On July 23, 2010, KingSett Real Estate Growth LP No. 3 (“KingSett”) completed the purchase from North American Development Group (“North American”) of a 50 per cent interest in approximately 93 acres of commercially zoned lands located at the northeast corner of Highway 400 and Mapleview Drive in Barrie, and formerly known as Molson Park. The value of the transaction was undisclosed.
The KingSett/North American Partnership will develop the lands in phases, and has approvals in place to build approximately one million square feet of retail and other commercial space. The first phase of approximately 350,000 square feet of retail space is currently under construction. Centrecorp Management Services Limited, an affiliate of North American, will be the development and property manager for this new development.
Bennett Jones LLP acted for KingSett in connection with the purchase and related matters, with a team led by Kyle Genga and including Stephen Bowman (tax), Juliana Abdo and Michael Kershaw.
Eric Carmona and Melissa Schyven (sale and related corporate matters) of Stikeman Elliott LLP, and Jane Pepino, QC, and John Mascarin (land use planning and zoning) of Aird & Berlis LLP acted for North American.
Blake, Cassels & Graydon LLP acted for Bank of America, the current project lender, with a team led by Iris Tam.