- What Ravelin Properties REIT offloaded 1189 Colonel Sam Drive in Oshawa, Ont.
- Why The valuation for the office building is $160/sq ft
- What next It’s fully leased to Concentrix
Ontario Power Generation has purchased an office building in the Greater Toronto Area for $16.5m, Green Street News can reveal.
Ravelin Properties REIT sold 1189 Colonel Sam Drive, in Oshawa. Avison Young had the assignment. The valuation for the 103,000 sq ft office building is $160/sq ft.
It’s fully leased to Concentrix, which has occupied the property since it was completed in 2001. There are seven parking stalls per 1,000 sq ft.
On nearly 11 acres, 1189 Colonel Sam Drive is surrounded by the McLaughlin Bay Wildlife Reserve. It’s 340 m from Highway 401, 3 km from Highway 2 and 5 km from Highway 418. Oshawa Station, which is serviced by VIA Rail and GO Transit, is 7 km away.
Ravelin Properties owns and operates commercial real estate in Canada, Ireland and the U.S. Headquartered in Toronto, the internally managed company was formerly known as Slate Office REIT. Shant Poladian is chief executive.
Ontario Power Generation is a commercial entity wholly owned by the provincial government. Nicolle Butcher is president and chief executive. OPG’s corporate headquarters are at 1908 Colonel Sam Drive, 380 m from 1189 Colonel Sam Drive. The Crown corporation has acquired other parcels in the immediate area.
Oshawa is a city in the Greater Toronto Area and is part of the Golden Horseshoe. It’s 50 km east of downtown Toronto.
