- What A 44,000 sq ft Scarborough warehouse has a new owner
- Why A private buyer paid seller Jimeil Holdings $264/sq ft
- What next The building is the former home of a shuttered printing company
A warehouse in Toronto’s Scarborough region that was once the base of operations for a now-defunct bookbinder has sold for $11.6m, Green Street News can reveal.
An unidentified private buyer paid Jimeil Holdings $264/sq ft for the 44,000 sq ft freestanding building at 285 Nantucket Boulevard. The deal closed in early February. Colliers had the marketing assignment
The building was the longtime home of Fortescue Bindery, which operated in and around Toronto for over 40 years before closing up shop for good two years ago. Jimeil Holdings, a private company based in Scarborough, purchased the property in 1998 for $860,000, according to provincial property records.
The nearly 60-year-old building sits on a 2-acre lot. It has six delivery loading doors – expandable to 10 – at truck level, with a clearance height of 18 ft. About 1,300 sq ft of the building is reserved for office space.
The warehouse, in the Dorset Park neighbourhood, is within a well-defined industrial node situated along Ellesmere Road. Highway 401, via Kennedy Road, is less than 2 km away. Billy Bishop Toronto City Airport in downtown Toronto is 17 km away. Toronto Person International Airport is 30 km away.
The average sale price for an industrial property in Scarborough during the final quarter of 2024 was $385/sq ft, Avison Young said in a recent report, exceeding the Greater Toronto Area’s average of $362/sq ft.
Scarborough has seen a number of notable industrial deals over the past year. In August, KingSett Capital paid $34.7m ($210/sq ft) for a portfolio of buildings at Melford Drive and Tapscott Road totaling 166,000 sq ft.
Two months prior, Canada Life Assurance Co. disposed of a 188,000 sq ft Scarborough portfolio for $60.1m. The buyer was Kolt Investments.
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