- What A private investor has acquired 1595 Clark Boulevard
- Why The property includes a 51,000 sq ft office building and a 20,000 sq ft industrial asset
- What next Colliers brokered the deal
Alberta Investment Management Corp. has offloaded a mixed-use complex in Brampton for $16m, Green Street News can reveal.
A private investor acquired 1595 Clark Boulevard in a deal that closed late this month. The valuation for the property, which comprises a 51,000 sq ft office building and a 20,000 sq ft industrial asset, is $228/sq ft.
The property is free and clear of debt. Colliers acted on behalf of the buyer and seller. AIMCo initially sought bids of $19.9m.
Fully leased by EXP until March 2027, 1595 Clark Boulevard serves as the engineering firm’s headquarters.
The office building was expanded in 2012. The industrial asset has a 25 ft clear height, one dock-level door and four drive-in doors. There are 220 parking spaces. The property is zoned M3-A Industrial, permitting a variety of uses including manufacturing, processing and packaging.
The 4.4-acre parcel is at the intersection of Clark Boulevard and Walker Drive. Toronto Pearson International Airport, CN Rail Brampton, Bramalea GO station and Highways 407, 410 and 427 are within 7 km. Brampton Transit stops are within 500 m.
The office vacancy rate in Brampton was 1.8% in Q3, according to Colliers, below the GTA average of 12.5%. The market is one of only two in the region with an office vacancy rate under 2%. The industrial vacancy rate in the Brampton East node was 3.2%, on par with the GTA West average of 3.1%.
Earlier this month, Green Street News revealed that AIMCo was selling its stake in 2 Queen Street East in Toronto and had offloaded a GTA warehouse for $56m. In June, the investment titan sold a four-property portfolio for $149m.
AIMCo manages the investments of pension, endowment and government funds in Alberta. Ray Gilmour is interim chief executive of the Crown corporation. As of Q2, it had $168.9bn under management.
