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of Capital Interest
Produced by Juteau Johnson Comba Inc.
Real Estate Advisors and Appraisers
2255 St. Laurent Boulevard, Suite 340
Ottawa, Ontario
K1G 4K3
Phone 613-738-2426 ex 104
Fax 613-738-0429
Editor John Comba
Here is our much overdue and long awaited latest edition of our
newsletter. We have finally hired a researcher (the only reason the
newsletter is ready now) which should allow us to issue the newsletter in a
much more timely fashion. Our new researcher is Tania McDonald and she
can be reached by phone at 738-2426 ex 105 or by email at taniajjc@magma.ca . So, some of you
may be hearing from Tania in the future. I have told her that everyone in
the Ottawa real estate community is very helpful and hopefully you can all
prove me right.
Since I started this newsletter I have received a number of calls asking me how
we research the sales for the newsletter. Our main source of information
is an online service called Realtrack. RealTrack provides information on
confirmed commercial (ICI) real estate sales, of $500,000 and over, through a
fully searchable database available to subscribers from their website. Based in
Toronto, RealTrack is the leading provider of timely, accurate and
comprehensive market information to the commercial real estate industry.
The service provides a summary of the sale, a photo of the sale, a copy of the
deed, a copy of any reference plans related to the sale, a copy of any mortgages
that were part of the sale and assessment information. The cost to
subscribe is $1,495 per year with a one time set up fee of $295. For more
information on this excellent service you can reach Mark Levin at
1-877-962-9033 or by email at info@realtrack.com
. What is amazing is that Realtrack provides this information for all of
Toronto, all of southwestern Ontario and the Kingston areas as well. The
web site also allows searches by property types, purchaser name, vendor
etc.
The Ottawa sales are posted on the Realtrack web site every month or so and we
download the information and then conduct a search of our records, call real
estate agents and/or the vendors or purchasers to confirm details on the sale.
We then provide a summary of the sales in this newsletter and write them up in
more detail for our appraisal reports.
Now onto a summary of the sales as provided by www.realtrack.com that occurred from
February 14th to March 31st .
SALES
The retail market was more active with five sales in the last half of
February and in the month of March. The February sale involved 519-529
Bank Street which is a three storey retail building with residential units
above. The vendor 718110 Ontario Inc. sold the property to Luigi
Caparelli, in Trust for $1,050,000.
Fisholding Limited sold their one-storey retail property at 393-401 Richmond
Road & 398-400 Winston Avenue to 895596 Ontario Inc. for $640,000 or approximately
$64 per square foot.
A one-storey strip retail building at 1549-1571 Bank Street was sold by Evans
Plaza Inc. to Temprano Enterprises Inc. for $716,106.36 or approximately $90
per square foot.
The former Canadian Tire located at 248 McArthur Avenue was sold by Canadian
Tire Corporation, Limited to Toth Equity Limited, for $1,250,000 or $28 per
square foot. The agent for the vendor was John Seymour of Colliers.
Aziz & Rosalind Jabbour sold a two-storey retail/residential property at
874 Clyde Avenue to George Rizk for $500,000. The building is demised
into a ground floor restaurant and two apartment units on the second
floor.
There were a total of four office building sales in the months of
February and March. The only sale in February involved the property
located at 265 Carling Avenue. Gercom Developments Limited sold to 265
Carling Avenue Ltd for $3,600,000 or $79 per square foot. This is an
eight-storey Class B office building that was 98% leased at the time of
sale. The listing agents were Alan Seymour, Jim Shotton and Ian Shackell
of CB Richard Ellis.
Place Bell, which is a twenty-six storey office building located at 160 Elgin
Street was sold by Le 160 Elgin I Inc. and Le 160 Elgin II Inc. to 160 Elgin
Portfolio Inc. for $211,349,524 or $220 per square foot. This property
was purchased October 19, 2000 for $163,000,000. This represents a return
of 29.7%. Now imagine if the purchaser had invested in Nortel shares
(like many of us in Ottawa did) instead of buying Place Bell, their investment
would have been down 91.5% to only $17,968,534 over the same time period and to
only $4,074,208 today. It sure makes those 20% annual returns look
good.
Newill Corporation sold a four-storey multi-tenant office building at 11
Rosemount Avenue to 1470345 Ontario Inc. for $640,000 or $46 per square foot of
leasable area.
A two-storey office building located at 420 O Conner Street was sold by N &
D Properties (Ottawa) Limited to Cabu Publications Inc. for $850,000 or
approximately $121 per square foot.
The multi-residential market continues to be of interest to the investment
community with two apartment sales in the last half of February and six
in March. GBB Holdings Inc sold Beacon Place Apartments to 1479152
Ontario Inc. This is comprised of thirteen, 3.5 storey buildings which have a
total of 195 units. They are located at 695-709 La Verendrye Drive and
2369-2377 Ogilvie Road. The total consideration was $10,700,000 or
$54,872 per unit. District Realty was the broker for the vendor.
