Robust Retail Sector Big Story of 2013
For Ashlar Urban Realty's managing partner Jeff Thomas, the big deal story of 2013 was a no-brainer--Bayview Village, going for $500M. (To give you an idea of the size of that, if you took all that money in $100 bills, the stack would be nearly 1,800 feet high.)
There was the larger inner city urban trade of 78-92 Yorkville as well--$53M (nearly $2k per SF--another sign of the demand for premium urban retail assets. Overall, for Jeff, the growth and activity in the retail sector stood out over all others. Retailers are more active in the urban space, Jeff says, developers are jumping on opportunities, and private capital is seeking smaller retail acquisition opportunities for long-term appreciation. "On a larger scale we have seen transactions by institutional investors for urban Toronto retail assets that underscore the belief in this asset class appreciating over the longer term," Jeff says. There have been big bets by some on owning space that will benefit from the fruits of intensification either periphersally through a larger retail customer base or directly through redevelopment, Jeff adds. (Jeff is next to colleague Paul Smith.)
