- What Crestpoint and another investor have purchased a 745,000 sq ft industrial building in Brampton
- Why Unilever Canada sold the property for $340/sq ft
- What next Unilever will continue to occupy the building through a leaseback provision
Crestpoint Real Estate Investments and an unidentified institutional investor paid $253m to acquire Unilever’s Brampton distribution centre, Green Street News can reveal.
The buyers paid Unilever Canada approximately $340/sq ft for the 745,000 sq ft facility at 7900 Airport Road. For Crestpoint, the deal was a reacquisition, having previously owned a 50% stake in the facility.
The sale closed in late March. Crestpoint announced the acquisition on social media this week without mention of the price. Cushman & Wakefield’s National Capital Markets Group had the marketing assignment.
Crestpoint, which once again owns a 50% stake, made the acquisition through its Core Plus Real Estate Strategy value-added investment fund. Lender GMI Servicing is providing financing for the deal with the issuance of a $151.8m mortgage at an annual interest rate of 4.3%. It is scheduled to mature in 2032.
Unilever has occupied the facility as the sole tenant since 2014, using it for warehousing and distribution. Last year, the company triggered a purchase option in its lease to acquire ownership of the property from then co-owners H&R REIT and Crestpoint. The deal closed in late 2024 for a total of $121.4m.
Unilever will remain at the site as part of a 15-year leaseback provision agreed upon with the new owners.
The building, which was custom-built for Unilever’s use, sits on a 35-acre plot. It has 105 dock-level shipping doors and two drive-in doors. The maximum clearance height is 38 ft.
7900 Airport Road is in a well-connected industrial area of Brampton in proximity to major Greater Toronto Area roadways. The facility is just under 1 km away from Highway 407. Toronto Pearson International Airport is 5 km away.
