Top Sales and Leases Recognized in Canada
Top Sales and Leases Recognized in Canada
The $1.35 billion sale of three urban data centres in Toronto by publicly traded Allied Properties Real Estate Investment Trust was Canada’s largest real estate transaction during the third quarter, making it one of the top deals recognized in the latest CoStar Power Broker quarterly awards.
The Toronto-based landlord said the sale of the locations at 151 Front St. W, 250 Front St. W and 905 King St. W to a subsidiary of Japanese telecommunications giant KDDI allowed it to focus on its core business of “distinct urban workspace” and pursue continued growth in net operating income and creating value for its properties.
The REIT used $755 million of the proceeds from the sale to repay all amounts drawn on its unsecured credit facility, set aside $200 million of the proceeds to repay a secured promissory note payable on December 31, 2023, and another $49 million to repay its remaining first mortgages on fully owned properties next year. Allied will use the rest of the proceeds to fund its development and upgrade activity over the remainder of 2023 and into 2024.
The Japanese company created a new subsidiary for the deal called KDDI Canada.
“The global data business is accelerating, and the need for data centers is increasing,” said the Japanese company when it first announced a deal in June.
The deal closed on Aug. 16. Peter Senst of CBRE and, Justin Bosa and Peter Zorbas of Scotiabank were the listing agents.
There was no buying agent.
Here’s a look at other top deals during the third quarter:
Top Office Lease
Learningwise Education Signs Lease in Vancouver
The quarter’s top office lease was in British Columbia’s largest city, where Learningwise Education Inc. signed a 90,000-square-foot lease in Vancouver.
The educational company subleased a 90,000-square-foot location at 1090 W Pender Street in BentallGreenOak’s downtown Vancouver office building.
Learningwise Education Inc., the parent company of University Canada West, will occupy floors from the third to seventh under the lease signed Sept. 6. The company plans to move in on April 1, 2024.
Jeffrey Lin, vice-president of leasing, acted for BentallGreenOak, which is known as BGO.
No tenant representative was listed.
Top Retail Lease
Home Société Signs Largest Lease of the Quarter.
The largest retail lease of the quarter space was in the Toronto submarket of Moss Park/Regent Park.
Home Société signed a lease on July 1 for the first and second floors of a residential project by Great Gulf and Hullmark at 48 Power Street. The deal is for the retailer’s MUST division, which describes itself as selling “distinctive decor elements” including armchairs for your living room and rustic wood headboards for the bedroom.
The lease for 43,000 square feet is for 10 years. Jonathan Weinberg of First Gulf was the leasing representative on the deal. The tenant contact is Home Société.
Top Industrial Lease
Lactalis Canada Inks Lease for Environmentally Friendly Industrial Space
A proposed property at 1680 Thornton Road North in Oshawa, about 60 kilometres east of Toronto, is the largest industrial lease of the quarter.
Leased by Lactalis Canada, the 379,000-square-foot facility would be located in the growing Northwood Business Park. The building would be able to store up to 60,000 pallets in both cooler and freezer environments while being zero-carbon ready, potentially being zero-carbon building certified.
The energy source would be entirely on the Ontario power grid with no additional reliance on non-renewable energy sources. The heat created from refrigeration systems is being designed to be reclaimed so it can heat the facility’s offices and warm the truck apron to melt snow.
A white roof would help would help reflect heat from the sun. Solar panels on the top in a future phase would provide renewable power to partially or wholly offset reliance on the power grid under certain conditions.
Kyle Hanna and Fraser McKenna of CBRE were the tenant representatives on the deal signed on September 19, which kicks in on January 1, 2024. Tenants are expected to move on October 1.
Source CoStar Click here to read a full story
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