Value Insight Realty (“VIR”) is pleased to announce the sale of 324 Memorial Avenue, Orillia, Ontario (the “324 Memorial”). VIR was retained by the property owners to facilitate the marketing and sale of 324 Memorial, a retail plaza located at the busy intersection of highway 12 and Memorial Avenue.

The location

324 Memorial is a commercial real estate property comprised of a freestanding building facing the main road and a 3-unit building at the back of the property with a combined total area of 9,529 square feet situated on 1.85 acres of land. The property is anchored by Mary Brown’s and Pennzoil.

The process

The process began in 2019, when VIR took over the project to lease the freestanding building prior to listing 324 Memorial for sale. Recognizing the appeal of the property’s location and characteristics, our disposition strategy first focused on leasing the property to secure a highly sought-after tenant on a longterm lease and enhance the property’s generated income. The freestanding drive-thru, which is surrounded by hotels and is minutes from Highway 400 and Casino Rama, generated strong interest from multiple concepts. VIR was successful in securing Mary Brown’s on a long-term lease by the end of the year

In 2020, the focus shifted to marketing 324 Memorial for sale. The property offered potential investors additional upside opportunity from a lease-up program for the 3-unit building whose tenants in-place rents are slightly below market. VIR was successful in procuring a buyer and secured a firm and binding deal in September 2020.