- What A redevelopment opportunity in Markham, Ont., has sold for $15.5m
- Why The two-property site was placed under receivership earlier this year
- What next Times 1010 has taken over the site
A two-property assemblage in Markham, Ont., has sold for $15.5m after being placed under receivership earlier this year.
The site, at 9 and 19 Cedar Avenue, was picked up by an investor operating under the name Times 1010 Inc., with Colliers brokering the sale.
Times 1010 initially sought to buy the property in January when it was put up for sale by Downing Street Financial. At the time, Downing Street was exercising a power-of-sale process after the properties’ owners, three private individuals, defaulted on more than $6.5m in loans.
Downing chose not to accept Times 1010’s offer at the time of $16m and, in April, requested a receivership over the two Cedar Avenue sites. During the proceedings, Times 1010 submitted a stalking-horse bid of $15.5m. With no other offers submitted, Times 1010 was able to close on the site on August 26.
Each of the properties is occupied by a tenanted low-rise commercial building. Marketing materials for the site, however, highlighted a redevelopment opportunity, noting that the site is designated as residential/residential mixed-use under the secondary plan for the Langstaff Gateway Planning District.
At the time of the sale, Times 1010 obtained a $50m loan from Scotiabank against the property.
This is not the first distressed site acquisition for Times 1010. In October, the entity picked up 3143 19th Avenue, also in Markham, through a court-ordered sale after Tung Kee Investment was found to owe roughly $30m on the property.
