- What A vacant industrial property in Brampton has sold for $29m
- Why The sales was conducted as an off-market transaction
- What next The building has rail and crane equipment on-site
An industrial property in Brampton, Ont., has changed hands for $29m in an off-market deal, Green Street News can reveal.
Brampton-based Bittu Holdings sold a 69,000 sq ft manufacturing facility at 9 Kenview Boulevard to GP Realty Ltd., a private real estate firm based in Chennai, India, for $420/sq ft.
Lennard Commercial Realty had the assignment, representing both the buyer and seller. The deal closed in mid-September.
Marketing materials describe the property as a heavy-manufacturing, large-bay industrial facility with rail and crane equipment . The building was vacant at the time of the sale.
The building is 600 m from an on-ramp to Highway 427, connecting to Highway 401. The Bramalea GO station is 6 km away. Toronto Pearson International Airport is 8 km away, and Toronto is 23 km away.
According to JLL, Brampton had racked up over $657m of industrial-property sales worth at least $5m through the second quarter.
According to Green Street’s Sales Comps Database, the largest deal in Brampton this year was Oxford Properties’ $110m sale of a bulk distribution facility at 2600 North Park Drive to Gigg Express. Colliers brokered the deal, which worked out to $332/sq ft.
In June, Pure Industrial acquired a 174,000 sq ft building at 15 Precidio Court for $45.2m, or $260/sq ft, and Dream Industrial REIT paid $38m, or $243/sq ft, for a 156,000 sq ft warehouse at 1000 Clark Boulevard.
