- What The Mississauga industrial complex Argentia Business Centre traded for $44m
- Why Hamtor Group bought the property
- What next The centre is 88% occupied by five tenants
The Argentia Business Centre in Mississauga traded for $44m, Green Street News can reveal.
The complex, comprising five stand-alone buildings, changed hands on March 5 for approximately $272/sq ft. The buyer was Hamtor Group, and the seller was Canada Life Assurance. Colliers had the marketing assignment.
The Argentia Business Centre has a combined area of 162,000 sq ft. The buildings range in size from 26,000 sq ft to 43,000 sq ft.
The five buildings are:
- 2270 Argentia Road, 43,000 sq ft
- 2260 Argentia Road, 34,000 sq ft
- 2250 Argentia Road, 32,000 sq ft
- 2290 Argentia Road, 27,000 sq ft
- 2280 Argentia Road, 26,000 sq ft
The property is 88% occupied by five tenants, with a weighted average lease term of just over six years. Weighted average rents are about 15% below market value, according to marketing materials. The buildings have been institutionally owned since their construction over 30 years ago. Recent capital upgrades total $9.9m.
The Argentia Business Centre was part of a portfolio offering that included the Millcreek Business Centre, also in Mississauga. The properties ultimately were sold independently.
The Millcreek Business Centre, also marketed by Colliers, was sold in December to Soneil Investments for $100m, or $308/sq ft.
The Millcreek Business Centre is a small-bay, multi-tenant industrial complex comprising seven buildings. Together, they have 325,000 sq ft of rentable area. It is 92% occupied by 31 tenants, marketing materials said, with a weighted average lease term of 3.5 years and weighted average rents approximately 18% below market value.
