- What 1599 Hurontario Street traded for $12.3m
- Why It was previously under contact for $14.5m
- What next The building is 76.4% occupied
A suburban Toronto office building has traded for $12.3m, Green Street News can reveal.
Davpart sold Port Credit Corporate Centre, at 1599 Hurontario Street in Mississauga, to a private investor. Cushman & Wakefield had the assignment. Hillmount Capital provided debt for the acquisition.
The property sold conditionally for $14.5m in the fall. The transaction closed in early May. The valuation for the 72,000 sq ft building is $169/sq ft.
Davpart acquired the building, completed in 1988, for $3.6m in 1997. Port Credit Corporate Centre is 76.4% occupied with a weighted average lease term of four years. Tenants include the Canadian Academy of Dental Health and the Kidney Foundation of Canada. There are 210 parking stalls and two elevators.
The office building is on 2 acres. It’s 230m from the Queen Elizabeth Way and within 2km of Port Credit GO Station and Lakeshore Road East. It’s serviced by Mississauga’s MiWay transit system, and the North Service stop on the future Hazel McCallion Line will be nearby.
The office vacancy rate in the GTA West submarket was 14.9% in Q1, below the suburban average of 16.2%, Cushman & Wakefield said in a recent report. The node reported 146,000 sq ft of positive net absorption for the quarter, the most of any GTA submarket.
Recent transactions in Mississauga include 5600 Cancross Court, which KingSett Capital sold for $32m in March, and 5100 Orbitor Drive, which the Jilani Group offloaded for $9.3m in April, according to Green Street’s Sales Comps Database.
Davpart is a real estate investment and property management company headquartered in Toronto. David Hofstedter is chief executive . Since January, the company has sold Warden City Centre for $22.1m, floated 3190 Steeles Avenue East for $19m and teed up 140 Allstate Parkway for $18.5m.
