- What 5205 Satellite Drive in Mississauga is on the block
- Why The valuation for the suburban office property works out to $391/sq ft
- What next Avison Young has the assignment on behalf of a consortium
A Class-A suburban office building west of Toronto is on the block for $24.4m.
Avison Young has the assignment for 5205 Satellite Drive in Mississauga on behalf of a consortium. The valuation for the 62,000 sq ft property works out to $391/sq ft. It last sold in 2021 for $16.2m. Business Development Bank of Canada provided a $26.5m loan for the purchase.
The two-storey building is fully leased to Axiom Real-Time Metrics but is being offered with vacant possession. It was completed in 1998 and renovated in 2023. The office has a town hall-style meeting area, an executive suite, multiple boardrooms and a patio. There are 150 parking spaces.
The property, on 3.05 acres, is in the Airport Corporate Centre, and zoning permits such uses as a medical office, manufacturing facility, warehouse and convention centre.
Toronto Pearson International Airport; Highways 401, 403 and 427; and several MiWay bus stops are within 6.5km of 5205 Satellite Drive. The International Centre, Toronto Congress Centre and multiple hotels are nearby as well.
Mississauga is 28km from downtown Toronto. More than 50 Fortune 500 companies have offices or Canadian headquarters in the city, including General Mills, Honeywell and PepsiCo.
As of Q2, the vacancy rate in the Airport Corporate Centre submarket was 23.6%, slightly above the suburban Toronto average of 21.0%, according to CBRE. Asking net rents in the node were $18.69/sq ft, compared with the suburban average of $17.56/sq ft.
