- What Abbott Laboratories sold a 55,000 sq ft industrial facility in Mississauga
- Why Buyer Nishan Transport paid $375/sq ft
- What next The building can be expanded by over 26,000 sq ft
Global biotech company Abbott Laboratories has sold a Mississauga warehouse for $20.8m, Green Street News can reveal.
Nishan Transport agreed to pay $375/sq ft for the 55,000 sq ft facility at 7115 Millcreek Drive. CBRE brokered the deal, which closed on Feb. 14.
Abbott has occupied the Class-B property since 1984, the year it was built, according to municipal building records. The company is still operating from the property and uses it for medical diagnostic testing as well as warehousing and distribution of medical equipment for diabetes care.
The building, on 5 acres, has over 17,000 sq ft of office space across two levels. The remaining building space is reserved for warehousing, which includes a shipping apron and a secured area for trailer storage. There is enough available land on the lot to expand the building by over 26,000 sq ft, marketing materials said.
7115 Millcreek has eight truck-level doors and a drive-in door. The building has a maximum clearance height of 24 ft.
The property, in the Meadowvale neighbourhood, is less than 2 km from an onramp to Highway 401, at Mississauga Road. Toronto Pearson International Airport is 14 km away and the Meadowvale GO station is under 1 km away.
Nishan Transport is a privately held trucking and logistics company based in Dorval, Qué. Rajwinder Singh is the company’s president.
Comparable Mississauga industrial property deals completed of late include a 49,000 sq ft warehouse at 3350 American Drive that traded for $18m in late 2024.
In September, KingSett Capital sold a 45,000 sq ft warehouse at 6050 Tomken Road for $19.9m.
