Menkes Acquires Forester Redevelopment Site in Toronto
1.2 min read
Menkes Developments has recently acquired a 5.1-acre site situated on Don Mills Rd and Ferrand Dr in Toronto. The property includes a nearly 400,000 square foot office building owned and primarily occupied by Foresters Financial. With a price tag of $91.25 million, the site is said to have strong redevelopment potential.
Commercial real estate broker Nicholas Kendrew from Cushman & Wakefield stated, “What we’re seeing in the market right now is several owner-occupiers that, in a post-COVID environment, are analyzing their portfolios and looking at their occupancies. They try to understand if they’re maximizing the use of their facilities,” Kendrew told RENX. “That’s certainly something that Foresters was looking at very closely.”
Office buildings are increasingly considered significant residential or industrial redevelopment opportunities for investors and developers alike. This site has the potential to become just that.
Learn more about the acquisition.
Reference
McLean, S. (2022, March 21). Menkes acquires Foresters office tower, dev. land in Toronto: RENX - real estate news exchange. RENX. Retrieved March 29, 2022, from https://renx.ca/menkes-acquires-foresters-head-office-in-toronto/
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