CHALLENGE

M&M Food Market was based in Kitchener but had been purchased by owners including a venture capital group based out of Toronto and a national pension fund who wanted to grow the business and attract a new generation of employees by reinvigorating the brand. It was decided relocating to the Greater Toronto Area was the best solution and the preferred location was a former industrial building converted to flex office space that had sat vacant for 3 years – that was also owned by pension fund who also had an interest in the company. The difficulty was obtaining a market-leading financial package for a client that was owned in part by the landlord of the preferred building.

SOLUTION

After touring all applicable options between Highway 427 and Winston Churchill Boulevard a detailed request for proposal was run to a short list of 5 properties to establish a basis for negotiation.

RESULTS

The client was able to obtain inducements and achieve financial terms that set a new low watermark for Net Effective Rents (NERs) in the market that satisfied both the tenant and its ownership team.