- What KingSett has unloaded another GTA industrial property from a portfolio it bought about two years ago
- Why Enticor Properties paid $326/sq ft
- What next Commercial tenants in the building have an average lease term of three years
KingSett Capital has parted with another industrial building in the GTA for $52.5m, Green Street News can reveal.
Enticor Properties, based in Brampton, paid $326/sq ft for the 161,000 sq ft facility at 1575 South Gateway Road in Mississauga. The deal was completed at the end of September. The real estate divisions of RBC Capital Markets and Scotiabank represented KingSett in the sale.
The 23-year-old building, on 8.5 acres, is fully leased, according to marketing materials. Tenants include a textile imports company, a wholesale grocer and a trucking company. The average lease term is three years.
The building has 22 shipping doors, 18 of which are at truck level. The remaining four have drive-in access. The maximum clear height is 24 feet.
The sales campaign touted the property’s proximity to Toronto Pearson International Airport, which is 5 km away. The closest Highway 401 on-ramp is 2 km away at Dixie Road. A transit stop for local bus service is a little more than 2 km away.
KingSett acquired the facility as part of a $421m portfolio deal in May 2022. That transaction comprised 21 GTA properties totaling 1.5m sq ft. The seller was Sagitta Development and Management, the now-defunct industrial real estate arm of Markham-based Park Property Management.
Last month, KingSett sold a separate Mississauga property from the Sagitta portfolio, while putting two more assets in Mississauga and Brampton on the market.
