- What 2476 Argentia Road is being shopped for $33m
- Why The valuation for the asset is $324/sq ft
- What next TD Cornerstone Commercial Realty has the assignment
A suburban Toronto office building is on the block for $33m, Green Street News can reveal.
Concert Income Properties has given the assignment for 2476 Argentia Road in Mississauga to TD Cornerstone Commercial Realty.
The valuation for the 102,000 sq ft asset is $324/sq ft. It’s free and clear of debt.
It’s 100% occupied with a weighted average lease term of 3.1 years. Tenants include BioSyent, Business Development Bank of Canada, Novo Nordisk Canada and Starkey Labs.
On 4 acres, the building was completed in 2015. It has a fitness centre and 411 parking stalls. It is certified LEED gold.
The Class-A office building is at the corner of Argentia Road and Derry Road West in Meadowvale Business Park. It’s less than 400 m from Highway 401 and the Meadowvale GO station, and within 2km of Highway 407 and Mississauga Road. Several MiWay bus lines service the site. More than 201,000 people with an average household income of $156,000 live within 5km.
The office vacancy rate in Meadowvale was 18.9% in Q1, CBRE said in a recent report, below the suburban Toronto average of 21.1% and the overall GTA average of 19.7%. The submarket recorded 52,000 sq ft of negative net absorption for the quarter.
On the deal front, Mississauga’s office market has been active as of late. According to Green Street’s Sales Comps Database, Davpart sold Port Credit Corporate Centre, at 1599 Hurontario Street, for $12.3m earlier this month; the Jilani Group offloaded 5100 Orbitor Drive for $9.3m in April; and KingSett Capital disposed of 5600 Cancross Court for $32m in March.
Concert Income Properties acquires, develops and manages industrial, office and multifamily real estate in Canada. Concert Real Estate holds a majority interest in the open-ended, limited partnership fund, which is managed by Concert Realty Services. Its assets are valued at $3.3bn. Together, all three corporate entities comprise Concert Properties.
Christine Bergeron is president and chief executive of Concert Properties. John Dooling is interim chief executive of the Vancouver-based company.
