New Landlord

We have a new landlord at Market Square. The article from The Record is included below, and can also be found here.

We’re excited about this new relationship. Working with Cora has been wonderful. And, in fact, we’ll continue to work with the same individuals. They simply now work for a different company. At the same time we fully expect that Realex will bring a few new ideas and innovations to all of the properties, including Market Square.

Realex completes purchase of Cora assets

TheRecord.com - Business
RECORD STAFF
WATERLOO REGION

Realex Properties Corp. has completed its $142-million purchase of six office buildings in Kitchener and Waterloo from the Cora Group.

Realex purchased five buildings in downtown Kitchener: Market Square at 25 Frederick St.; The Galleria at Frederick and Weber streets; 22 Frederick St.; Commerce House at 50 Queen St. N.; and 235 King St. E.; as well as the Accelerator Centre building in the University of Waterloo Research and Technology Park.

The properties comprise 932,000 square feet of rentable area and 2,000 parking spaces.

Realex, which unveiled the deal in June, paid for the properties with cash, shares, assumption of debt and vendor take-back mortgages.

The Calgary company also owns all or part of 17 office and industrial buildings in Alberta and British Columbia.

Cora, which still owns several properties in Waterloo Region and other parts of Ontario, has moved its offices from The Galleria building to 1305 Victoria St. N.

Cora founder Manfred Conrad has joined Realex's board of directors. His son, Adrian, is now Realex vice-president for southwestern Ontario.