- What Bellridge Capital bought the office buildings at 1100 Burloak Drive and 5420 North Service Road for $30m
- Why The Burlington, Ont., buildings are 79% occupied
- What next LaSalle offloaded another building in the complex in July
LaSalle Investment Management has offloaded its remaining Burloak Towers office properties in Burlington, Ont., for $30.2m, Green Street News can reveal.
Bellridge Capital purchased the Class-A buildings, at 1100 Burloak Drive and 5420 North Service Road. The price translates to a mid-9% cap rate, although a head lease pushes it above 10%.
The valuation for the properties, which span 262,000 sq ft, comes to $115/sq ft. RBC Capital Markets Realty and Colliers brokered the deal, which closed in August.
The recently renovated buildings are 79% occupied and have a weighted average lease term of 3.2 years.
Tenants at 1100 Burloak Drive include Adi Development Group, Chemsynergy and Mitsubishi HC Capital Canada. The property was built in 1991 and has a daycare and a cafeteria. Unreserved surface parking is available at a ratio of 3.05:1,000 sq ft.
Sodexo Canada, Sun Life Canada Trillium District and CI Assante Wealth Management occupy space at 5420 North Service Road. Built in 1992, amenities include a conference centre and a fitness centre. Parking is available at a ratio of 3.8:1,000 sq ft.
Burloak Towers offer access to the Queen Elizabeth Way, Highway 403 and Burlington Transit routes. Appleby and Bronte GO Stations are within 5 km. Part of the Greater Toronto Area, Burlington is approximately 50 km from Toronto.
LaSalle purchased Burloak Towers, originally a four-building complex, for $64.8m in 2016, according to RENX. The firm sold 5575 North Service Road to a private investor for $12.5m in July and offloaded 5515 North Service Road to Goldnes Property Management for $20.2m in 2021.
LaSalle is an independent subsidiary of JLL. As of Q1, the company had US$86.6bn in private and public property and debt investments. Mark Gabbay is global CEO.
Bellridge Capital is an investment firm with offices in Etobicoke and Fort Lauderdale, Fla. Robert Klimov is founder and managing partner.
