- What A small-bay multi-unit industrial building in Mississauga traded in December
- Why Buyer Mantella Corp. paid $280/sq ft for the 30,000 sq ft property
- What next The property is fully tenanted
Mantella Corp. paid $8.4m for a fully occupied multi-unit industrial building in central Mississauga in December, Green Street News can reveal.
The Toronto-based, family-owned real estate investor and developer acquired the 30,000 sq ft property at 1200 Aimco Boulevard via a transfer by partnership with Stack Investments and a numbered company based in Concord, Ont. The valuation worked out to $280/sq ft. Colliers represented the seller.
Mantella announced the deal last month but did not name the price or the sellers. The property had been on the market for nearly a year.
On 2 acres, 1200 Aimco has eight rectangular units with a median size of 3,000 sq ft. Tenants include a a 3D jewellery renderer, a dojo and a railing manufacturer. The average weighted lease term is under 2.5 years, and rents are around 40% below market rates, according to Colliers.
The property has eight truck-level shipping doors and two more with drive-in access. It can be expanded to allow for 10 units total and can be converted to industrial condominiums.
The building is less than 2 km from the nearest on-ramp to Highway 401 at Dixie Road. Toronto Pearson International Airport is less than 6 km away.
Established in 1946, Mantella targets fully leased small-bay multi-unit industrial properties in the GTA.
