Amare said:
Absolutely love it, this looks much better. For once some pre-clad brick that extends just beyond the first couple floors of a building and makes up the majority of the facade.
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Yeah, and maybe in another 5 years a sales centre will open!
 
Development application sign is up, but nothing more. Today:

PXL_20230412_163245395.jpg


PXL_20230412_163359773.jpg


PXL_20230412_163303146.jpg
 
ProjectEnd said:
RioCan doing residential is.
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Interesting. They have multiple properties where they've done at least some work scoping out potential, and there's lots of it.

Do you seem them just holding the profitable retail assets as others build around them.........or exiting to someone who wants to be in the multi-res space?

Shopper's World Danforth instantly comes to mind.

***

Also in this case, it would seem unusual to me for Riocan to hold multiple, street-facing, small-scale retail properties. It's an assembly, not a plaza/mall etc.

Does that indicate a sale here as well?
 
ProjectEnd said:
They already sold 4 and are open to sales on pretty much everything else except The Well.


Gitlin is also on the record as saying RioCan is not pursuing any new development projects for the time being, but I can't seem to find the article.
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Thanks PE!
 
Oof, Strada sold for only $24 million? I feel like they must have taken a pretty substantial loss on that one, no?
 
innsertnamehere said:
Oof, Strada sold for only $24 million? I feel like they must of taken a pretty substantial loss on that one, no?
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Strada was a 50% - 50% joint venture of RioCan and Allied REITs. The property sold for $48 Million, the $24 Million was only for RioCan's 50% share. And for 61 units is worked out to approximately $787 thousand per door.

RioCan & Allied Sell 8-Storey Strada In Toronto To CAPREIT For $48M​

The 8-storey Strada at 555 College Street in Toronto was developed in 2021 by RioCan and Allied Properties REIT.​

Howard Chai
December 04, 2024
05:14 PM


A rare transaction involving not one, not two, but three of Canada's largest REITs has closed, according to an announcement published earlier this week by one of the parties.
The transaction was pertaining to Strada, an eight-storey rental building with 61 units located at 555 College Street in the Little Italy neighbourhood of Toronto that was constructed in 2021.
Strada was acquired by CAPREIT (TSX: CAR.UN) for $48.0 million, the company announced in a press release earlier this week. As part of the transaction, which CAPREIT says has now closed, it will also be assuming $29.7 million in mortgage debt, which is carrying interest at a rate of 4.3% per annum on the remaining term of approximately eight and a half years.
 
AHK said:
Strada was a 50% - 50% joint venture of RioCan and Allied REITs. The property sold for $48 Million, the $24 Million was only for RioCan's 50% share. And for 61 units is worked out to approximately $787 thousand per door.

RioCan & Allied Sell 8-Storey Strada In Toronto To CAPREIT For $48M​

The 8-storey Strada at 555 College Street in Toronto was developed in 2021 by RioCan and Allied Properties REIT.​

Howard Chai
December 04, 2024
05:14 PM


A rare transaction involving not one, not two, but three of Canada's largest REITs has closed, according to an announcement published earlier this week by one of the parties.
The transaction was pertaining to Strada, an eight-storey rental building with 61 units located at 555 College Street in the Little Italy neighbourhood of Toronto that was constructed in 2021.
Strada was acquired by CAPREIT (TSX: CAR.UN) for $48.0 million, the company announced in a press release earlier this week. As part of the transaction, which CAPREIT says has now closed, it will also be assuming $29.7 million in mortgage debt, which is carrying interest at a rate of 4.3% per annum on the remaining term of approximately eight and a half years.
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This is true, but as RioCan was managing the day-to-day, it could be argued they got the better deal as they were able to syphon DM fee whereas Allied was just a money partner.
 
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