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It's been awhile since we've seen an industrial land deal the size of the Colliers-brokered transaction that just closed in Caledon. (Chances are the last time it happened you had a haircut that's is now embarrassing.)  The 190-acre parcel of land is located on Coleraine Drive in Caledon, just south of the proposed new Canadian Tire distribution centre. (We aren't hoping any of you get a flat tire, but if you did, that would be the area to do it.) HOOPP partnered with Triovest in the $48M transaction. The deal was brokered by Colliers' Colin Alves (image) and Graham Meader, and the seller was Solmar Development Corp. Colin tells us how difficult it is to secure large tracks of development land in the GTA, factoring in things like the Greenbelt and the proposed Hwy 413 land freeze.  “It's another example of HOOPP being active and the continued growth of its industrial portfolio,” he says. This particular parcel is located in a strategic site—next to an emerging business park, with proximity to the CP Intermodal and the future Hwy 427 extension. “As a result there were multiple buyers circling the property,” Colin says. In the image is one of the buildings in HOOPP's AeroCentre complex in Mississauga. |
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Kevric's Liberty Village Ambitions Last month we reported on rumoured Canadian Tire interest in being part of a redeveloped John Brunswick Building, the heritage structure in the heart of Liberty Village, developing a new, smaller urban retail model for the big box retail company. Sources now tell us the real estate people at Canadian Tire have had challenges getting upper management to sign off. But it's still full steam ahead in terms of development of the century-old structure. The building's owner, Kevric, has now submitted a proposal to city planning that calls for extensive renovations to the building, allowing for retail and a restaurant.  The main entrance to the building would move to Hanna Avenue, and plans call for a repositioning of the main floor of the building to street level. (A new address and you don't even have to move.) Kevric also wants to build an eight-storey office tower on the Atlantic Avenue side of the site, subject to getting city approvals. A smaller two-storey structure would go in the small parking lot that sits at the corner of Hanna and East Liberty. Avison Young's Jonathan Pearce says they have a deal done with a restaurant group for 11k SF of space, and they are in “active negotiations” with several other national retailers for space in the Brunswick Building. Any leasing deal is conditional on the project getting city approvals.  The building is currently zoned for industrial, so retail isn't permitted, according to a city spokesperson. Kevric also wants to put the parking area underground. The development will be a tricky one, we're told, because of the city is not going to want to the developer to bury the heritage element of the site, especially the boiler house building and tower on the south side. There is a community meeting coming up later in April, where the developer will present their vision for the site. In the image is a shot of the Brunswick building from the early 20th century. |
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This Is Not Debatable! |
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 NAIOP's REX Awards next Wednesday at the Metro Toronto Convention Centre should be a lively time, with stand-up comedian Steve Patterson emceeing. Steve's the host of CBC Radio One's The Debaters, and in 2013 won “Best Male Stand-up Comedian” at the Canadian Comedy Awards for the second time in three years. (Rich Little must be furious.) He also hosts HGTV's I Wrecked My House, and tells Bisnow that being a new property owner, he's eager to entertain a room full of real estate types and hopes to learn a thing or two about corporate real estate. |
 He'll be in the right company. The annual awards celebrate excellence in the industry. Nominees include the Globe and Mail Centre at First Gulf's 351 King St E for Office Lease of the Year, and the Mirvish Village/Honest Ed's site sale to Westbank for Investment Deal of the Year. First Capital Realty has two nominations in the retail/Mixed Use Development of the Year category—120 Lynn Williams and Leaside Village. We'll speak to a few of the winners next week. Snapped are dignitaries at the groundbreaking for the Globe building that we were at last fall, including a certain celebrity Mayor. |
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Around The HornTo celebrate the Blue Jays home opener tomorrow against the New York Yankees (and make sure you cheer Jeter, all you cynics), we want to hear about your team. If the snow ever melts, baseball season around the CRE community will get rolling soon as well. Send us your starting lineups. Brett Lawrie (image) thanks you (we do as well). Email mark.keast@bisnow.com. |
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