Two Deals, One Neighborhood, One Crazy Decade
Allied Properties REIT has dipped into Toronto's thriving West End with two office acquisitions. Both were built in the early 1900s and renovated in 2012. (That will go down as a terrible year to be a ghost haunting unrenovated turn-of-the-century buildings.)
First, 241 Spadina Ave has a total GLA of 31k SF, most of it office. It was built in 1910 for the Consolidated Plate Glass Co. It’s designated under the Ontario Heritage Act.
The other is 32 Atlantic Ave, in Liberty Village, between Atlantic and Jefferson, and is 57k SF (all office). The property was built in the early 1900s. Allied pres Michael Emory says the property has just over 6,800 SF of leasable space and a “small value-creation opportunity” that the company will jump on quickly. (We assume he means finding whoever stole the bricks around the door.) The total cost for both buildings is $32.5M.
