- What A 76,000 sq ft industrial building in Mississauga sold for $34m
- Why Rittal Limited Canada paid $446/sq ft
- What next The property has over 1 acre of developable land
An industrial building in Mississauga has traded for $34m, Green Street News can reveal.
Private equity firm Navona Investors Services agreed to part with a vacant 76,000 sq ft warehouse and office building at 2020 Meadowvale Boulevard for $446/sq ft. IT infrastructure company Rittal Limited Canada was the buyer. The deal closed in late January.
Avison Young had the marketing assignment on behalf of Navona. Cushman & Wakefield represented the buyer.
The Class-A building, constructed in 1995, once housed Mary Kay’s Canadian operation, serving as a distribution centre and corporate office for the global cosmetic product marketer.
The two-storey property has 26,000 sq ft of office space across two levels, with the remaining area reserved for warehousing. There are five shipping doors at truck level and another offering drive-in access, with a maximum clearance height of 30 ft.
2020 Meadowvale Boulevard, in the city’s Meadowvale neighbourhood, is on a 5 acre lot. There is over 1 acre of excess land on the site that could be used to expand the building by another 32,000 sq ft, marketing materials said.
The building is just over 500 m from Highway 407 and 1 km from Highway 401 via Mississauga Road. Toronto Pearson International Airport is 13 km away.
Based in Mississauga, Navona is a private investor and asset manager with commercial property holdings in Ontario, Western Canada and Florida. The firm focuses investment on tenanted industrial and retail properties, averaging $20m in acquisitions each year.
