- What Penske Truck Leasing Canada has acquired an industrial building in Scarborough
- Why The company paid $800/sq ft
- What next Penske has occupied the site since 2004
Penske Truck Leasing Canada has acquired its long-time Scarborough, Ont., base of operations for $10m, Green Street News can reveal.
The company paid $800/sq ft for the nearly 13,000 sq ft industrial building on 2 acres at 80 Production Drive. Penske has operated a truck rental operation from the address since 2004 and is its sole occupant.
Colliers marketed the property on behalf of a numbered Ontario company. The deal closed at the end of August.
According to marketing materials, the property has eight drive-in doors, two of which are drive-through, and a secured outdoor area for parking and vehicle storage. The 37-year-old building’s roof was rebuilt in 2021.
The property is less than 1 km from the busy intersection of Markham and Ellesmere roads, while the nearest on-ramp to Highway 401, off Markham, is approximately 500 m away. There is a TTC bus stop on Progress Avenue, 700 m from 80 Production Drive, connecting to Kennedy subway station.
