- What A 150,000 sq ft industrial building is on the market in Scarborough
- Why Seller Shorewood Packaging is seeking $225/sq ft
- What next The property is zoned for a range of industrial and commercial uses
An industrial building put up for sale in the Scarborough area of Toronto is expected to fetch $34m, Green Street News can reveal.
The valuation for the 150,000 sq ft building at 2220 Midland Avenue works out to $225/sq ft. Shorewood Packaging Corp. — whose head office is in New York City — is the seller.
Colliers is handling the promotional campaign. The brokerage is marketing the vacant building as a rare acquisition opportunity to own industrial property within a key employment node for the city and region.
On 7 acres, 2220 Midland is zoned for employment permitting various commercial operations, including manufacturing, warehousing and various retail uses. It has 14 shipping doors at truck level with a maximum clear height of 18 feet. Just over 22,000 sq ft in the building is reserved for office space.
The property, in the Agincourt neighbourhood, fronts Highway 401 and is 600 m away from the nearest onramp to the province’s busiest expressway. Downtown Toronto is 16 km away, while Toronto Pearson International Airport is 29 km away. The closest bus stop is 200 m from the building.
According to JLL, deal activity this year in Scarborough for industrial properties valued at over $5m is projected to exceed the area’s annual record of $487.1m, set in 2021.
Scarborough currently has some 62m sq ft of industrial space, comprising 7% of total inventory in the GTA, the brokerage said.
