- What CanFirst Capital Management sold a pair of industrial buildings totaling 209,000 sq ft
- Why Two private buyers paid an average of $263/sq ft
- What next The buildings have an average remaining lease term of over five years
CanFirst Capital Management has sold a pair of industrial buildings on the same street in suburban Toronto for $55.3m, Green Street News can reveal.
In late March, a private Vancouver investor agreed to pay $270/sq ft for 71 Maybrook Drive, in the Scarborough region. And on April 10, an unknown private investor closed a sale with CanFirst for 81 Maybrook Drive, paying $256/sq ft.
RBC Capital Markets and CBRE marketed the single-tenant properties as a portfolio investment opportunity totaling 209,000 sq ft.
Built in 1979, 71 Maybrook is a 136,000 sq ft warehouse leased by a global industrial equipment supplier. The building has 11 shipping doors — three at truck level and eight with drive-in access — and a 60 ft maximum clearance height.
81 Maybrook is nearly 40 years old. It spans 73,000 sq ft and has a 22 ft maximum clearance height. There are eight shipping doors — six at truck level and two drive-in doors — and it is tenanted by a packaging company.
The buildings have an average remaining lease term of over five years with annual rent escalations, marketing materials said.
The buildings are within an industrial commercial area of the Milliken neighbourhood. The closest entrance to the tolled Highway 407 is 4 km to the north via McCowan Road. The nearest onramp to Highway 401 at Markham Avenue is 5 km south.
Toronto Pearson International Airport is 33 km away.
CanFirst is a Toronto-based fund manager focusing on investment in revenue-producing commercial property with stable cashflows. Founded in 2002, the firm says it’s raised nearly $1.2bn in equity through a series of closed-end investment funds covering over 18m sq ft of property transactions across the major Canadian markets.
In December, CanFirst sold a pair of Toronto industrial buildings totaling almost 100,000 sq ft to Mirabelli Corp. for $29.5m ($303/sq ft), according to Green Street’s Sales Comps database.
