- What Karanda Properties sold a two-building industrial property in Cambridge, Ont.
- Why An unidentified buyer paid $247/sq ft
- What next The buyer plans to move into one of the buildings
An industrial property in Cambridge, Ont., directly adjacent to Highway 401 has been snapped up for $14m, Green Street News can reveal.
An unidentified buyer paid local seller Karanda Properties $247/sq ft for the 56,000 sq ft property at 290 and 284 Pinebush Road. Avison Young had the marketing assignment. The deal closed in late January.
Karanda initially had planned to lease the property but decided to sell after receiving interest from the buyer.
The property, on 4 acres, comprises two adjoining buildings. The larger structure, dating to the 1980s, is 36,000 sq ft and was vacant at the time of the sale. It will be occupied by the buyer. It has four shipping doors at truck level and an additional door with drive-in access.
The other building, at 284 Pinebush, is 20,000 sq ft and has two tenants. It was built in 2001.
The property is just south of Highway 401, less than a kilometre from an on-ramp at Franklin Boulevard. Region of Waterloo International Airport is 8 km away.
Karanda is a private property management company with a small industrial portfolio focused on the Cambridge area. The company is not planning any more transactions at this time.
In recent commercial property deals closed in the area, pallet manufacturer Barco Materials Handling sold its Cambridge industrial facility for $33.5m, or $169/sq ft. Last year, Skyline Industrial REIT parted with a 96,000 sq ft warehouse in Cambridge for $20m, or $207/sq ft.
In 2023, Dream Summit Industrial picked up a 122,000 sq ft industrial building at 500 Pinebush for $27.2m, or $222/sq ft, according to Green Street’s Sales Comps database.
