- What 5750 Explorer Drive is on the block for $296/sq ft
- Why The Mississauga office building is 75% occupied
- What next Colliers has the assignment
Crown Realty Partners is looking to offload a suburban Toronto office building for $32m.
Colliers has the assignment for 5750 Explorer Drive in Mississauga. Crown acquired the asset from TD Greystone for $17.4m. The off-market deal, reported by Green Street News, closed in October 2024.
Prior to that trade, TD Greystone purchased the building from Airport Centre Developments for $2.5m in 2005.
The valuation for the 108,000 sq ft asset is $296/sq ft. Marketing is targeting investors and owner-occupiers.
The building is 75% occupied by 10 tenants including Bank of Montréal, JELD-WEN of Canada and Skygrid Construction. The largest tenant is Hershey Canada, which uses the space as its headquarters. The weighted average lease term is over 5.3 years.
The building, on 4 acres, was completed in 2007. There are 408 parking stalls, two elevators, one truck-level loading dock and end-of-journey facilities. It’s LEED-gold certified.
The property is 200 m from Highway 401 and 450 m from Toronto Pearson International Airport. Highways 403, 410 and 427 are within 4 km, and the Malton GO station is within 6 km.
The building is within the Airport Corporate Centre. The node had an office vacancy rate of 11.5% in Q1, Colliers said in a recent report, below the Greater Toronto Area average of 13.1%. The ACC reported 38,000 sq ft of negative net absorption for the quarter.
