Dartmouth was the place for Nova Scotia’s top real estate deals of 2022.
The biggest was the creation in August of a $228 million joint venture that controls about one-third of HRM’s 9 million square feet of leasable industrial space. Ownership of the venture is shared between Pro Real Estate Investment Trust (Proreit), a Montreal-based property firm, and Crestpoint Real Estate Investments Ltd., a unit of Toronto-based Connor, Clark & Lunn. All but one of the 42 properties contributed to the portfolio are in Burnside Industrial Park, which HRM bills as the largest concentration of industrial space east of Montreal. The venture's lone site outside Nova Scotia is in Moncton.
Ranking second on HBB’s list was the $82.5 million purchase in July of 2 Killkee Gate, current site of the Ocean Breeze Village townhomes and the undeveloped land around them. The buyer of the 57-acre property, which lies at the foot of the MacKay Bridge near the Dartmouth off-ramp, was Basin Heights Community GP Ltd.
Third and fourth were downtown Halifax locations on Hollis Street: the former Canada Revenue Agency building, which has been demolished for redevelopment after being acquired in February for $45 million; and a 223,000-square-foot office tower bought by a Montreal real estate investor for $40 million on December 28.
Deciding what constituted a “deal” was not so straightforward, and we had to set some ground rules. HBB settled on a single transaction or a series of related transactions that, except for the Proreit/Crestpoint marquee pact, had the same buyer and seller and closed on the same day.
Significant examples of multiple transactions counting as one deal included the $37.6 million double purchase by Skyline Apartment REIT of Bedford apartment buildings in the area between Larry Uteck Blvd. and Hammonds Plains Road; Shannex's purchase of two Milestone Communities seniors residences in Bedford for $35.8 million; and the $29.7 million acquisition by the Housing Trust of Nova Scotia of three Halifax residential properties and two Dartmouth sites from S.T.R. Projects Ltd.
Omitted from the HBB ranking were what look like two intra-company transfers. The first was the re-assignment of 28 properties, many appearing in Google Maps as gasoline stations, from one Irving Oil entity to another. The second involved a Truro industrial site owned by Intertape Polymer after the company was acquired by a U.S. private-equity firm.
Only two of the deals involved property outside the HRM. The bigger of these was the $12 million sale of a retirement home in Bridgewater. The other was GFL Environmental Inc.’s $10 million purchase of a landfill in the District of Guysborough. The seller was the municipality.
All of the data that follows was obtained from publicly available sources including PVSC and Property Online.
1
Pro Real Estate Investment Trust/Crestpoint Joint Venture
$228 million
Date: Multiple
2
2 Killkee Gate, Dartmouth
$82.5 million
Date: July 7, 2022
Buyer: Basin Heights Community GP Ltd.
Seller: Dartmouth Investment Ltd.
3
$45 million
Date: February 18, 2022
Buyer: 1557 Hollis Investments Ltd.
Seller: Canada Lands Co. CLC Ltd.
4
$40 million
Date: December 28, 2022
Buyer: Edifice 1801 Hollis Inc.
Seller: Canadian Property Holdings (Nova Scotia) Inc.
5
Skyline Apartment REIT
$37.6 million
Date: March 3, 2022
Buyer: Skyline Real Estate Holdings Inc.
Seller: D.D. 245 Innovation Ltd., D.D. 200 Broad Ltd.
6
$36 million
Date: April 6, 2022
Buyer: Dellridge Apartments Ltd.
Seller: Dellridge Developments Ltd.
7
Milestone Communities
$35.8 million
Date: January 26, 2022
Buyer: Shannex RLC Ltd.
Seller: BYN Properties (The Pemberley) Ltd., BYN Properties (The Highbury) Ltd.
8
Housing Trust of Nova Scotia
$29.7 million
Date: June 30, 2022
18 Crown Drive, Halifax
Buyer: Housing Trust of Nova Scotia
Seller: S.T.R. Projects Ltd.
9
$27.75 million
Date: December 19, 2022
Buyer: Woodlawn Future Ltd.
Seller: SBLP Woodlawn Shopping Centre Inc.
10
$20.3 million
Date: February 16, 2022
Buyer: ME Realty Partners GP Inc.
Seller: SRF3 215 Chain Lake Drive Inc.
11
VIda/TGA Properties
$18.6 million
Date: March 7, 2022
Buyer: Vida Living 2.0 Inc.
Seller: TGA Franklyn & Pinecrest Ltd.
12
$18.3 million
Date: November 16, 2022
Buyer: Historic Properties (Barrington Place) Ltd.
Seller: Crombie Developments Ltd.
13
$14.5 million
Date: July 15, 2022
Buyer: 46 Portland Developments Inc.
Seller: Principal Developments Inc.
14
Susie Lake Crescent, Halifax
$14.2 million
Date: January 5, 2022
Buyer: Dynamic Properties Co. Ltd.
Seller: Banc Developments Ltd.
15
Chain Lake Drive, Halifax
$13.3 million
Date: August 30, 2022
Buyer: HPB Bayers GP Inc.
Seller: Banc Developments Ltd.
16
210 Chain Lake Drive, Halifax
$13 million
Date: June 17, 2022
Buyer: CP Reit NS Properties Ltd.
Seller: Loblaw Properties Ltd.
17
$12 million
Date: July 28, 2022
Buyer: Rosedale Investments Ltd.
Seller: 3329662 Nova Scotia Ltd.
18
$11.8 million
Date: August 4, 2022
Buyer: HCI IV 29 Dugger McNeil Drive Inc.
Seller: Banc Developments Ltd.
19
38 Rooksview Lane, Bedford
$11.6 million
Date: April 14, 2022
Buyer: The Rooks of West Bedford GP Ltd.
Seller: West Bedford Holdings Ltd.
20
$10 million
Date: September 1, 2022
Buyer: GFL Environmental Inc.
Seller: Municipality of the District of Guysborough
HBB recognizes that Google Maps provided links for this article.
Readers wishing to know the officers and directors of the above corporations will find this information by entering the company name at https://rjsc.novascotia.ca/ and looking under the heading "Relationships."
--HBB
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