- What 5350 Creekbank Road is being offered for sale or lease
- Why The office building serves as the headquarters for Kellanova Canada
- What next CBRE has the assignment
A suburban office building west of Toronto has been floated for $19.3m.
CBRE has the assignment for 5350 Creekbank Road in Mississauga. It serves as the head office for snack food and cereal maker Kellanova Canada but will be vacant as of Dec. 1.
The valuation for the 56,000 sq ft property is $344/sq ft. It’s also being offered for lease at $21/sq ft net rent and $9.51/sq ft additional rent. Marketing is targeting owner-occupiers.
The two-storey building has 207 parking spaces, a gym and a cafe. The property is near the intersection of Dixie Road and Eglinton Avenue East in the Airport Corporate Centre submarket.
It’s a kilometre from Toronto Pearson International Airport and within 5 km of Highways 401, 403 and 427. Dixie GO Station, Square One Shopping Centre and Toronto Congress Centre are 6 km from 5350 Creekbank Road.
Since August, three other Airport Corporate Centre office buildings have been put in play – 2350 Matheson Boulevard East is on the market for $12.5m, 5180 Orbitor Drive has been teed up for $14m and 5205 Satellite Drive is listed at $24.4m.
According to CBRE, Toronto’s suburban office vacancy rate was 20.7% in Q3, above the 18.2% reported in the city’s downtown. Nearly 555,000 sq ft of office space is under construction in Toronto’s suburbs, with 32% pre-leased.
In August, Mars Inc. entered into a definitive agreement to acquire Kellanova for US$35.9bn ($49bn). Steve Cahillane is chair, president and chief executive of Kellanova, and Tony Chow is president of Kellanova Canada.
