Ashlar Services
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Investment Sales Ashlar recognizes real estate as an important strategic asset and works intently with clients to build their equity and increase their return on investment. The following case study exemplifies the type of value-added solution Ashlar creates for its clients. The Heintzman Building: Case Study |
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The Heintzman Building is located at 193 Yonge Street. 193 Yonge is a 55,000 square foot class “B” office building with two floors of retail space and 5 floors of office space in one of Canada’s premier retail, theatre, and business districts. Built in 1903, the building underwent major renovations and was sold in 1998 for $3.1 million to Intracorp at 14% occupancy with no anchor tenant. Ashlar Urban brought Intracorp partners for the syndication of the asset and took a minor equity position. Ashlar Urban also provided leasing and assisted in asset management throughout the ownership term. Within one year, the building was successfully leased with two long term tenants in 1999. The entire office component was leased to Corby Distillaries and the retail component was leased to Toys R Us. In December of 2000, the building was then sold to a significant pension fund advisor, for $9,750,000 or $185 per square foot. |
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