Acquisition of 224-226 Queen Street West

Navona is pleased to announce the successful acquisition of 224-226 Queen Street West in Toronto

224 Queen Street

The approx. 13,600 square foot property is located at the corner of Queen Street West and McCaul Street and is currently tenanted by Dance Teq and Captain’s Boil. Dance Teq’s highly experienced staff offer dance training from beginner to advanced levels. Captain’s Boil Restaurant, known for Toronto’s freshest seafood and Asian aromatics, is located at the back of the building facing McCaul and is scheduled to open on November 1st, 2016. The front unit facing Queen Street is advertised for lease and receiving tremendous interest.

Navona’s Leasing announcements

In the third quarter of 2016, Navona continues to successfully lease properties within the Greater Toronto Area.

350 Queen Street West in Toronto: The retail space has been leased to the independent jewelry store BluBoho as their third location. With very high interest, all three residential apartments in this building have been leased as of September 1st.

342 Queen Street West in Toronto: The office space on the 2nd Floor, formerly occupied by Lululemon, has been recently leased by PumpUp, an online fitness app software company. The Luxury Apartment on the 3rd Floor has also been leased successfully as of September 1st.

Navona announces Leasing Progress

Despite slow economic growth nationally, Navona’s properties continue to attract new tenants and perform well. Navona markets its properties with a focus on providing options which adapt to Tenant’s operational requirements and align with their long term strategies for growth.

In the second quarter, Navona was pleased to welcome two new tenants toNavona’s properties in Burlington:

AS 4Finance Ltd. has leased over twenty thousand square feet of office space atNavona’s building on 1550 Appleby Line. 4Finance is growing its North American foot print as one of Europe’s largest and fastest growing online and mobile consumer lending groups.

Access Security Products Ltd., a leading manufacturer and supplier of burglary and fire resistant safes, vaults and physical security equipment, has leased a 12,000 Square Foot retail and warehouse unit at 5490 Harvester Road.

Navona announces Personnel Changes

Melissa Clement has resigned from her position at Navona. We are pleased to announce that Catrin O’Grady has joined Navona as Office Manager and Client Relations Coordinator. Catrin grew up in Germany, where she completed two business degrees. After moving to Canada in 2007, Catrin held a number of administrative positions, which provided her with an excellent business background. We welcome Catrin to her new responsibilities at Navona.

Navona announces new Director of Acquisitions & Asset Management

Navona is pleased to announce the recent appointment of Jennifer Shaw as Director, Acquisitions & Asset Management.

Jennifer brings a unique combination of real estate finance, development, commercial project management and leasing skills to Navona. Previously at GWL Realty Advisors, she held the dual position of Manager Construction Services Development & Manager Tenant Coordination Development; and prior to that was the Campus Project Leader, Program Manager and Asset Manager of a 1 Million sq. ft. Bell Corporate Campus in Mississauga with Bell Real Estate Services.

Jennifer will be responsible for all aspects of Acquisitions and Asset Management, including:

  1. Acquisitions (identifying opportunities, trends, research & sourcing, negotiation and due diligence),
  2. Leasing (new agreements, assumptions and negotiations),
  3. Asset Management (analysis & strategic direction),
  4. Project Management (construction coordination, budgets, project management & tracking) for work not completed by Property Management, and
  5. Building Relationships (tenants, brokerage and partners).

Welcome aboard, Jennifer!

Navona Closes Sale of 2001-2045 Drew Road, Mississauga

Navona is pleased to announce the sale of 2001-2045 Drew Road, Mississauga, Ontario to Dhaliwal Investments Limited in November of 2015. The disposition continues the successful execution of Navona’s repositioning strategy: Converting fully leased single-tenant industrial assets into multi-tenanted properties and creating value through lease-up and capitalization via ultimate sale. Navona would like to thank its business and consulting partners Jones Lang Lasalle, G. Griffiths & Associates and G T Happy Construction Ltd for completing this project cycle with Navona.

2001 Drew Road 2001-2045 Drew Road, Mississauga, Ontario

Navona acquires Promising Re-Development Land

Navona is pleased to announce the acquisition of 747 Appleby Line in Burlington, Ontario in May 2015 from RockTenn Canada. The 22 acre piece of industrial land currently houses a 223,000 square foot production facility which has not been in use since 2013.

The uniquely located property lies adjacent to the Appleby GO Station and neighbours 5041 and 5091 Fairview Street, both of which are under existing Navona management.

