- What Mirabelli Corp. is asking $18.5m for an industrial building in North York
- Why The 40,000 sq ft property sold for $729/sq ft last month
- What next The property is leased until October
A Toronto warehouse and showroom that sold in December is back on the market for $18.5m, Green Street News can reveal.
Mirabelli Corp. initially bought the 40,000 sq ft, freestanding property for $29.5m, or $729/sq ft, from CanFirst Capital Management on Dec. 15.
Mirabelli, based in Toronto, now is asking $457.30/sq ft for the building at 355 Garyray Drive. Lennard Commercial Realty has the marketing assignment.
Fully occupied, the 55-year-old property is rented to a kitchen-cabinet manufacturer whose lease runs until October.
The property has six shipping doors, three at truck level, with a maximum clear height of 20 ft. A showroom that can double as office space comprises about 4,000 sq ft, or 10% of the available space in the building.
It is zoned for heavy-industrial uses and houses a crane with a maximum lifting capacity of 5 tons. A fenced area within the property can be used for outdoor storage. There are 12 outdoor parking spaces.
The warehouse is in the city’s North York region, just west of Weston Road and less than 1 km from the nearest on-ramp to Highway 400, at Steeles Avenue.
The closest major urban area, Vaughan, is under 6 km away. Toronto Pearson International Airport is 17 km away.
