TORONTO — Avison Young has announced the sale of Kennedy Commons Shopping Centre in Toronto on behalf of RioCan and First Gulf, the year’s largest retail investment deal in Ontario, valued at $215 million.
The sale to a private investor, which closed on Dec. 15, also represents one of the year’s largest retail investment transactions in Canada, stated a release. Avison Young acted as the vendors’ agent.
“We were pleased to work closely with all parties, including RioCan and First Gulf, to arrive at this record-setting sale,” says Robin White, principal with Avison Young in Toronto, in a statement. “Kennedy Commons is a terrific investment representing all the best features in a retail property: it’s extremely well positioned near the highway, major city streets, TTC and GO transit networks, and is within an expanding residential area, with opportunities for further multi-use development.”
Avison Young reports confidence in the Greater Toronto Area’s retail sector has been strong with retail investment in the GTA increased 33 per cent in Q3 over Q2 2021, marking the fifth consecutive quarterly increase. Quarterly dollar volume was up 181 per cent compared with Q3 2020.
Avison Young’s Retail Vitality Index reports that in-person retail traffic in 2021 rebounded substantially from 2020 across North America.
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