- What Canadian Tire sold a former Kipling Avenue store location for $20m
- Why The retailer opened a new location last year
- What next The buyer plans to operate a hardwood-flooring store on the property
Canadian Tire sold a shuttered Toronto storefront location for $20m, Green Street News can reveal.
The property, at 2025-2027 Kipling Avenue in Etobicoke, was put on the market in January with an offer deadline in April. Multiple bids were placed, and an unnamed private retailer nabbed the site.
Colliers handled the sale, which closed on July 30. The buyer used a $23.3m loan from Business Development Bank of Canada.
The 3.5-acre property is occupied by a 56,000 sq ft low-rise building and a 260-stall, surface-level parking lot. Canadian Tire closed the location in 2023, opening a new storefront nearby at 2200 Islington Avenue, the site of a large new retail development from Rice Group.
The Kipling Avenue property was marketed as having both commercial and residential redevelopment potential. Current zoning allows for a variety of uses including financial institutions, offices, retail stores, schools and wellness centres. On the residential side, it permits single-family and duplex homes, lodging houses, apartments, group homes and dwellings above a business.
The buyer, however, intends to maintain the property as a retail location and will open a hardwood flooring store.
The site sits at the intersection of Kipling Avenue and Rexdale Boulevard, just north of Highway 401. It is a high-traffic area with many large retailers nearby including Costco, Home Depot and Walmart, and is 700 m from the Etobicoke North GO Train station.
