- What 200 and 260 Town Centre Boulevard are being shopped for $22.8m
- Why The properties are being sold under a power of sale
- What next Century 21 Leading Edge Realty has the assignment
A pair of office buildings in Markham are on the block for $22.8m under a power of sale.
Century 21 Leading Edge Realty is marketing 200 and 260 Town Centre Boulevard on behalf of a receiver. The valuation for the buildings, which combined span 93,000 sq ft, is $246/sq ft.
The properties were purchased in 2021 by 123 Natural Food Ontario, now known as Visionary Holdings, from a collective, which included Minuk Developments and Montressor Developments. 200 Town Centre was acquired for $12.5m and 260 Town Centre for $9.9m.
Two other office buildings, at 95 and 105 Moatfield Drive, owned by a subsidiary of Visionary, were placed under receivership in August. According to an application from the Bank of China, the company defaulted on a loan and owes approximately $60m.
The Town Centre buildings were completed around 1989. Tenants at 200 Town Centre Boulevard include WellCare Insurance, Verity International and the Constituency Office of MP Paul Chiang. The property has two public elevators and 157 surface parking spaces
Benchmark Signature Realty, National Event Management and Ellard-Willson Engineering lease space at 260 Town Centre Boulevard. The building has one public elevator and 124 surface parking spaces.
On nearly 4 acres near Highway 7 and Warden Avenue, the buildings are less than a kilometre from Markham Town Square, 1.5 km from downtown Markham and 4.3km from CF Markville shopping center. Highway 404, Highway 407 and Unionville GO Station are nearby as well.
They’re in the Markham Town Centre submarket, which had a vacancy rate of 8.1% in Q3, according to Colliers. A half-dozen properties have been floated in the suburban node since mid-July, including the Scotiabank Commercial Tower, 165 Commerce Valley Drive West and Woodbine & Steeles Corporate Centre.
