12-06-2018, 11:25 AM
Europro doubles down on the downtown
Quote:Market Square will be losing a couple of its largest tenants in the coming weeks, but the building's owner says its outlook for downtown Kitchener has never been brighter.
"We're bullish on the downtown core for sure, and we're not here for the short term," said Craig Haney, vice-president of the Kitchener-Waterloo portfolio for Europro.
In 2017, the Toronto-based real estate investment and management firm bought eight commercial properties in Waterloo Region from Dream Office Real Estate Investment Trust (REIT).
Seven of the properties are in downtown Kitchener, including Market Square at King and Frederick streets; one, the Accelerator Centre building, is in the David Johnston Research + Technology Park in Waterloo.
"We believe that (these buildings are) the crown jewel of our portfolio across the province," Haney said.
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Europro is investing millions of dollars in renovations and upgrades to buildings including 22 Frederick St., The Galleria at Frederick and Weber streets, and 50Q (formerly Commerce House) at Queen and Weber streets.
Work ranges from exterior and lobby upgrades to mechanical work behind the scenes. "These buildings needed some love," Haney said.