- What KingSett Capital has parted with a 71,000 sq ft tenanted industrial building
- Why Buyer Regency agreed to pay $255/sq ft
- What next Regency intends to move some of its operation into the building
KingSett Capital has offloaded a multi-tenanted industrial building in Markham, Ont., for $18.2m, Green Street News can reveal.
Regency, a private Greater Toronto Area developer, agreed to pay the Canadian property giant $255/sq ft for the 71,000 sq ft building at 201 Whitehall Drive. The deal closed in late February.
Marcus & Millichap’s IPA division and CIBC Capital Markets had the marketing assignment. The property had been available since last fall.
Based in neighbouring Richmond Hill, Regency specializes in residential development but is looking to develop and invest in more commercial property. It has acquired industrial holdings across the GTA, including Markham, Scarborough and Oakville.
The Whitehall property comprises four units with in-place lease terms running nearly two years. Tenants include a flooring wholesaler and an IT contractor. The average unit size is nearly 18,000 sq ft. Regency intends to use space within the building to house its construction operation.
201 Whitehall, on a 3 acres, has nine shipping doors — six at truck level and three with drive-in access — and an 18 ft maximum clearance height. There are 165 outdoor parking spaces.
The 37-year-old building has undergone capital renovations, including redoing the paving and water drainage work, marketing materials said.
The property is 2 km from Highway 407 via Warden Avenue. Toronto Pearson International Airport is 30 km away.
The property was included in a 386,000 sq ft portfolio of GTA industrial assets acquired by KingSett in 2021, RENX reported. As part of that deal, the investment company paid $11.9m, or $167/sq ft for the building, according to property records.
KingSett is one of the country’s most active commercial property investors. So far this year, it sold a Mississauga office building for $32m ($320/sq ft) and placed a 98,000 sq ft Toronto office building on the market for $48m. The firm also showed interest in a 396,000 sq ft Mississauga industrial portfolio valued by Desjardins at $127m ($320/sq ft).
In 2024, a private Toronto investor paid KingSett $34.7m ($210/sq ft) to acquire a trio of Scarborough industrial properties left over from the 2021 portfolio deal.
The company controls some $18bn in commercial property assets across Canada.
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