Last quarter was the GTA's fifth-best ever for commercial real estate dollar volume—up 38% versus 2014—driven by a record number of transactions and increased activity in all sectors, RealNet Canada says. Here are four big Q2 deals.
1. Calloway REIT Snaps Up SmartCentres
Buyer: Calloway REIT
Seller: SmartCentres
Value: $216M
Properties: 16 open-format shopping centres in the GTA. Part of a $1.16B transaction that includes SmartCentres’ portfolio of 24 properties in Ontario and Quebec.
Significance: The biggest second-quarter deal in the GTA retail sector, which had year-over-year dollar volume gains of 44%, according to RealNet.
2. CPPIB Purchases High Park Apartments
Buyer: Canada Pension Plan Investment Board
Seller: Minto Properties
Value: $105M
Properties: CPPIB acquired a 60% ownership interest in Minto High Park Village, a three-tower rental property, its first direct investment in Canadian multifamily.
Significance: The largest transaction in a GTA apartment sector that witnessed a whopping 57% year-over-year increase in deal volume.
3. Crown Acquires Markham Office Portfolio
Buyer: Crown Realty Partners
Seller: B.C. Investment Management Corp
Value: $126.7M
Properties: A 465k SF office building portfolio comprising 575, 600 and 675 Cochrane Dr, aka Trillium Executive Centre, the only AAA office complex in Markham.
Significance: The biggest deal in the GTA office segment in Q2, which improved by 8% in dollar volume versus the same period last year, according to RealNet.
4. Allied Expands King West Empire
Buyer: Allied Properties REIT
Seller: Private investor
Value: $100M
Properties: 511-539 King St W, three buildings that’ll be part of an extensive mixed-use redevelopment done in a JV with Westbank Corp.
Significance: The most notable high-density transaction in a quarter that saw future condo development land deals represent 43% of total land investments, or $420M.
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