- What Canadian Tire has agreed to sell its 1.6m sq ft industrial campus in Brampton for $258m
- Why An undisclosed buyer has agreed to pay $161/sq ft
- What next The property has potential for conversion into a multi-tenant industrial hub
Canadian Tire is selling a Brampton distribution centre for $258m.
An unnamed buyer has agreed to acquire the five-building complex totaling 1.6m sq ft. The valuation works out to $161/sq ft.
Marketing materials prepared by Colliers earlier in the year described the Brampton location as “one of the last remaining infill properties of scale” left in the GTA, with potential for conversion into a multi-tenant industrial hub.
According to the sales campaign, Canadian Tire had pitched selling the entire property or forming a joint venture with its property investment trust, CT REIT.
The property is on 90 acres at the intersection of Bramalea Road and Steeles Avenue East. The largest of the five buildings, a warehouse and distribution centre, is 1.4m sq ft, with clear heights of 32 feet and 185 truck-level loading doors plus another five with drive-in access.
The buildings are at 1795, 2021 and 2111 Steeles Avenue East, as well as 10 and 12 Melanie Drive.
An on-ramp to the Highway 407 toll expressway is less than a kilometre from the property. Toronto Pearson International Airport is 6.5 km away.
