- What A 450,000 sq ft industrial portfolio in Cornwall, Ont., is on the market
- Why The properties are being offered at $101/sq ft with a 7% cap rate
- What next The portfolio is 96% occupied with a 4.7-year WALT
A four-property industrial portfolio in Cornwall, Ont., has hit the market for $45.5m, Green Street News can reveal.
CBRE is marketing the assets on behalf of Harlo Capital. The price for the 450,000 sq ft industrial portfolio translates to $101/sq ft, with a 7% first-year capitalization rate.
The properties are 96% occupied by 10 tenants with a weighted average lease term of 4.7 years. The average rental rate of $7.16/sq ft is approximately 24% below Cornwall’s market average of $9.50/sq ft, presenting upside potential.
The listed properties are:
- 805 Boundary Road: 770,000 sq ft with 18 ft clearance heights; tenants are Canada Post and High Energy Transport.
- 705 Boundary Road: 470,000 sq ft with 22 ft clearance heights; tenants are Amazon, ATS Healthcare and Fieldless.
- 725 Boundary Road: 410,000 sq ft with 22 ft clearance heights; tenants are Johns Manville, Keystone Automotive Operations, Morbern and Purolator.
- 2901 Marleau Avenue: 133,000 sq ft with 12 ft clearance heights; Intelcom is the sole tenant with a remaining lease term of one year.
The properties are strategically located 2 km from Highway 401, providing access to major transportation routes. The portfolio sits 100 km west of Montréal and 90 km southeast of Ottawa. It is less than 5 km from the U.S. border, making it an ideal location for distribution and logistics operations serving both Canadian and U.S. markets.
