- What H&R REIT has put 88 McNabb Street on the block
- Why The building will be vacant in November
- What next Avison Young has the assignment
H&R REIT has put a Markham office building in play for $19.3m, Green Street News can reveal.
Avison Young has the assignment for 88 McNabb Street. The valuation for the 75,000 sq ft office building is $258/sq ft.
The property is 100% occupied by Kenvue Canada but will be vacant in November. Marketing is targeting investors and owner-occupiers.
The property was completed in 1987. There are 241 parking stalls. It’s also listed for lease with an asking net rent of $16.75/sq ft. Average asking net rents in the GTA North office market were upward of $20/sq ft in Q4 2024, Avison Young said in a recent report.
The office building is on 3 acres at the corner of Warden Avenue and McNabb Street. It’s within 3 km of Highways 7, 404 and 407, as well as Unionville and Milliken GO stations. TTC and YRT bus lines are within 500 m.
The property is zoned as business park employment, allowing for a variety of uses including hotel, business office, film studio and banquet hall. Industrial uses are permitted as well.
One of Canada’s largest REITs, H&R REIT invests in and acquires residential, industrial, office and retail properties in Canada and the U.S. Thomas J. Hofstedter is chief executive officer and executive chair of the Toronto-based company. As of December 31, 2024, the company’s assets totaled $10.6bn.
