$21-million Hamilton commercial property sale the biggest since April

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Published June 28, 2023 at 1:00 pm

SCREENSHOT FROM GOOGLE MAPS
SCREENSHOT FROM GOOGLE MAPS

Toronto-based real estate company Cedar City Developments Ltd. bought 86.79 acres on Hamilton Mountain for $21 million this week, the largest commercial real estate transaction in Steeltown since April 28.

(On April 28, 94 acres were purchased for $21 million on Twenty Road West.)

The latest big purchase amounts to about $242,000 per acre for the property on 8113 Airport Rd. E. in Glanbrook near the airport, according to Alex Manojlovich, director of strategy and research at Forge and Foster Investment Management.

The City’s interactive zoning map shows the parcel is zoned agricultural, appearing to be located within one of the province’s mandated urban boundary expansion areas, according to Manojlovich

Cedar City Developments did not immediately respond to inthehammer.com’s request for more details about the purchase.

Since it’s a commercial real estate transaction, the property will be exclusively used to generate income, such as for office, industrial, retail, multifamily rental (like condos) or retail spaces.

This property on 8113 Airport Rd. E. on Hamilton Mountain sold for $21 million.

This property on 8113 Airport Rd. E. on Hamilton Mountain sold for $21 million.

Another major transaction was 414 Victoria Ave N., a medical office in east Hamilton trading for $6.1 million, or $130 per square feet, to K.I.B. Restoration Inc. through a vesting order.

K.I.B. Restoration Inc., based in Mississauga, Ont., said it did not want to provide any information about the deal right now.

There were three industrial transactions this week, one in Hamilton and two in Brantford involving properties that sold for over $200 per square feet, with each over 20,000 square feet.

COURTESY GOOGLE MAPS

This medical office at 414 Victoria Ave N. traded for $6.1 million. COURTESY GOOGLE MAPS

 

 

Editor’s note: The headline and article were updated to clarify that Cedar City Developments’ $21-million purchase was a commercial real estate transaction, the largest in that category in Hamilton since April 28. We regret the error.

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