An investor in St. Catharines, Ontario has paid a record $9,100,000 for a 10-storey 150,545-square-foot downtown high rise in the city.

As well as the high price, the One St Paul building is the second-largest building in St Catharines; a high-rise component (office) and low-rise (office retail) complex.

Ralph Roselli, a sales representative with Colliers International in Niagara, says the deal was complicated for several reasons.

“Among them were a high vacancy rate, waiting on the vesting order and having the property under receivership. All of these factors did not make it an easy transaction but we were committed to the success of our clients and are extremely proud to have represented this record deal in St. Catharines that is making history,” explained Roselli.

The property sold on April 19, 2018 to Gerard Grand (ESH Company), whose plans for the property include continuing to lease the building and redeveloping the units.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: