KingSett Real Estate Growth and Canderel have acquired 1243 Islington Ave, a 12-storey, 110k SF office building next to Islington subway station. The transit-oriented site presents “extraordinary potential for growth,” Canderel leasing and development VP Michael Vilner says, noting that with the surge in residential construction along the Bloor-Islington node “we believe the office market will only improve and do so in the short-term.” Canderel’s portfolio of managed or owned properties in Toronto includes 1075 Bay St, 777 Bay St, 70 York St and 101 Bloor St W, plus Aura, Canada’s tallest condo.
The Islington Avenue deal marks the end of a busy year on the buy front for KingSett Capital, which last week announced it’s acquired a 50% JV stake in 2 Bloor St W, a 455k SF, 34-storey tower at Yonge and Bloor (above), and adjoining Cumberland Terrace, a three-level, 83k SF retail complex on Cumberland Street that's set for redevelopment (both properties are co-owned by Oxford Properties Group). Earlier this year KingSett acquired the Fairmont Royal York Hotel with Ivanhoé Cambridge and InnVest REIT. It also co-purchased Toronto's Courtyard by Marriott.
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