- What A trio of distressed industrial condo units is up for grabs in Oshawa
- Why The assets were ordered to be disposed of through a court-ordered sale
- What next The units are fully tenanted for five years
Three Oshawa industrial condominium units are on the market for $15.8m as part of a court-ordered sale.
CBRE’s land services group is marketing the units at 1155 Boundary Road on behalf of court-appointed receiver MNP. The properties, which total 41,000 sq ft, are fully leased for the next five years and can be acquired individually for $5.3m or in a package.
The units are registered to Vikas Mahajan, who operated a string of businesses from the properties, including a perfume and cosmetics distribution company.
According to court documents reviewed by Green Street News, Mahajan defaulted on over $18m of loans issued by primary mortgage holder Canadian Western Bank. Other creditors with claims on the properties include a private lender who is out $2m and the City of Oshawa, which is seeking around $158,000 in unpaid property taxes.
MNP was appointed as receiver by an Ontario Superior Court judge last October to oversee the disposal of Mahajan’s business assets, which includes the Oshawa commercial properties.
The condos are within the Lakeside Business Centre, a multi-unit industrial building comprising 138,000 sq ft of light-industrial and warehouse space. The building was completed in 2022 by British Columbia-based developer Beedie.
According to marketing materials, each unit — units 1, 2 and 6 — has two dedicated shipping doors at truck level, plus another drive-in, with clear heights of 28 ft. Each unit is just under 14,000 sq ft and has approximately 3,200 sq ft of office space on the second floor.
Unit 1 ($383/sq ft) is occupied by a climate-control product manufacturer. Unit 2 ($381/sq ft) is tenanted by an auto-body parts supplier. Unit 6 ($381/sq ft) is the site of a recreational sports facility equipped with indoor pickleball and table-tennis courts.
1155 Boundary Road is under 2 km from the nearest on-ramp to Highway 401, via Stevenson Road. Oshawa Executive Airport is approximately 8 km away.
In a recent interview with Green Street News, the heads of CBRE’s land service group, based in Toronto, said investors should expect to see more distressed sales in 2025. The team has 16 active listings for distressed properties.
