- What A private investor has enlisted Colliers in the sale of 165 Commerce Valley Drive West
- Why The seller is expected to seek bids around $30m
- What next The property will be positioned as a prime opportunity for an owner-investor
A Class-A office building north of Toronto will be on the block soon for approximately $30m, Green Street News can reveal.
The expected valuation for the 84,000 sq ft building at 165 Commerce Valley Drive West in Markham is roughly $356/sq ft. Colliers has the assignment on behalf of a private investor. Marketing is expected to start in mid- to late August.
The property is 72% occupied and will be positioned as a prime opportunity for an owner-occupier. Tenants include Associated Engineering, Incon Group and Sym-Tech Dealer Services.
The 18,000 sq ft third floor is vacant, as is a 6,000 sq ft space on the first floor. Net rent for both office spaces is $18/sq ft, and additional rent is $17.96/sq ft, per leasing materials.
The five-storey building was constructed in 1999 and recently was renovated. It’s certified BOMA platinum. There are three high-speed elevators, a fitness centre and on-site bike storage.
Free surface and deck parking is available at a ratio of four spaces per 1,000 sq ft. Highways 7, 404 and 407 are nearby, as are the Viva Blue and Viva Purple bus lines.
In 2021, Soneil Investments acquired 55 and 105 Commerce Valley Drive West, collectively known as Southcreek Corporate Centre, for $115m, according to RENX.
Markham is 20km north of downtown Toronto and has a population of over 353,000. It’s a hub for the technology and life-sciences sectors, and more than 400 multinational companies including Honda, Huawei and IBM have their Canadian headquarters in the city.
