- What A 396,000 sq ft industrial portfolio of Mississauga small-bay properties is up for grabs
- Why The seller, Desjardins, has issued a pricing guidance of $320/sq ft
- What next The properties are over 90% leased
Desjardins is looking to offload a 396,000 sq ft portfolio of multi-tenanted Mississauga industrial properties for $320/sq ft, Green Street News can reveal.
The pricing guidance works out to approximately $127m. The offering comprises six small-bay properties along Drew Road and Kimbel Street – known as the Drew Kimbel Industrial Centre – near Toronto Pearson International Airport.
CBRE’s national investment team has the assignment on behalf of Desjardins.
The portfolio has received at least 10 bids since going to market early this year. Toronto-based KingSett Capital, with some $18bn in total commercial assets under management, is known to have looked at the portfolio.
On a collective 19 acres, the properties are over 90% leased to 61 tenants, marketing materials said. Existing lease terms range from 1.1 to 4.2 years.
Building space can be leased or converted into industrial condominium units. Of the available net leasable area, 49% has undergone a renovation in the last three years.
Property management company Ahern Real Estate Corp. manages the buildings on behalf of Desjardins.
The listed properties are:
- 7676 Kimbel Street – 78,000 sq ft, built in 1984, 30 shipping doors, 21 ft clearance height
- 2299 Drew Road – 75,000 sq ft, built in 1975, 32 shipping doors, 20 ft clearance height
- 7650 Kimbel Street – 64,000 sq ft, built in 1984, 30 shipping doors, 20 ft clearance height
- 7720 Kimbel Street – 62,000 sq ft, built in 1975, 30 shipping doors, 18 ft clearance height
- 7686 Kimbel Street – 62,000 sq ft, built in 1980, 30 shipping doors, 18 ft clearance height
- 7634 Kimbel Street – 56,000 sq ft, built in 1984, 26 shipping doors, 20 ft clearance height
The buildings are a kilometre from Highway 407 via Bramalea Road. Highway 409 is just over 4 km away and Toronto Pearson International Airport is 3 km away.
A public bus stop at the Drew-Kimbel intersection is 230 m away.
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