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Mississauga development hub for last two quarters with over $400 million in sales

Mississauga is where it's at these days.

In addition to being home of the most talked-about condo design in the GTA – the Absolute tower, also known as Marilyn – Mississauga was the site of last quarter's largest commercial real estate transaction, and this quarter's largest residential land deal.

According to Realnet, in the last quarter of 2010, Cadillac Fairview sold Erin Mills mall to the Ontario Pension Board for $370 million.

"Those types of things are very rare," says Realnet president George Carras, "so when they come to market, there's a fair bit of interest."

Carras says that the sale shifted the entire balance of commercial versus residential land transactions in the GTA as, to a lesser extent, has the more recent sale of just under 57 acres north of Eglinton and west of Winston Churchill to Argo Developments, which plans to build low-rise residences. That sale was worth $68.1 million. It was enough to allow Realnet to title the announcement of its latest report "Residential Land Investments Lead the GTA Investment Market in Q1 2011."

"The overarching trend here is people want hard assets in the GTA," Carras says. "They want into the property markets. You're seeing the volumes coming back. The fact that you're seeing a resurgence in residential, that's where the market is right now."

Writer: Bert Archer
Source: George Carras

Do you know of a new building going up, a business expanding or being renovated, a park in the works or even a new house being built in the neighbourhood? Please send your development news tips to bert@yongestreetmedia.ca.

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