Allied Properties REIT Acquires 3 Downtown Buildings For $101M
Allied Properties REIT said yesterday it’s entered into agreements to acquire three downtown properties—461 and 642 King St W, and 47 Front St E—for $101M. Here’s what you need to know about the deals.
461 King St W
This fully leased 81k SF building—built in 1901 for Toronto Lithographing Co and renovated/retrofitted in 2007—is between Allied’s 425-455 King St W and 469-539 King St W, completing its ownership of a large and strategic assembly of 970 feet of uninterrupted frontage and 233k SF of underlying land. The 461 King property, with 37k SF of retail, is just east of Allied's 420 Wellington St W. The deal also gives the trust ownership of laneways running between the buildings. Inspired by QRC West, Allied plans to create new office space above 455-469 King St W.
642 King St W
Acquired in a 50% JV with RioCan REIT, this 15k SF building is just to the west of King-Portland Centre, a mixed-use intensification project launched earlier this year by the two trusts. The 642 King St W property—built in 1894 for the Mason & Risch Piano Co and renovated/retrofitted in the late 1990s—is connected by a rear laneway to KPC, which is under construction after Shopify was inked as lead tenant earlier this year. The two partners said they intend to upgrade and re-lease the building, which will be vacant on or shortly after closing.
47 Front St E
This historically designated property—between Allied-owned 35-45 Front St E and 49 Front St E—has 15k SF of GLA on 4,791 SF of land. Built in 1872 for the Beardmore Tannery, the building was renovated/retrofitted in 1954. The property will be vacant on or shortly after closing, Allied said, and it plans to upgrade and re-lease the space within the next 24 months. The acquisition, first announced in June, completes Allied’s ownership of a strategic assembly, 35-49 Front St E, with 230 feet of uninterrupted frontage and 39k SF of underlying land.