Behind the Deal: Pearl Group Buys 340 Queen St W
The Pearl Group just acquired 340 Queen St W and will replace the low-slung building with a multi-level retail complex. Bisnow met up with Jordan Pearl on site to discuss his firm's latest deal.
We snapped Jordan in front of 340 Queen W, which The Pearl Group purchased last month.He says the plan is to demolish the existing single-storey building—currently occupied by clothing store Urban Behavior—and in its place construct a multi-tenant retail complex. The acquisition by Pearl is the latest addition to one of the city’s largest collections of high street retail properties, which include a number of commercial buildings along Queen West.
Last fall The Pearl Group acquired 577-579 King St W (above) and will be redeveloping the mixed-use buildings. Months earlier the company bought 160 John St (below), a five-storey building the company has renovated to serve as a downtown satellite office for Nike, which is based in Markham. Jordan notes that his brother Zane works with him managing properties and construction. “And I’m more of a deal guy; I find the deals.”
Jordan learned the business from his grandfather, Martin, a low-rise builder who launched The Pearl Group in the '70s and amassed much of its portfolio. Martin passed away in 2012. “He was tough but a great mentor and teacher," says Jordan, who continues growing the company while staying true to its founding focus: high street properties. “I don’t want to be an explorer. We want to have cash constantly flowing, and for that to happen you have to be in the best locations.”