- What 5750 Explorer Drive traded for $17.4m
- Why Crown Realty Partners acquired the office in an off-market deal
- What next It’s 78% leased
TD Greystone has sold 5750 Explorer Drive in Mississauga for $17.4m, Green Street News can reveal.
As previously reported, Crown Realty Partners acquired the 108,000 sq ft office building in an off-market deal that closed on Oct. 29. The valuation translates to $161/sq ft.
The property last traded for $2.5m in 2005, when Airport Centre Developments disposed of it.
The building has a LEED silver designation. It’s 78% occupied by 10 tenants, including Hershey Canada, which has its headquarters there. Skygrid Construction and BMO also lease space.
The parcel includes 408 parking spaces. There’s also bike storage and showers. Crown plans to upgrade the common areas and lobby and will introduce model suites and energy-efficient retrofits.
The property is in the Airport Corporate Centre, 200 m from Highway 401 and 450 m from Toronto Pearson International Airport. Dixie Transitway Station is within 4 km of the property, and Dixie GO Station is 6 km away.
The submarket’s office vacancy rate was 21.2% in the third quarter, according to CBRE, on par with the Greater Toronto Area average of 19.3%.
Multiple office buildings in the Airport Corporate Centre have been put on the block in the last month, including 2350 Matheson Boulevard East for $12.5m, 5106 Timberlea Boulevard for $16m, and 5350 Creekbank Road for $19.3m.
