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Primecorp Commercial Realty Completes 3 Transactions Worth C$108 Million

By Gail Kalinoski, Contributing Editor, Commercial Property News
 

The sale today of an upscale multi-family complex in Ottawa’s ByWard Market area for C$30.8 million (about $26.5 million U.S.) was the third in a series of transactions totaling C$108 million (about $92.8 million U.S.) that Primecorp Commercial Realty Corp. Inc. has advised over the past month.

GWL Realty Advisors Inc. purchased Clarendon Lanes, a 120-unit luxury rental apartment project with 14,000 square feet of boutique retail space on the ground floor, from the owner-developer, The Properties Group of Ottawa. The square footage of the residential space was not available, but the property one five-storey building on George Street, said Primecorp founding partner Aik Aliferis (pictured), who along with Sam Firestone, acted as an advisor. The deal included a 185-space underground commercial parking facility.

“This type of property is very difficult to obtain in the Canadian market”, Aliferis told CPN this morning. “It’s quite a positive achievement for GWL to acquire this type of strategic property in the Nation’s Capital (Ottawa)”.

The Properties Group developed the site about 18 months ago in a land-lease deal with the National Capital Commission, the Canadian Government arm that owns the property and others around the city, Aliferis said. The NCC will continue to own the land, he added.

In other Primecorp news, on Dec. 19th 2005, the firm also advised a C$70.3 million (about $60.4 million U.S.) portfolio sale of 13 apartment complexes by CAP REIT to Transglobe Property Management Services Ltd. The properties, with a total of 797 rental units, are located in the Greater Toronto Area as well Oakville, Burlington and London, Ontario.

“This was a trend-setting deal,” Aliferis said, “because it brought together one of Canada’s largest private multi-family landlords and one of Canada’s largest real estate investment trusts.”

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