Institutional Property Advisors Brokers Land Sale in Oakville, Ontario
OAKVILLE, Ontario, Sept. 28, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of a high-profile land assembly consisting of nine-tenths of an acre with 225 square feet of frontage located at 2365-2373 and 2377 Lakeshore Road West in the Bronte Village neighborhood of Oakville, Ontario.
“The sale is a testament to the intensification of demand for investment opportunities in Oakville and surrounding areas,” commented IPA’s Tarek Mansour. “Canada is facing a major housing shortage and we will continue to see interest from developers for residential development opportunities.” Mansour and IPA’s Nick Pantieras and Aik Aliferis represented the sellers, Basko Holdings Ltd. and Ferbro Construction Limited. The sellers had owned their respective properties for several years and over time observed the growth of the area, which included several nearby successful mid- and high-density developments.
“Our experience with IPA has been nothing short of exceptional,” said Bernie Baskovic Jr., owner of Basko Holdings Ltd. “Their attentiveness and attention to detail played an immense part in getting this transaction across the finish line.” Tony Ferkul, owner of Ferbro Construction added, “Being in the construction industry for over 40 years, this year will be one to remember; building costs are soaring while the demand for residential construction continues to grow.”
The buyer is Graywood Developments, a Toronto-based private investment management company that specializes in the development of real estate properties in Canada and select markets in the United States. “The acquisition aligns well with the investment strategy of our latest closed-end real estate development fund, Graywood Fund IX,” said Stephen Price, president and CEO of Graywood. “We look forward to working with the community and the Town of Oakville to develop a first-class residential project that enhances the Bronte Village neighborhood.”
Bronte Village is located along the western shores of Lake Ontario, close to lakefront parks, restaurants, grocery stores and boutiques.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com