- What BSL Holdings sold a 26,000 sq ft warehouse in Scarborough
- Why A private buyer agreed to pay $358/sq ft
- What next Market research indicates elevated demand for small-bay industrial property in the GTA
A small-bay warehouse in Toronto’s Scarborough region sold for $9.3m, Green Street News can reveal.
BSL Holdings (formerly Catlen Holdings) parted with the vacant 26,000 sq ft property for less than its $10m asking price. The deal closed in early February, six months after it was listed.
A private buyer paid $358/sq ft and intends to occupy the property, which sits on nearly 3 acres at 80 Howden Road. Colliers had the listing and marketed it to industrial users with need for outdoor storage.
The property previously was occupied by a California-based building materials supplier, but it vacated last fall. The building, which dates to the 1950s, has four shipping doors and a maximum clearance height of 19 ft.
Market research from Lennard Commercial Realty found increased demand in the GTA at the end of 2024 for smaller industrial properties of 10,000 to 80,000 sq ft. Such “holy grail” properties are highly sought after due to diminished supply, the brokerage said, with valuations reaching as high as $550/sq ft in core GTA markets.
Notable recent Scarborough industrial deals include TAS’ acquisition of a distressed 290,000 sq ft industrial plant at 1500 Birchmount Road, formerly operated by Nestlé, for just over $60m. The court-ordered sale closed in early October.
Also in 2024, Kolt Investments picked up a portfolio of small-bay industrial properties for $60m.