747 Appleby Line E.

In addition to Ontario’s Greenbelt and Places to Grow initiatives, the province is pushing forward with an integrated public transport concept under the name “The Big Move”, which reflects current priorities and long-term transportation goals in the Greater Toronto and Hamilton Area (GTHA). Under this plan, “anchor hubs†such as Toronto’s Union Station and Pearson Airport acting as primary international gateways and “gateway hubs†linking two or more regional transit systems will continue to develop and intensify over the next decades. In addition, the planned electrification of the GO rail network (currently still operated by diesel trains) will eventually result in faster, more reliable and more frequent service across the GTHA.

Burlington, Ontario Expansion CorridorOvercrowded road networks and undersized local public transportation systems have struggled to expand and with the population of the GTHA expected to increase by a further 39% by 2036, implementation of the “Big Move†initiative is both highly anticipated and required.

Applyby Go Station Development pic three

Based on the expected demographic shifts and an increase in commuter and residential density, Burlington’s city council has begun detailed planning in recent years to develop its gateway, or mobility hub approach.

The proposed concept includes the following key points:

1. Develop an integrated transport transition between train, bus, car, bicycle and pedestrians.

2. Focus on creating jobs by supporting infrastructure such as restaurants and retail stores.

3. Improve aerial density by building structures with 6 to 10 floors instead of the previous 2 to 6.

Mobility Hub ConceptWhile the land at 747 Appleby Line is still zoned industrial, redevelopment plans for the property are expected and encouraged by the City of Burlington. The land and building will be rented for short term use until redevelopment plans have been finalized.

Picture Sources: City of Burlington Official Plan Review: Mobility Hubs Opportunities and Constraints Study, Final Report, May 2015. Brook McIlroy/ARUP

Heidi Horak to retire after decades of service

After 23-years of tireless dedication as Vice President and Controller of Navona Group, Heidi Horak will retire on June 30, 2015. We at Navona would like to thank Mrs. Horak for her years of outstanding service, her leadership and all she has taught us. She was instrumental in making the company the success it is today. The wonderful working friendship we developed will be dearly missed and we wish Mrs. Horak all the best in her well-deserved future endeavors.

Kimmy Phu appointed as Controller and Vice President

Navona is pleased to announce that Ms. Kimmy Phu assumed the position of Mrs. Horak beginning July 1, 2015. Ms. Phu is a Certified Chartered Professional Accountant who completed her academic training in Business Administration at Humber College as well as a Bachelor of Commerce degree at Ryerson University. Ms. Phu brings with her many years of controllership experience and comes from Canadian Real Estate Investment Trust (CREIT), where she held a similar position. Ms. Phu will support Navona in the areas of property accounting, corporate accounting and budgeting, auditor coordination, tax returns, management of insurance policies, as well as special projects. We wish Ms. Phu a successful start and look forward to working with her.

Navona welcomes New Tenant

3573 Mercantile Avenue, Naples, Florida See the Mercantile Avenue property summary here.

[Best_Wordpress_Gallery id=”9″ gal_title=”Mercantile Avenue”]

Navona has concluded a new lease at its property 3573 Mercantile Avenue, Naples, Florida.

Naples Finishing has leased 5,681 square feet and will operate a kitchen cabinet finishing business from Unit 4. Construction on unit demising and build-outs will commence in May after building permits have been received.

With Units 5 and 6 leased to Apple Moving, approximately 8,300 square feet are currently available for lease. Due to the strength of the local economy, there already is considerable interest in the remaining units in advance of the build-out completion.

Acquisition of 350 Queen Street West

With 350 Queen Street West, Navona is pleased to announce another successful acquisition in Toronto’s trendy Queen Street West retail core in November 2014.

The 3,700 square foot heritage property is located in the prime north side stretch of Queen Street West just east of Spadina Avenue, an area recently dubbed the second coolest neighbourhood in the world by Vogue magazine. The building is centrally located in the Queen West heritage district famous for its mid 19th century buildings with sloped roofs, detailed facades and decorative window styles. Here, attractive low-rise buildings line the street and offer an uninterrupted pedestrian shopping experience and unique streetscape.

350 Queen Street West350 Queen street West,Toronto

While the retail and residential units are fully tenanted, an extensive revitalization of the upper floors and retail space together with a building expansion on additional land to the North is scheduled to begin in July 2015. Navona will draw from its network of preferred contractors and work closely with local architects to preserve as well as enhance the building’s architectural features, while maximizing the economic potential of the building and its premier location.

This transaction continues Navona’s investment expansion into Toronto’s high volume pedestrian neighbourhoods. It also highlights Navona’s strengths in sourcing viable investment options in select urban areas, while at the same time unlocking value growth through renovation upgrades.