- What A 109,000 sq ft Toronto mixed-use plaza has sold
- Why A private investor paid $23.5m
- What next The property is 77% occupied with the weighted average lease term below three years
A mixed-use plaza in Toronto’s Scarborough region has sold under its asking price, netting $23.5m, Green Street News can reveal.
Tapscott Commercial Centre Holdings, registered to Brampton private investor Tarlochan Singh, purchased the 109,000 sq ft Tapscott Commercial Centre from JMW Management. The property comprises four buildings at 5633, 5635, 5637 and 5639 Finch Avenue East.
The deal closed in late February. Colliers had the marketing assignment, having listed the property last fall with an asking price of $25m.
Three smaller on-site retail buildings total nearly 61,000 sq ft, with a three-storey office building spanning close to 49,000 sq ft. At the time of the listing, the 5-acre property had approximately 19 retail, industrial and office tenants, with an occupancy rate of 77%.
Restaurants and food service companies, as well as an Asian grocery store, are among the retail tenants. Office tenants include public agencies from various levels of government. The weighted average lease term runs under three years.
There was approximately 17,000 sq ft of vacant office space intended for leasing or as an owner-user investment, marketing materials said.
The nearly four-decade-old property has undergone significant renovations in recent years. All building roofs were replaced five years ago, and asphalt replacement work was completed over 2021 and 2022.
The property, in the Malvern neighbourhood, is less than 3 km from Highway 401 via Neilson Road. Toronto Pearson International Airport is 34 km away. A public bus stop is less than 100 m away.
JMW Management is a family-owned investor. It operates a flooring business out of the North York area.
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