- What A court has approved the sale of 55 Town Centre Court to a numbered Ontario company
- Why The owner defaulted on obligations to Scotiabank in 2023
- What next The bank is owed $30.5m
A court has approved the sale of 55 Town Centre Court for $17.25m, Green Street News can reveal.
A numbered Ontario company acquired the Scarborough office building in a deal that closed on Nov. 8. Colliers had the assignment on behalf of receiver Grant Thornton.
The valuation for the 222,000 sq ft property is $78/sq ft. 55 Town Centre Court was built in 1982 and is 66% vacant. There are 239 parking spaces. Available units are listed for lease at $15.50/sq ft.
Per court documents, the owner, an entity controlled by entrepreneur Cesare Fazari, triggered a default on its obligations to Scotiabank by obtaining secondary financing on the property in the amount of $5m in 2022.
Grant Thornton was appointed receiver in November 2023, and the building was listed for sale in February at $39.5m. As of Oct. 4, Scotiabank was owed $30.5m. Approximately $2m of unpaid property taxes are owed on the property as well.
55 Town Centre Court is near the intersection of Ellesmere Road and McCowan Road. It’s 200 m from Scarborough Town Centre, less than a kilometre from Highway 401 and 4 km from Eglinton GO Station. It’s 17 km from downtown Toronto.
55 Town Centre changed hands in 2021 from a corporate entity jointly owned by Fazari and a former business partner to the one controlled by Fazari.
Mahendra Jain is listed as a director of the purchaser.