- What 5655 Timberlea Boulevard is in play
- Why The company is looking to fetch bids around $425/sq ft
- What next CBRE has the assignment
LaSalle Investment Management has put a mixed-use property in Mississauga in play, Green Street News can reveal.
Guidance for the 24,000 sq ft 5655 Timberlea Boulevard is $425/sq ft, which works out to $10.3m. CBRE is marketing the property.
The building comprises 4,000 sq ft of office space across two floors and a 20,000 sq ft industrial warehouse. It’s 100% occupied by Five Star Foods.
The building has a 17-foot clear height, two truck-level doors and a drive-in door. A five-ton crane is available. The property is zoned E2, permitting such uses as a manufacturing facility, medical office or self-storage facility.
According to CBRE, the office vacancy rate in the Highway 10/Highway 401 submarket was 15.6% in Q3, while the industrial availability rate in Mississauga was 4.3%. Both figures are below the averages – of 18.7% and 6.0%, respectively – for the Toronto west markets.
Amongst office space, the average asking net rent in the node was $18.99/sq ft, while industrial assets asked $18.03/sq ft net. The average asking sale price for industrial was $405.78/sq ft. Both sectors have seen negative net absorption year to date in Q3.
LaSalle has been on a selling spree of late. In July, it sold 5575 North Service Road for $12.5m and offloaded 1100 Burloak Drive and 5420 North Service Road in August for $30.2m. The Burlington properties were collectively known as Burloak Towers. In September, the company sold 135 Rideau Street, an office and retail asset in Ottawa, for $8.5m.
LaSalle is an independent subsidiary of JLL. As of Q2, the Chicago-based company had US$84.8bn of assets under management. Mark Gabbay is global chief executive.
