Fiera buys Kanata North properties for $74.1M

Colonnade Bridgeport receives management contract
1001 Farrar
The office building at 1001 Farrar Rd. in Kanata is the home of BlackBerry QNX and was recently purchased by Fiera Properties. (Photo by Peter Kovessy)

Canadian asset manager Fiera Properties is expanding its real estate footprint in the National Capital Region through its purchase of four Kanata office buildings, including the leased home of BlackBerry QNX.

The Altus Group, a real estate data and services firm, reported that 3000 and 3001 Solandt Rd., 450 March Rd. and 1001 Farrar Rd. sold for $74.13 million.

The properties were previously managed by Morguard on behalf of the Healthcare of Ontario Pension Plan.

Ottawa-based Colonnade BridgePort said this week that it’s been awarded the property management and leasing service contracts for Fiera Properties’ new 344,000-square-foot Kanata North portfolio.

The two firms already work together in Westboro, where Fiera owns the mixed-use building at 319 McRae Ave. that’s home to tech firm Pythian, retailer Farm Boy as well as rental residential units.

Ottawa’s investment real estate market hit a five-year high in 2017, with some $2 billion in assets trading hands.

Speaking on the Ottawa Real Estate Show, CBRE senior vice-president Nico Zentil said much of 2017’s momentum is carrying forward into this year.

“We feel 2018 is going to be a big year,” he said.