of consumer and professional products agreed to a renewal deal for 334,784 square feet at 150 Biscayne Cres. The company, whose brands include Pine-Sol, Brita and Burt’s Bees, operates in about 25 countries and its products are sold by major grocery chains.
The lease was signed on Nov. 24 and kicks in on June 1, 2025 with a five-year term.
Sean Hoehn with Cresa Toronto Inc. represented the tenant on the deal. Nuspor Investments owns the property and represented itself.
Source CoStar. Click here to read a full story.
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