- What Unilever has acquired a 50% ownership in an industrial property at 7900 Airport Road
- Why The global consumer goods giant had an option in its lease with H&R REIT for the property
- What next Unilever Canada operates a distribution centre at the property
Unilever has acquired a 50% stake in a Brampton distribution centre for $60.7m, Green Street News can reveal.
The U.K.-based consumer goods giant paid $163/sq ft for the 373,000 sq ft property at 7900 Airport Road. The seller was H&R REIT. The sale closed in early October.
Unilever was leasing space in the building from H&R for its Canadian warehousing and distribution operations. The company exercised an option in its lease to acquire the Toronto-based trust’s ownership interest. Crestpoint Real Estate Investments owns the other 50%.
H&R built the property for Unilever in 2014. Menasha Packaging, based in Neenah, Wis., also occupies space in the building.
The building is 2 km from an onramp to the Highway 407 toll road, which connects to several Ontario 400-series expressways, including Highways 427 and 401. Toronto Pearson International Airport is 5 km away. There is a bus stop close by at the intersection of Airport and Driver Road. Bramalea GO, the closest transit station, is 3 km away.
H&R has nearly 400 commercial properties totaling more than 26,000 sq ft across North America. It used the proceeds from the sale to repay a $24.6m mortgage on 7900 Airport Road.
