A former employee of the YMCA, the previous owner of the site at 265 Centrum Blvd., had dreamed of leasing the space for years.
Bayview Property Group had purchased the building with plans to demolish it and build a residential property on the site.
The market had other ideas and with high demand for industrial space, the existing property was able to be leased for recreational uses, including a basketball gym with a pickleball court.
The deal was selected as the winner of the 2024 CoStar Impact Award for lease of the year in Ottawa-Gatineau, as judged by a local team of real estate professionals familiar with the market.
The tenant, Capital Courts, is devoted to training players of all ages. Chief executive and founder Merrick Palmer hoped the space would become available, even driving by the location each day en route to work. Capital Courts leased a portion of the first floor of the health club redevelopment and Palmer restored the gym to its original glory. His history with the location is long as a former employee of YMCA when it occupied the space, he even laid down the existing tape lines on the basketball courts today.
The Capital Courts Training Centre is the longest-running basketball training facility in the Eastern Ontario region. It has developed a unique formula for technical skill acquisition and is a member of the Ontario Scholastic Basketball Association.
Capital Courts joined Altitude Gym Kanata, which claims to be the biggest bouldering gym in North America, in this facility. The owner, Bayview Group, is a Toronto-based firm primarily known for its hotel properties but which recently announced plans to build its second and largest multifamily residential development in the west Ottawa suburb of Kanata.
About the Project: Merrick Palmer, chief executive and co-founder of Capital Courts Inc., signed a 10-year agreement with Bayview Property Group that includes annual escalations with the tenant responsible for funding all improvements. The 50,000-square-foot building also needed to be rezoned for multiple tenancy.
What the Judges Said: "This lease is positively impacting the community by modernizing an aging asset into a revitalized space that benefits the community. The offering created an accessible space for community wellness. The operator is providing youth and young women with a redesigned facility to develop skills in an environment that supports their participation and growth," said Erin Nagy, property director of JLL.
They Made it Happen: Ben Zunder, Philip Zunder and Wei-Ling Tan of CDN Global represented the landlord.