- What Manga Hotel Group bought a residential development site in Brampton, Ont.
- Why The property was placed under receivership last year
- What next The site is approved for three towers with over 1,000 units
Manga Hotel Group purchased a distressed high-rise development site in Brampton, Ont., for $17.6m, Green Street News can reveal.
The Toronto-based investor and developer picked up 253 Queen Street East one year after it was placed under receivership. The site is approved for three residential towers with more than 1,000 units. CBRE brokered the deal, which closed on Jan. 24.
CBRE was chosen to offload the property by the receiver, Rosen Goldberg, after owner U Developments was found to owe more than $10m in outstanding mortgage payments.
The site spans 4 acres and is occupied by a one-storey strip mall. U Developments had obtained approvals for towers of 32, 33 and 38 storeys with 88,000 sq ft of office space and 20,000 sq ft of retail space, in addition to the residential units.
The property is 700 m southeast of Highway 410 and 8 km from Toronto Pearson International Airport. The surrounding properties are used largely for retail purposes, including several car dealerships, a supermarket and a Days Inn hotel.
Manga already was in the process of developing the parcel immediately west of 253 Queen Street East, with plans for a 38-storey tower containing 394 residential units and ground-level retail.
Last year, Manga purchased the Residence Inn Calgary Downtown/Beltline District for $112.3m from QuadReal Property Group.
