- What Community Trust Co. has listed 2350 Matheson Boulevard East
- Why The office building is valued at $312/sq ft
- What next Savills has the assignment
A suburban office building west of Toronto is being shopped for $12.5m.
Community Trust Co. has given the assignment for 2350 Matheson Boulevard East, in Mississauga, to Savills. The estimated valuation for the 40,000 sq ft office building translates to $312/sq ft.
Community Trust occupies the two-storey property but is offering the building with vacant possession. The sales campaign is targeting owner-occupiers.
The property has 173 parking spaces, a fitness centre, a raised-floor data room and a backup generator. The roof was replaced in 2021.
The property is zoned E1, permitting its use as office, warehouse or cold-storage space, as well as some manufacturing facilities.
The 2.5-acre property is near the intersection of Matheson Boulevard East and Satellite Drive, in the Airport Corporate Centre submarket. It’s just southeast of Toronto Pearson International Airport and within 5km of Highways 401, 403 and 427. Several parks, golf courses and hotels also are nearby.
The property at 2350 Matheson Boulevard East is the third office property in the Airport Corporate Centre to hit the block in as many months. The property at 5205 Satellite Drive was listed for $24m in August, and 5180 Orbitor Drive was teed up for $14m in September. In Etobicoke, 1 City View Drive was floated for $12m in an August distress sale.
The suburban office vacancy rate in Toronto was 20.7% in Q3, according to CBRE, with another 555,000 sq ft of space under construction. Of that, 32% is preleased.
Community Trust is a private lending subsidiary of Questrade Financial, the online brokerage and wealth management firm led by president and chief executive Edward Kholodenko.
