Toronto office complex sells for $36 million, loss to real estate company

THUNDER BAY, Ont. — A real estate company in Thunder Bay, Ont., has sold its downtown waterfront properties for $36 million, with some going to new owners at a loss.

The Rexdale Real Estate Corp. closed the deal on Tuesday, ending months of reports that the group of five properties were for sale after serving as real estate holdings for the United Steelworkers Local 2020.

The closing came with almost two years’ worth of property tax, utility and other service commitments in place, according to a company spokesman.

The properties include two buildings at 670 Industrial Blvd. and 840 Industrial Blvd., the Capitol Pointe complex at 486 Hill St. and the Edgewater development at 1432 Wharfedale St.

Paul Normandin, a spokesman for Rexdale, said both energy giant Enbridge and the United Steelworkers Local 2020 became involved with the group in the lead up to the sale.

Enbridge took an equity interest in the Algonquin Clam Company the company said in a release, and the Steelworkers provided worker support for the Central Ontario Teamsters Union’s Housing Alternatives program.

The board of directors had always intended for the development to transition out of the ownership of the property group, Normandin said, but had no plans to change the way it’s being managed.

He said in an email Thursday that there were two new owner groups who have already made inquiries about the properties.

The 15-acre site now available includes 400,000 square feet of office and commercial space and 11 single family homes, he said.

The “private and quick sale” of the buildings was expected to benefit land owners on the site in the form of marketing opportunities and potential tenants, Normandin said.

First Canadian Place, an iconic downtown Toronto building, entered the financial market for the first time in 75 years Monday. It’s unclear how much it’s worth.

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