- What Lotus Capital bought 100 Corporation Drive and 50 Precidio Court in Brampton, Ont.
- Why Lotus said the buildings are fully leased and have rental upside
- What next The deal is among the largest acquisitions in Brampton in the past four months
Lotus Capital acquired two Class-A, single-tenant logistics facilities in Brampton, Ont., for about $44.5m, in one of the region’s largest industrial sales of the year so far, Green Street News can reveal.
The price works out to about $317/sq ft. Avison Young’s capital-markets group had the marketing assignment on behalf of Manna Industrial Fund, which had purchased the adjacent properties in 2023.
The sale was completed on April 15, and QuadReal Property Group provided financing for the acquisition.
The 1999-built buildings, at 100 Corporation Drive and 50 Precidio Court, comprise approximately 140,000 sq ft, with 22 ft to 24 ft ceiling heights. Lotus said the buildings are fully leased and have significant mark-to-market rental upside.
The deal is among the largest acquisitions in Brampton in the past four months, according to Green Street’s Sales Comps Database. In March, Crestpoint Real Estate Investments and an unidentified institutional investor paid $253m to acquire Unilever’s Brampton distribution centre. The buyers paid $340/sq ft for the 745,000 sq ft facility.
In 2022, the nearby 122,000 sq ft industrial facility at 35 Precidio Court traded for $42.5m, or about $347/sq ft, Green Street’s Sales Comps Database shows.
Manufacturer Blanco Canada is the tenant at 100 Corporation Drive, and Horizon Outsourcing Solutions, a freight transportation company, occupies 50 Precidio Court.
The buildings are just over 3km to Highway 407, 4km to Highway 410 and under 7km to Highway 427. Toronto Pearson International Airport is 10km away.
