- What A numbered Ontario company is looking to offload 5180 Orbitor Drive
- Why The valuation for the Class-C property works out to $349/sq ft
- What next M Commercial Realty has the assignment
A suburban office building near Toronto is on the block for $14m.
M Commercial Realty has the assignment for 5180 Orbitor Drive in Mississauga on behalf of a numbered Ontario company. The valuation for the 40,000 sq ft property works out to $349/sq ft. It last traded for $5.8m in June 2013.
The marketing campaign is targeting investors and owner-occupiers. Tenants include Ingenico, which occupies the second floor, and BioCache, which leases space on the main level. Nearly 1,800 sq ft on the first floor is vacant.
The Class-C building was completed in 2000. It has 152 surface parking spaces and one truck-level door with shared access to a shipping area.
The property is on 2.17 acres near Eglinton Avenue West and Centennial Park Boulevard. Toronto Pearson International Airport and Highways 401, 403 and 427 are within 5 km of 5180 Orbitor Drive. The Toronto Congress Centre, Royal Woodbine Golf Club and several hotels are nearby as well.
The property is within the Airport Corporate Centre submarket. The area is the largest in the GTA West, with over 6.9m sq ft of office inventory.
According to CBRE, the office vacancy rate in the submarket was 23.6% in Q2, above the GTA West average of 19.2%, and net absorption for the quarter was negative 81,000 sq ft. Asking net rents were $18.69/sq ft, compared with the West’s average of $17.39.
Suburban Toronto office buildings have been increasingly in play as of late, including 5205 Satellite Drive – a kilometre from the offered property – which a consortium floated for $24m in August.
