Land Was The Big Deal In 2012
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.
