Heritage Sale Draws Stiff Competition
The sale of 65 Front St E shows the investment community grasps how competitive it is for heritage assets in the downtown core, according to Cushman & Wakefied AVP Elliot Medoff. (It's easier to ascend to the Iron Throne at this point.)
Elliot, center, was on a C&W listing team for the transaction that included managing director Nick Yanovski and VP Noah Rechtsman. The asset, at the corner of Front and Church (exposure and views directly into the financial core) traded at an even $10M ($455/SF). Elliot says the deal was actually a rare opportunity to buy a brick-and-beam, mixed-use building well leased to quality tenants (led by Second Cup), offering up stable cash flows.
Because properties like this don’t come up for sale very often, Noah says, the process solicited interest from more than 50 purchasers, leading to multiple bids from public and private entities. (That must be how the homecoming queen feels.) The final price “surpassed the expectations of institutional investors,” he says. Nick says it was an aggressive list price, but still an excellent sale price, and that the deal reflects a continuing strong investment market in Toronto.
