Killam Properties announced that it acquired the Brewery Market and Keith Hall in Halifax and land for future apartment developments.
The firm paid $22.3 million to buy the Brewery Market and Keith Hall, located in downtown Halifax, across from the waterfront.
The fully modernized heritage complex can trace its roots back to the early 1800s and contains 158,000 square feet of office and retail space. The property is 95% occupied.
Killam has also acquired a 50% interest in 47,650 square feet of vacant land located adjacent to the Brewery Market for $5.2 million. The site is approved, through a development agreement, for construction of a 240 unit multi-residential property which will be known as The Alexander.
The land also includes capacity for an additional 40 units. Killam and its 50% partner expect to begin construction during the second half of 2015.
“This unique, historic property and development site is one of the best mixed-use locations in Atlantic Canada. We now own a landmark office and retail complex at a very attractive yield, and have partnered with the previous owner to build a new apartment building on a 50/50 basis. Once the apartment building is completed, our tenants will enjoy the benefit of a mixed-use property with dining, entertainment, and office space all contained in one complex with incredible ocean views, “Killam’s President and CEO Philip Fraser said in a statement.