- What 1 City View Drive is on the market after a trucking company defaulted on the property
- Why The office building last sold in 2022
- What next Avison Young has the assignment
An office/industrial building near Toronto Pearson International Airport is being shopped for $11.9m after a trucking company defaulted on the property.
Avison Young is marketing 1 City View Drive in Etobicoke. The valuation for the 26,000 sq ft property comes out to $463/sq ft.
The Class-C asset last sold in 2022, when it was marketed at $12m. Mangat Carriers and Iconic Global Services Corp. operate out of 1 City View Drive.
The single-storey building was completed in 1961. It has two truck-level shipping doors and a parking ratio of 1.16/1,000 sq ft. Amenities include an employee lounge, several boardrooms and a patio.
The Toronto Congress Centre, Toronto Pearson International Airport, Royal Woodbine Golf Club and multiple hotels are within 3km of 1 City View Drive. At the intersection of Dixon Road and Highway 27, the property offers access to Highways 401, 409 and 427 as well as several TTC bus stops, which connect to GO Transit, MiWay, Brampton Transit and the UP Express.
Etobicoke is on the western edge of Toronto, and 1 City View Drive is 27km from the city’s downtown core.
According to Colliers, the Airport East submarket had an office vacancy rate of 16.9% in Q2. There are 67 office buildings in the node, and an additional 64,000 sq ft is under construction. In Q2, weighted average asking net rents were $15.23/sq ft.
