The GTA's record year for office tower transactions made the headlines, but the big action was in building sites, according research firm RealNet. Of the $13B in CRE transactions tracked by RealNet in 2012, $4.9B--or 37%--was for developable properties, says Richard Vilner, RealNet's GTA research manager.Land has been at least 35% of the overall market since Q4 2011 (Duddy Kravitz knew his stuff). The biggest deal: Metrus' acquisition of 191 acres in Vaughan for $172M. Pinnacle got 7 Yonge for $162M (and word leaked recently that Pinnacle wants five towers on the site). Camrost-Felcorp paid $142.5M for the old Four Seasons, which it's converting to condos. The Allied-RioCan-Diamondcorp JV paid $136M for the Globe and Mail lands.
Speaking of development sites, Tribute Communities recently purchased 72 Carlton for $13M. RealNet tells us that, last October, the high-rise residential developer paid $12.3M for 70 Carlton, another two-storey building next door. Nobody at Tribute was available to tell us if it wants more properties for the 0.44-acre assembly, but since the reopening of Maple Leaf Gardens and its mega-Loblaws, Church and Carlton is a hot corner again (even if Main Drug Mart and Zippers night club indicate otherwise). RealNet data also says Standard Life ended up getting $634.6M for those four office towers in the fall. Bentall Kennedy got the Toronto and Montreal buildings, while Northam took the ones in Edmonton and Calgary.
