The 1200 Bay Street office/retail block has been sold to European investors. The building includes flagship locations for footwear retailers David's Footwear and Capezio Shoes, and is at the northwest corner of Bloor Street West and Bay Street in the heart of Toronto's 'Mink Mile'.
The 100,000 square foot 12-story mixed-use building was built in 1966, and its sellers were the original group that developed the building. Jordan Karp, Senior Vice President of Paracom Realty, along with Vice President Ryan Morein, acted in the capacity of both exclusive listing and selling broker for the deal. The successful bid was made by ProWinko Canada Inc. and Kroonenberg Groep, who closed the transaction on March 2, 2016. Prowinko and Kroonenberg Groep are both privately owned real estate companies based in Amsterdam.
Mr. Karp said: “Arguably one of the most coveted corners in Canada, it was the first time in 50 years the property was available. The sale process we implemented resulted in an overwhelming number of bids, from both private and institutional investors, Canadian and Foreign based that recognized the value of this iconic corner."
ProWinko is no stranger to the area. In 2008, it bought the commercial podium of 110 Bloor Street West, which features retailers J. Crew, Brooks Brothers, Browns Shoes, Winners/HomeSense, Calvin Klein Underwear and Guerlain. The 1200 Bay Street deal is the first Canadian real estate investment for Kroonenberg Groep.