Toronto-based developer Hullmark recently acquired the retail complex at 446 Spadina Road in the Forest Hill Village neighbourhood, continuing to add to its portfolio of assets.
The property consists of two levels of retail space with one floor of office space above, and the mixed-use building is fully leased, with tenants including Forest Hill Spa, Forest Hill Pets, a Starbucks, and others.
The sale price was $21,750,000, translating to a rate of $802 per square foot. The sale was brokered by Ming Zee and Nick Nankissoor of CB Metropolitan Commercial.
STOREYS reached out to Hullmark last week and has not received a response, but the company previously announced the acquisition on social media.
“Located in the heart of Toronto’s Forest Hill Village neighbourhood, the Property is surrounded by established residential communities, strong transit infrastructure, and several notable schools,” said Hullmark. “446 Spadina Road represents a strategic addition to Hullmark’s growing portfolio, reinforcing our commitment to investing in high-quality urban properties in Toronto’s most established neighbourhoods.”
It’s unclear if there are redevelopment plans, but no application has been submitted, according to City of Toronto records.
About a year ago, however, Toronto City Council approved a development proposal for 1-19 Thelma Avenue, located around the corner, where Cranson Capital and Dealcore Properties are planning a six-storey boutique luxury condo building. Cranson Capital’s website states that marketing and sales were expected to launch in June 2025, but it’s unclear if that occurred.
Year-end data for 2025 is just starting to come out, but investment in commercial real estate was down last year, according to data and analytics firm Altus Group.
“In 2025, Canada’s commercial real estate investment activity experienced a modest contraction, with total dollar volume falling to approximately $51 billion,” said Altus Group in a report published last week. “This represented an 8% year-over-year decrease, reflecting a pronounced pullback as investors remained hesitant to deploy capital amidst sustained macroeconomic volatility.”
Altus Group says 2025 showed that investors have a preference for stable, lower-risk assets, with retail assets being one such type. There are also some positives as we head deeper into the new year.
“However, as the market moved toward 2026 with a more definitive outlook on interest rate stabilization, projections suggested that institutional capital would likely begin to migrate from the sidelines toward defensive, high-quality assets.”
