- What KingSett Capital has sold a Mississauga warehouse
- Why The site was part of a 21-property portfolio acquired by KingSett two years ago
- What next KingSett has listed for sale two additional properties from the portfolio
KingSett Capital has unloaded a freestanding warehouse in central Mississauga for $19.9m, Green Street News can reveal.
A numbered Ontario company agreed to pay $441/sq ft for 6050 Tomken Road. Headquartered in Mississauga, the company also operates under the name TecnoPan and manufactures custom HVAC enclosures. The deal closed in early September. Colliers had the marketing assignment.
According to a listing brochure posted in July, KingSett, based in Toronto, was asking $20.8m for the 45,000 sq ft building. It was vacant at the time of purchase.
Nearly 40 years old, the building has undergone renovations, including the installation of LED lighting, new flooring, asphalt repairs and landscaping.
It was delivered in a “whiteboxed” or partially completed state to allow for additional building renovations or finishes by the next occupant. Office space comprises about 10% of the total square footage, with the remaining area designated for warehouse use.
The property has six doors at truck level and another two that are drive-in, with clear heights of nearly 22 feet. The closest Highway 401 onramp to the property, accessible from Dixie Road, is 2 km away. Toronto Pearson International Airport is 5 km away, while the closest transit station, Cooksville GO, is 8 km away.
6050 Tomken was part of an industrial portfolio comprising 21 GTA properties that KingSett acquired from Sagitta Development and Management for $461m in May 2022. KingSett had paid $15.3m, or $329/sq ft, for the 6050 Tomken site.
This month, KingSett listed two sites belonging to the Sagitta portfolio – at 5300 Tomken Road and 346 Orenda Road in Brampton. Market sources estimate they’ll fetch about $39m.
