- What A two-building complex is up for grabs in Burlington
- Why The valuation works out to $179/sq ft
- What next A buyer could raise rents upon rollover
A two-building warehouse and office complex is on the block in Burlington for $20.2m.
The valuation for the adjoining buildings spanning 113,000 sq ft at 1450-1550 Appleby Line is $179/sq ft. Avison Young has the marketing assignment.
1450 Appleby is an office building, while 1550 Appleby has a warehouse and office space. Overall, office space accounts for 66,000 sq ft of the complex, with the warehouse occupying the remaining 47,000 sq ft. The maximum clear height is 28 feet.
The complex, on 6 acres, is over 80% occupied, and the weighted average lease term is three years. Tenants include a security services firm, an advanced composites manufacturer, a software company and an afterschool education provider.
Marketing materials note that rents are substantially below market rates, providing a buyer the opportunity for rent growth on rollover.
The property is close to public transportation and 4 km away from the nearest onramp to the Highway 407 toll road, which connects to Highway 401. Downtown Burlington is 7 km away, and Toronto Pearson International Airport is 35 km away.
