- What Lennard Commercial Realty has the assignment for 9249 Kennedy Road
- Why The offering includes a vacant lot adjacent to the building
- What next The property is zoned Mixed-Use – Future Development
A medical-office building north of Toronto is on the block for $7.5m.
Lennard Commercial Realty has the assignment for Bridle Trail Medical Centre, a two-storey property in the Unionville neighbourhood of Markham. The offering also includes an adjacent vacant lot, bringing the total parcel size to 1.1 acres.
The property, at 9249 Kennedy Road, is free and clear of financing. The sales campaign is targeting investors and end-users.
The 11,900 sq ft building is anchored by Unionville Guardian Pharmacy on the ground floor. Second-floor tenants include Qualcare Family Medical Centre and Unionville Orthodontics.
A 2,200 sq ft unit on the second floor is vacant. It has infrastructure in place to function as an oral and dental surgery clinic.
Bridle Trail Medical Centre was completed in 1984. It has an elevator and is wheelchair accessible. The pharmacy includes a drive-thru. There are 48 parking spaces.
The property is zoned Mixed-Use – Future Development. This permits its existing use as a medical-office building, as well as compatible uses including a business office, financial institution or veterinary clinic. Redevelopment of the site would require a zoning by-law amendment.
Bridle Trail Medical Centre is at the corner of Kennedy Road and 16th Avenue, 3.4 km from downtown Markham.
Unionville GO, Centennial GO and Highway 7 are 3 km from the property, and Highways 404 and 407 are within 5.2 km.
The office vacancy rate in the Markham Town Centre submarket was 8.1% in Q3, according to Colliers, below the Greater Toronto Area average of 12.5%. The area has seen renewed activity since the start of the third quarter, with a half-dozen properties and put in play or traded since July.
This includes the sale of IBM’s headquarters for $115m and Slate Office REIT’s potential disposition of Woodbine & Steeles Corporate Centre for $55m and Gateway Centre for $42.5m. Meanwhile, 80 Whitehall Drive is listed at $19m, 165 Commerce Valley Drive West is on the block for $30m and Scotiabank Commercial Tower is expected to fetch bids from $38m to $40m.
All those assets are all within 10 km of 9249 Kennedy Road.
