- What Five industrial condo units in a new Toronto industrial building sold for a total of $41.8m
- Why Forager Real Estate Partners sold the units to various buyers
- What next The building was completed in 2025
Five units in a recently completed suburban Toronto industrial condominium development have traded for $41.8m, Green Street News can reveal.
Forager Real Estate Partners sold the five units in separate deals from late March to early April to various buyers. All of the buyers were private investors with the exception of Unit 111, which was purchased by the Treadmill Factory, a fitness equipment supplier headquartered in Markham, Ont.
They are located within VicPark, a new 149,000 sq ft building at 3751 Victoria Park Avenue in the Scarborough area, near Toronto’s northern boundary with York Region.
CBRE had the marketing assignment.
The five units that sold cover 86,000 sq ft. Another seven units – 63,000 sq ft in total – were not part of the transactions.
The purchased units are:
- Unit 111 – 36,000 sq ft – $17.4m ($487/sq ft)
- Unit 104 – 14,000 sq ft – $6m ($423/sq ft)
- Unit 101 – 13,000 sq ft – $6.8m ($520/sq ft)
- Unit 105 – 13,000 sq ft – $6.4m ($500/sq ft)
- Unit 110 – 10,000 sq ft – $5.2m ($505/sq ft)
Designed by the Toronto-based architectural firm Julian Jacobs Architects, the two-storey building was under construction for over three years before coming online this year. It was built to modern industrial specifications and can accommodate warehousing, manufacturing and administrative functions within the same space.
According to marketing materials, each of the 12 industrial condo units within the completed building can accommodate 53-foot truck trailers and have their own dedicated drive-in shipping doors, with clear heights of 22 feet.
Construction materials used by contractor First Gulf Corp. included precast concrete as well as stone and wood, while the building’s façade comprises glazed glass.
VicPark is on a 6.5-acre lot and the former site of a 76,000 sq ft industrial building dating to the mid-1990s, which was demolished to make way for the new structure. Forager purchased 3751 Victoria Park in 2021 for $22m ($289/sq ft) according to Green Street’s Sales Comps Database.
The building is just over 1 km from the nearest access point to Highway 404 via Steeles Avenue. The 404 turns into the Don Valley Parkway south of the Highway 401 interchange, providing a direct route into downtown Toronto, which is approximately 17 km away from VicPark.
Based in Toronto, Forager is a private equity real estate company specializing in industrial real estate development in North America, with projects completed and in progress across Southern Ontario and Florida.
