Downtown Hamilton properties acquired for $14 million

A prominent Toronto developer has scooped up more properties in downtown Hamilton for $14 million, or about $10 million an acre. 

The combined properties are larger than a football field.

Lamb Development Corp. purchased 73, 84, 89 and 91 Hunter St. E., according to Forge and Foster, a private equity commercial real estate firm in Hamilton.

“Many of the larger parking lots located in downtown Hamilton have been quickly acquired over the last 2 years,” wrote Alex Manojlovich, director of strategy and research at Forge and Foster Investment Management, in his Sept. 20 newsletter.  

Moreover, Lamb Development Corp. purchased 117 King William St., also a parking lot, earlier this year, he said.

Plans for the properties were not disclosed.

Lamb Development Corp., founded by Toronto condominium broker Brad J. Lamb, said it is developing 15 projects in Hamilton, Toronto, Calgary and Edmonton valued at $2.4 billion.