BAZIS has acquired a midtown Toronto strip mall property from an unnamed private vendor in a $37-million off-market deal.
“In my opinion, the vendor probably realized that, with all the development happening in the neighbourhood, this particular asset had outlived its true potential as an investment and the highest value would be achieved through it being sold based on the redevelopment potential,”
Lennard Commercial Realty, Brokerage vice-president Vincent King, who brokered the transaction, told RENX in an email interview.
Plans for the Mount Pleasant site
BAZIS representatives declined to be interviewed, but King said “the purchaser probably viewed this property as a great income-producing property in the short term. In the long term, it’s for a high-rise condominium development in one of the most affluent neighbourhoods in the city.”
The Mount Pleasant Road property is zoned Commercial Residential. BAZIS recently submitted a rezoning application to the City of Toronto for a 35-storey mixed-use residential building with a six-storey podium and a seventh-floor indoor and outdoor amenity area.
The proposal is for 398 residential units: 53 bachelors; 180 one-bedrooms; 122 two-bedrooms; and 43 three-bedrooms. It would include space for retail and service tenants at grade as well as parking for 104 motor vehicles and 442 bicycles.
The project is expected to yield a total gross floor area of approximately 311,000 square feet.