Thomas H. Lahey, Wilda L. Phillips, Maria E. Floyd and Murray D. Floyd sold 200
Stewart Street to Paul Giroux, Nathalie Renault and Philip Dumas. The
fourteen unit apartment building sold for a total consideration of $1,055,000
or $75,357 per unit.
David and Carol Rourke sold the 34-unit building at 201 Metcalfe Street to 201
Metcalfe Street Inc. for $2,050,000 or $60,294 per unit.
Basma Corporation sold the 12-unit apartment building at 84 Rosemount Avenue to
Arif Enterprises Inc. for a total consideration of $520,000 or $43,333 per unit.
The three-storey youth hostel located at 119 Daly Avenue was sold by Chunyi
Zhang and Jing Xian Wang to Hostelling International Canada-Ontario East Region
for a total consideration of $500,000.
A twenty-six unit apartment building at 197 Cumberland Street was sold by
Raymond and Marie-Paule Doyle to Urban Vision Holdings Inc. for $1,050,000 or
$40,385 per unit.
Ted J. Lewandowski sold the apartment complex located at 31-33 Rosemount Avenue
to Ottawa Salus Corporation for $2,300,000 or $50,000 per unit. The
property contains two apartment buildings with a total of forty-six units.
The apartment building located at 237 Loretta Avenue South was sold by Lucio and
Rosetta D Orazio to Angela Ienzi. The three-storey, seventeen-unit
apartment building sold for a total consideration of $1,100,000 or $64,706 per unit.
The industrial market remained slow in the last half of February with
only one sale, and continued this trend with only three sales in the month of
March. The former Cashway property at 2098 Prince of Wales Drive was sold
by 3641414 Canada Inc. to 2098 Prince of Wales Drive Property Inc., for a total
consideration of $1,065,000 or $47 per square foot. Canderel is currently
marketing this property for sale.
Tristan Inc. sold 74 Colonnade Road North to Anuk Holdings Ltd. for a total
consideration of $1,095,000 or $97 per square foot. This is a two-storey
industrial/office building.
The property located at 159 Colonnade Road was sold for $560,000 or $50 per
square foot. The vendor was 964259 Ontario Limited and the purchaser was
159 Colonnade Inc.
The industrial property at 2370 Walkley Road was sold from 1255037 Ontario Inc.
to SREIT (Quest Ontario) Ltd. for a total consideration of $10,515,122 or $47
per square foot. This was part of a portfolio of properties many of which
were located in western Canada.
A school at 1116 St. Laurent Boulevard, in the Castle Heights
neighbourhood, was sold by Conseil Scolaire de District Catholique Du
Centre-Est de l Ontario to Ogilvie Realty Ltd. for a total consideration of
$1,010,000 or $53 per square foot of building area or $14 per square foot of
site area. The property was purchased by the owner of an adjoining car dearlership.
The market for vacant land was slow during the last half of February
with only two sales, but picked up during the month of March with seven
transactions. Andre Denis sold 3.9 acres of vacant land at 2500 Sheffield
Road to Marden Fabricating Limited for a total consideration of $700,000 or $179,487 per acre.
The City of Ottawa sold 7.626 acres located on Claridge Drive in the Longfields
neighbourhood to Claridge Homes Corporation. The total consideration for the
property was $787,310 or $103,240 per acre.
The National Capital Commission sold 5.834 acres located on the north side of
Walkley Road to the west of Bank Street for a total consideration of $875,000
or $149,983 per acre. The purchaser was 1497213 Ontario Inc. who is to
construct townhouses on the site.
The City of Ottawa purchased an 18.5 acre site on the east side of Trim Road in
the east end of the City from 830254 Ontario Ltd. for $765,000 or $42,350 per acre.
A 20,040 square foot site at the corner of Richmond Road and Berkley Avenue was
sold by 172965 Canada Limited to 4029682 Canada Inc. for a total consideration
of $500,000 or $25 per square foot.
Loblaw Properties Limited purchased 28.838 acres in the east end of the
city from Noella Pharand, Lise Pharand, Denis Pharand and Gaetan Pharand.
The property is located on the south side of Innes Road in Cumberland. It
sold for $3,840,000 or $128,695 per acre.
The City of Ottawa sold a 16.853 acre parcel of land on Greenbank Road in
Nepean to the Ottawa-Carleton Catholic District School Board who purchased the
property for $1,053,233 or $62,495 per acre.
Teron Inc. sold part of Ottawa-Carleton Vacant Land Condominium Plan Number 645
located on Goulbourn Forced Road in Kanata. Ken Wigglesworth and Donna
Malizia purchased the 45,511 square foot lot for a total
consideration of $700,000 or $15.38 per square foot.
2070-2074 Scott Street was sold by 1075 Richmond Road Holdings Ltd. to EJSPA
Corporation for $525,000. The property is some 21,900 square feet in size
and is improved with an older 2,520 square foot automotive repair garage.
The sale parameters indicate a price of $24 per square foot of site area or
$208 per square foot of building area.
NEWS
This section of the newsletter will return once we catch up on the older
sales.
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