- What A small-bay industrial property is on the market in Scarborough
- Why Seller Kolt Investments acquired the building in June as part of a portfolio purchase
- What next The property will be available for possession next March
Kolt Investments is seeking $18.8m for a small-bay warehouse in Scarborough, Ont., that it acquired earlier in the year.
The boutique real estate firm wants $449/sq ft for the 42,000 sq ft property at 50-70 Novopharm Court, in the Malvern neighbourhood. Kolt Realty, the firm’s brokerage arm, is marketing the property.
In late June, Kolt Investments acquired the 44-year-old building as part of a 188,000 sq ft portfolio purchase of small-bay Scarborough industrial properties from Canada Life Assurance Co. totalling $60.1m.
50-70 Novopharm is on 2.5 acres and has served as a multi-unit industrial warehouse. It’s occupied by a single industrial tenant that’s expected to vacate the property as of March 2025.
The one-storey property has 13 truck-level doors with a 16-foot clear height. Nearly 10,000 sq ft is reserved for office space. There are 50 parking spaces. The building is less than a kilometre from the nearest onramp to Highway 401, and a TTC bus stop is within 100 m.
