- What A three-building Hamilton industrial property is in play
- Why Seller Besmac Properties is seeking $391/sq ft
- What next Most tenants are on month-to-month leases
Besmac Properties is floating a three-building industrial property in Hamilton with expansion potential for $30m, Green Street News can reveal.
The company is seeking $391/sq ft for the 77,000 sq ft Kenora Square, at 505 Kenora Avenue in central Hamilton. The 49-year-old property, on 10 acres, has three freestanding buildings, all of which can be purchased individually.
Colliers has the marketing assignment. The price was previously made public, but not the seller. Besmac is a property management company co-owned by Vince Gagich of Hamilton. He’s also president of a local waste management company with space at Kenora Square.
The offering includes nearly 5 acres of surplus land, large enough for a new structure or expansion of the existing buildings. The site could also accommodate outdoor storage, a truck terminal, warehousing and other industrial uses, marketing materials said. The land could also be severed to create individual parcels that could be developed or sold off.
Tenants include a granite products supplier, a truck driving school and a spa equipment store. Most tenants have leases with month-to-month terms and the buildings can be delivered vacant.
The largest structure has nearly 28,000 sq ft, 16 ft ceiling height and 11 shipping doors – nine at truck level and two with drive-in access. The next-biggest building is 27,000 sq ft with eight drive-in doors and a ceiling height of nearly 26 ft. The smallest structure is 22,000 sq ft with ceilings up to 13 ft, two truck-level shipping doors and eight drive-in doors.
Kenora Square is within an industrial area of the Nashdale neighbourhood. The Queen Elizabeth Way is less than a kilometre east. John C. Munro Hamilton International Airport is 15km to the southwest, and the closest border crossing into the U.S. is 79km southeast.
