- What Aaxel Insurance has acquired Meadowvale Corporate Centre
- Why The valuation works out to $145/sq ft
- What next Base rent at the complex is $16/sq ft, and additional rent is $17.86/sq ft
QuadReal Property Group has sold an office complex in Mississauga for $40.1m, Green Street News can reveal.
Aaxel Insurance acquired the 277,000 sq ft Meadowvale Corporate Centre in a deal that closed in late November. The valuation works out to $145/sq ft. Marcus & Millichap’s IPA division and Colliers had the assignment. Under the new ownership, Meadowvale Corporate Centre will be managed by Crown Realty Partners.
The five-building campus, at 2000 Argentia Road, was completed in 1976. Tenants include Bell Technical Solutions, Canadian Western Bank, Dean & Associates, and the Litigators.
According to leasing materials, base rent at the complex is $16/sq ft and additional rent is $17.86/sq ft. Average asking net rent in the Meadowvale submarket was $18.35/sq ft in Q3, according to CBRE.
There are over 300 surface parking spaces, car-charging stations, and a cafe and deli. The buildings are certified BOMA Best Silver.
Near the corner of Argentia and Mississauga Roads, the office complex is within a kilometre of Highway 401, the Meadowvale GO station and MiWay Transit stops. Highways 403 and 407 are within 6 km. Meadowvale Town Centre, Mullett Creek Park and Wynn Fitness Meadowvale are nearby.
“As the Meadowvale Corporate Centre transitions under new ownership, the focus will remain on delivering value to existing tenants while fostering a dynamic environment for future occupants,” the new owner told Green Street News.
Aaxel Insurance is an independent insurance brokerage headquartered in Mississauga. Paul Mann is president.
Article amended at 1:15 p.m. ET on Dec. 4, 2024, to reflect that Marcus & Millichap’s IPA division and Colliers had the marketing assignment.
