- What A Vandyk-owned retail complex in Toronto is asking $14m in a court-ordered receivership sale
- Why The lender is looking to recover nearly $10.2m in outstanding debt
- What’s next Cushman & Wakefield is marketing the property
Another Vandyk Properties holding is being shopped, this one for $14m, as part of the company’s ongoing receivership proceedings, Green Street News can reveal.
The 59,000 sq ft retail and office complex at 10 Neighbourhood Lane, in the southern Etobicoke region of Toronto, was placed under receivership earlier this year as mortgage lender Home Trust Co. seeks to recover nearly $10.2m in defaulted debt backed by the property.
Cushman & Wakefield is marketing the two-storey complex.
Tenants at the fully occupied building include F45 Fitness, a hair salon, a pharmacy and a dollar store. Stonegate Community Health Centre has the entire second floor. Tenants are on long-term leases with a 9.7-year weight average remaining term.
The building is in a busy area, surrounded by both other businesses and low-rise residential properties. The TTC bus route along Berry Road provides direct access to the site, and the Mimico GO station and Old Mill subway stations each are less than 3 km away.
The property is across the street from another defaulted Vandyk site at 15 Neighbourhood Lane. That partially constructed 234-unit, 10-storey residential condominium, dubbed King’s Mill, is asking $55m. JLL has the listing for that site.
Vandyk has had 11 properties moved to receivership after defaulting on some $460m of debt. Some are on the market, and more are expected to be listed soon.