- What A former church has sold a 105,000 sq ft warehouse in Oakville, Ont.
- Why Buyer Beedie Group Developments paid $250/sq ft
- What next A live events venue owned by the church has a leaseback provision to remain in the building
Beedie Group Developments has acquired an Oakville, Ont., warehouse for $26.3m, Green Street News can reveal.
The Burnaby, B.C.-based property developer agreed to pay the Meeting House Church Family $250/sq ft for the 105,000 sq ft building at 2700 Bristol Circle. The off-market deal was completed on March 17. Colliers had the marketing assignment.
2700 Bristol is the former site of the Meeting House, an Anabaptist megachurch that served the Greater Toronto Area before shutting down operations last year following abuse allegations.
The building still houses the Meeting House performance venue — operated by the church group — which has a 1,700-seat theatre along with additional areas that can be rented for live events. The venue will continue to operate from the building as part of a leaseback provision that is expected to last for up to two years.
Beedie intends to eventually replace the 25-year-old building with a new industrial condominium development, sources familiar with the transaction said.
On 9 acres, the building has four shipping doors — three at truck level and another with drive-in access — with a 24 ft maximum clearance height.
The building is 500 m from the nearest entrance to Highway 403, via Dundas Street. The 403 roadway connects with the Queen Elizabeth Way and Highway 407.
The closest airport — Toronto Pearson International Airport — is 21 km away, and Hamilton International Airport is 41 km away. The closest U.S. border crossing, into upstate New York via the Peace Bridge, is 92 km away.
Beedie is very active in the GTA industrial-property market, having developed multiple condo developments in the region, including the newly built 71,000 sq ft Three Oaks Business Centre in Oakville. The company has also listed individual condo units within its 293,000 sq ft Morningside Business Centre industrial complex in Toronto’s Scarborough region.
Additionally, the privately owned company has developed industrial and residential condo properties in British Columbia and Alberta, as well as Las Vegas.
In recent Oakville industrial sales, a 34,000 sq ft warehouse at 2139 Wyecroft Road sold at the end of 2024 for $19.2m ($565/sq ft), according to Green Street’s Sales Comps Database. And a 45,000 sq ft industrial building at 2568 Bristol Circle traded for $13.1m ($291/sq ft) around the same time last year, according to the database.
