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Toronto Commercial Real Estate

Allied and RioCan Team Up (Again)

Allied Properties REIT—its CEO Michael Emory, above—has entered into its fourth GTA-focused JV with RioCan. (Third time's the charm... but it carries over to the next one, too.) Both parties are taking a 50% interest in 491 College St and 289 Palmerston Ave. No mortgage financing was used in the $7.7M buy of the properties, comprised of nearly 16k SF of land on the east side of Palmerston and south side of College, including 90 feet of frontage and a heritage building with just over 10k leasable SF. Eventually we'll see mixed-use office, retail, and residential components there. College & Manning, King & Portland, and Downtown West are the other JVs.

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