- What Davpart has floated 140 Allstate Parkway
- Why The five-storey office building is 72.9% occupied
- What next Avison Young has the assignment
An office building north of Toronto is on the market for $18.5m.
Davpart has given the assignment for 140 Allstate Parkway, in Markham, to Avison Young. The valuation for the 84,000 sq ft building is $220/sq ft.
Marketing is targeting value-added investors and owner-occupiers. The five-storey building was completed in 1986. There are 305 parking spaces.
It’s 72.9% occupied by 12 tenants including Affinity Mortgage Solutions and the Ontario Ministry of Labour, Immigration, Training and Skills Development.
The office building is within 1 km of 400-series highways, including the 404 and 407, as well as Highway 7 and Woodbine Avenue. Unionville GO Station and several York Region Transit bus lines are nearby.
140 Allstate Parkway is on 4 acres, allowing for future development or expansion. It’s adjacent to the former Buttonville Municipal Airport, for which Cadillac Fairview has submitted plans for a 2.8m sq ft industrial redevelopment.
Markham’s office market has seen an increase in activity over the last six months, with multiple buildings, including 150 Commerce Valley Drive West, 165 Commerce Valley Drive West and 80 Whitehall Drive, being listed for sale.
In August, Triple Properties purchased 3600 Steeles Avenue East for $115m, and Smart Investments paid $52m for the Woodbine & Steeles Corporate Centre in November.
Those assets are all within 5 km of 140 Allstate Parkway.
