- What Davpart has agreed to sell the Port Credit Corporate Centre
- Why The valuation for the 72,000 sq ft property is $200/sq ft
- What next Mississauga office properties increasingly have been in play since August
A Class-B office building in Mississauga has conditionally sold for $14.5m.
Cushman & Wakefield marketed the Port Credit Corporate Centre on behalf of the owner, Toronto-based Davpart. The valuation for the 72,000 sq ft building is $200/sq ft.
The sales campaign highlighted the property’s value for an owner-occupier, as well as the potential for future development. The building is 76% occupied by tenants including the Canadian Academy of Dental Hygiene and the Kidney Foundation of Canada.
According to leasing materials, net rent starts at $15/sq ft, and additional rent is $14.78/sq ft.
The property, at 1599 Hurontario Street, was built in 1989. It has 210 surface and underground parking spaces and an on-site cafe.
Port Credit Corporate Centre is on 2.12 acres near the Hurontario Street and Queen Elizabeth Way interchange. Port Credit GO station, Lakeshore Road East and Cawthra Road are within 2 km.
The property is serviced by Mississauga’s MiWay transit system, and the North Service stop on the future Hazel McCallion Line will be nearby.
Multiple office buildings within 10 km of the Port Credit Corporate Centre are on the block, including 5350 Creekbank Road, 2350 Matheson Boulevard East, 5180 Orbitor Drive and 5205 Satellite Drive, at prices ranging from $12.5m to $24.4m.
The office vacancy rate in the GTA West submarket was 11.3% in Q3, according to Colliers, below the regional average of 12.5%. Nealy 92,000 sq ft of space is under construction.
