- What A second-storey retail condominium spanning 52,000 sq ft is on the market
- Why The Upper Market podium is under a 31-storey condo tower and an 11-storey office building
- What next The guidance price is about $775 per sq ft
A vacant retail condominium in Toronto is on the block, Green Street News can reveal.
A 52,000 sq ft space at 5250 Yonge Street is on the market with an asking price of $775/sq ft, or about $40m, Green Street News can reveal.
CB Metropolitan Commercial brokerage, recently born from the merger between Clifton Blake and Metropolitan Commercial Realty, has the marketing assignment on behalf of G Group Development.
Two retail trades in Toronto have exceed $39m this year, according to Green Street’s Sales Comps Database. In January, RioCan acquired its partner’s 75% interest at RioCan Leaside Centre for $59.3m. And in April, Sheridan Plaza, at 2200-2202 Jane Street, traded for $39.6m.
The offered second-storey space, dubbed Upper Market, features 21-foot clear-height ceilings, 22-foot column spacings and 360 dedicated underground parking stalls for retail customers. It also has two ground-level drive-in bay doors to accommodate 53-foot trailers and two high-volume cargo elevators connecting the loading bay to the second floor.
The condo and the street-level space comprise a podium connecting a 31-storey residential tower, called Ellie Condos, and an 11-storey office building. There are 309 units in the residential building, while the vacant offices total 120,000 sq ft. Construction is wrapping up on the podium and the office space.
Marketing materials tout the neighbourhood’s demographics. There are over 350,000 residents within 5km, with an average household income of $136,000. CB Metropolitan is telling bidders the development is being built to Tier 2 of the Toronto Green Standard, meaning it prioritises energy efficiency, water conservation and sustainable building practices that promote long-term environmental performance.
The property has access to public transit via North York Centre Station, a subway station which is about 250m away. It’s under 2km to the 401 highway and under 7km to the 404 and 407 highways.
G Group Development is a real estate development firm with more than 1,000 residential homes and 250,000 sq ft of commercial and retail space under its belt.
