Ryerson University Buys 104 Bond St: A Deal For The Greater Good
Ryerson University has acquired 104 Bond St for $10.25M, besting top TO developers after three rounds of bidding for the 27k SF building. Colliers’ Greg Peacock, the sale broker, walks us through the transaction.
We snapped Greg (left) and Will Angus of Colliers’ Private Capital Real Estate Advisory Group, who co-brokered the deal for their client, Shaw Laboratory Group. The vendor, a family-owned dental-moulding biz, had developers knocking on the door over the years with unsolicited offers to buy the site just north of Dundas Street. Greg's team, which has had a long-standing relationship with Shaw, advised the timing was right to put 104 Bond through a bid process. While the site saw keen interest from leading developers, Greg says the sellers believed it was for the "greater good of the community" if the building went to Ryerson.
The sale was "a breath of fresh air,” Greg tells us. Normally the only guidance given from a client is regarding timing and price. But Shaw was willing to do a creative deal if Ryerson could gain control of 104 Bond. The transaction was “very competitive,” says Greg, and includes a four-year sale-leaseback option for his client, net free, which was "definitely a deciding factor." Shaw eventually plans to move its operation to a suburban market.
It’s not clear what the university plans to do with 104 Bond, but Greg says the brick-and-beam building has no heritage status. So it’s likely a teardown and redevelopment situation, with the opportunity to add density to an area already zoned for commercial and residential uses. Because the property sits in the heart of Ryerson's ever-expanding campus, says Greg, “they knew they had to act quick and buy it.” Thanks to the 48-month sale-leaseback period, the university has time to figure out finer details. “I think it’s an unbelievable deal all around for Ryerson and the family.”