- What Van Mills Centre in Mississauga, Ont., sold for $34.5m last week
- Why The Vandyk-owned property was placed under receivership earlier this year
- What next Other distressed Vandyk sites are still up for sale
The distressed Van Mills Centre retail plaza in Mississauga, Ont., traded for $34.5m last week in a court-ordered sale, Green Street News can reveal.
The shopping centre, at 1900-1944 Fowler Drive, was one of several properties owned by the Vandyk Group of Cos. placed under receivership over the past year. The now-defunct developer owed RBC more than $12m in unpaid loans on the Van Mills property.
The deal closed on Oct. 21, with JLL handling the sale. The buyer, making the purchase under the name 1900 Drive Holdings, obtained a $34.5m loan from RBC.
The 45,000 sq ft Van Mills Centre was developed in 2010. It’s 300 m north of the Queen Elizabeth Way. Notable tenants include Eggsmart, IDA Pharmacy, RBC, Sherwin-Williams, Starbucks and Subway. As of May, the plaza was 75% occupied and had a weighted average lease term of 3.3 years.
Although the property was not explicitly listed as a redevelopment opportunity, marketing materials highlighted the proposed redevelopment of an adjacent property – the former Sheridan Centre mall – into a 16-tower residential project.
The Van Mills property fronts onto Erin Mills Parkway, a main throughway in Mississauga, and is serviced by multiple public transit bus routes.
Other distressed Vandyk properties have sold in recent months. A shovel-ready townhouse development site in Toronto traded for $8.2m in August. A buyer has also been identified for a retail plaza at 10 Neighbourhood Lane in Toronto. The property was listed for $14m.
Vandyk properties still on the block include a transit-oriented redevelopment site in Etobicoke that’s expected to trade for over $30m.
