- What The Cultivated B is looking to offload 649 North Service Road in Burlington
- Why It’s being offered as a sale-leaseback
- What next Cushman & Wakefield have the assignment
A research campus in the Greater Toronto Area is on the block for $30m, Green Street News can reveal.
Cushman & Wakefield have the assignment for 649 North Service Road, in Burlington, on behalf of the Cultivated B. The valuation represents a first-year capitalization rate of 6%.
Guidance for the 118,000 sq ft property comes to $255/sq ft. It’s being offered as a full or partial sale-leaseback, depending on the needs of the purchaser.
Comprising purpose-built lab, office and assembly space, the property is occupied by n!Biomachines, a subsidiary of the Cultivated B. The building was completed in 1991. It has 120 parking spaces.
On 21 acres, the building is 200m from Highway 403 and a kilometre from Queen Elizabeth Way. Aldershot and the Burlington GO stations, as well as Highway 407, are within 3km.
In Q3 2024, LaSalle Investment Management sold 5575 North Service Road to a local private investor for $12.5m, and traded 1100 Burloak Drive and 5420 North Service Road to Bellridge Capital for $30.2m, according to Green Street’s Sales Comps database. Those assets are within 10 km of 649 North Service Road.
The Cultivated B is a biotechnology company based in Germany. Hamid Noori is chief executive.
