- What 209 Frobisher Drive is on the block for $265/sq ft
- Why The office building could be converted back into an industrial asset
- What next Cushman & Wakefield is marketing the property
A mixed-use office building in Waterloo, Ont., is on the block for $10.3m.
Cushman & Wakefield has the assignment for 209 Frobisher Drive on behalf of a private investor. The valuation for the 39,000 sq ft building is $265/sq ft.
The property functions as an office building, and the marketing campaign is targeting owner-occupiers. However, the building could be converted to an industrial asset – its original use – with seven truck-level doors and one drive-in door. It has a 20 ft clear height, 1,000 amp/600-volt electrical service and is climate controlled.
It is also being offered for lease at $12.50/sq ft net rent and $6.81/sq ft additional rent. It’s currently occupied by Broadcom, but the company is downsizing and the space will be available as of Dec. 1.
According to Colliers, the weighted average asking net rent in the Waterloo region was $16.10/sq ft in Q3. The vacancy rate in the region was 14.5%, a 60 basis-point increase year over year.
209 Frobisher Drive is on 2.4 acres near the intersection of Northfield Drive East and Bridge Street West. It’s within 2.5 km of Weber Street North, Conestoga Parkway and King Street North. Several Grand River Transit stops are nearby.
Conestoga Mall, Grey Silo Golf Course, the University of Waterloo and Wilfrid Laurier University are within 5k m.
As of Q3, the average sale price in the Waterloo Region office market was $193/sq ft, per Colliers, a 30% decline year over year. Only two transactions were recorded for the quarter, including 420 Sheldon Drive, which Hero’s Fountain International offloaded for $6.6m.
