- What KingSett Capital acquired a large industrial building in Richmond Hill
- Why Richmond Hill has high occupancy for warehouses
- What next It’s one of the largest industrial sales in the GTA so far this year
KingSett Capital has acquired a large industrial building in Richmond Hill for $39.5m in one of the largest industrial trades of the year in the GTA, Green Street News can reveal.
The 183,000 sq ft building at 33 West Beaver Creek Road was sold on May 26 by an unidentified seller. The facility sits on 7.4 acres, has 24-foot clear height ceilings and has 29,700 sq ft of office space.
The sale marks one of the largest industrial trades in the GTA so far this year, according to Green Street’s Sales Comps Database.
Some of the larger deals include Choice Properties REIT’s acquisition of a warehouse and distribution centre at 500 Bayly Street East in Ajax for $182.3m, Crestpoint Real Estate Investments assuming full ownership of the Drew Kimbel industrial portfolio for $120m, and Groupe Montoni’s $50.1 acquisition of 6451 Northwest Drive in Mississauga.
Marc Kirshenbaum and Sam Sgambelluri of Colliers had the assignment. They declined to comment on the transaction when reached by Green Street News.
However, Sgambelluri said that Richmond Hill is a tight industrial market that totals just 13m sq ft of industrial space – a fraction of what is in Vaughan or Brampton, each with over 100m sq ft.
Large blocks of space in Richmond Hill are extremely limited, whether for leasing or buying, he said, “and because most occupiers prefer to stay close to their existing location for workforce and customer continuity, this scarcity matters.”
Availability rates across Toronto-area submarkets remain exceptionally low. Richmond Hill’s availability rate is 2.5%, compared to 4.2% across the GTA, he said.
