- What KingSett Capital is looking to part with a 350,000 sq ft portfolio comprising four industrial properties
- Why The valuation works out to $265/sq ft
- What next The properties are leased with rents 41% below market rates, on average
Private equity real estate behemoth KingSett Capital is selling a four-building portfolio of tenanted industrial properties in the Greater Toronto Area with a pricing guidance of $92.5m, Green Street News can reveal.
The valuation works out to $265/sq ft for the 349,000 sq ft portfolio. The medium-bay properties, in Mississauga, Brampton and Toronto’s Scarborough region, also can be purchased individually. RBC Capital Markets and Scotiabank’s real estate division have the marketing assignment.
On a collective 20 acres, the properties have spaces for warehousing, distribution, storage and manufacturing. They are fully occupied with tenant leases running an average of two years. Rents are an average of 41% below market rates, promotional materials said.
The listed properties are:
- 35 Dynamic Drive, Scarborough – 133,000 sq ft, built in 1987, 13 shipping doors, 22 ft clear heights
- 346 Orenda Road, Brampton – 85,000 sq ft, built in 1969, nine shipping doors, 19-ft maximum clear heights
- 6325 Northam Drive, Mississauga – 80,000 sq ft, built in 1970, 10 shipping doors, 27.5-ft maximum clear heights
- 190 Matheson Boulevard East, Mississauga – 50,000 sq ft, built in 1985, six shipping doors, 18-ft clear heights
The four buildings are within a few kilometres of major GTA highways, including Highway 401 and the 407 tolled expressway. The Mississauga and Brampton properties are within 6 km of Toronto Pearson International Airport, while the Scarborough building is 34 km away.
The Orenda property was offered by KingSett last September as part of a two-building, 171,000 sq ft industrial portfolio with an asking price of $39m ($227/sq ft).
KingSett acquired 190 Matheson in 2023 for $17.9m, according to Green Street’s Sales Comps database.
The Toronto-based private equity investment company has been active this year across the major commercial property sectors. This month alone, KingSett acquired a two-building industrial complex in Dorval, Qué.; provided financing for a 931-unit Hamilton condominium project and floated a Langley, B.C., industrial parcel for $63m.
Also in April, The company listed two office properties in the Etobicoke region of Toronto for $25.2m.
It has some $18bn of commercial assets under management.
