It appears iconic Toronto retail store Honest Ed’s has finally been sold.
According to The Globe and Mail, David Mirvish has confirmed the property at Bathurst and Bloor streets is being sold to Vancouver-based developer Westbank Properties.
The deal is expected to close later this year and includes an agreement that Mirvish will continue to rent the main building and surrounding properties from Westbank for the next two or three years.
The financial terms of the deal have not yet been released.
Westbank is the luxury residential developer behind the Shangri-La Hotels in Toronto and Vancouver.
Honest Ed’s general manager Russell Lazar confirmed in July that the property was for sale.
The store—known for its flashy lighting and bargain-basement discounts – was founded by David Mirvish’s father, Ed, more than 60 years ago.
Mirvish told the Globe the cash from the sale will be used to finance an ambitious Frank Gehry-designed condo tower project on King Street.
