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Done Deals highlights: March 2018 issue

Cara Operations buys steakhouse chain The Keg in $200M deal | Our top commercial real estate transactions from WI's latest print edition
THE KEG

 

Ontario-based restaurant group Cara Operations is continuing its ownership expansion across North America by acquiring Canadian steakhouse chain The Keg for $200 million. 

Cara Operations Ltd.’s struck the multi-million-dollar deal with Keg Restaurants Ltd. on Tuesday, January 23, adding 106 steakhouses to its portfolio of over 1,200 restaurants in North America. 

Cara is the restaurant giant behind many well-known Canadian chains, including Swiss Chalet, Milestones and Original Joe’s. The Keg was founded in 1971 in North Vancouver as the Keg ‘n Cleaver in a small restaurant tucked downstairs in an old industrial building. 

The Keg purchase is Cara’s latest consolidation effort. 

The $200 million sale price is comprised of $105 million in cash plus almost four million shares, payable to the Keg's two shareholders — David Aisenstat, and Fairfax Financial Holdings Limited, which bought 51 per cent of The Keg in 2013.


 

From | Choice Properties Real Estate Investment Trust, Toronto. Choice announces the following:

DEAL | Choice Properties Real Estate Investment Trust, the real estate arm of Loblaw Cos., has agreed to buy Canadian Real Estate Investment Trust. Price $3.93 billion

 

From | HM Commercial group, Macdonald Realty Kelowna. HM agents Jeff Hudson and Marshall McAnerney sold the following:

DEAL | 2.84-acre, high-density residential development site near Okanagan Lake. Sunset Drive, Kelowna. Price: $9.2 million. 

DEAL | 24,400-square-foot industrial facility at Airport Business Park. Innovation Drive, Kelowna. Price: $4.8 million.

 

From | CBRE Edmonton. CBRE agent Bradley Gingerich reports the following sale:

DEAL | 44-unit rental complex, sold at $227,272 per unit, on 25 Avenue SW, Calgary. Price: $10 million. 

DEAL | 37,500 square feet of industrial land with urban warehouse zoning on 106 Street NW, Edmonton. Price: $5.15 million. 

DEAL | Former 29,984-square-foot parking lot on 123 Street NW, Edmonton. Price: $5.4 million.

 

From | CBRE Vancouver. CBRE agent Lance Coulson sold:

DEAL | 34-unit rental apartment complex sold for $102,058 per unit. Alderlea Street, Duncan. Price: $3.47 million.

 

From | Avison Young Commercial Real Estate, Vancouver. Avison Young agents Garth White, Joe Lehman and Ryan Kerr brokered the following:

DEAL | 6.08-acres of industrial land with two-storey warehouse and storage facility, on 184 Street, Surrey. Price: $9.36 million. 

DEAL | 2.25-acre industrial lot zoned for light industrial use, sold in off-market transaction. Enterprise Way, Surrey. Price: $4.65 million. 

DEAL | 42,244-square-foot multi-tenant industrial building zoned for manufacturing use on 205 Street, Langley. Price: $11 million. 

Avison Young agents Rob Greer and Chris Wieser sold the following:

DEAL | Large-scale 266-unit mobile home park across 30 acres on Cayer Street, Coquitlam. Price: $38 million.

 

From | JLL Canada. JLL agent David Venance brokered the following sale:

DEAL | 30-unit rental building situated on a 26,394-square-foot lot, sold for $280,000 per suite. Linden Avenue, Burnaby. Price: $8.4 million

 

From | NAI Commercial, Vancouver. NAI agents Terry Harding, Jackson Tang, and Brandon Harding sold the following:

DEAL | 10-unit, two-storey apartment building on a 9,107-square-foot lot slated for high-rise redevelopment. Dow Avenue, Burnaby. Price: $5.9 million.