- What CanFirst Capital Management is looking to sell a 23,000 sq ft industrial property in Vaughan, Ont.
- Why The private investment company is asking $535/sq ft
- What next The property will be vacant upon possession
An industrial building with convertible office space is up for grabs in the Greater Toronto Area for $12m, Green Street News can reveal.
CanFirst Capital Management is asking $535/sq ft for 51 Citation Drive, a 23,000 sq ft property in Concord, a neighbourhood within the municipality of Vaughan. Vanguard Realty Brokerage Corp. has the assignment.
CanFirst originally purchased 51 Citation as part of a $222m acquisition of 13 small-bay industrial properties in Vaughan. According to Green Street’s Sales Comps Database, the company acquired the 710,000 sq ft portfolio from I.G. Investment Management in 2022.
On 1 acre, the property is tenanted by a golfing technology company but will be vacant upon possession. It has five shipping doors – three at truck level with levelers – and a clearance height of 18 ft.
There is 8,600 sq ft of office space in the building that can be reduced to 2,000 sq ft, according to marketing materials. With all of the existing office area preserved, 14,000 sq ft of industrial space is available.
The building is within an established industrial node with access to major provincial highways. The closest onramp to the Highway 407 is less than a kilometre away via Dufferin Street. An onramp to Highway 400 can be accessed 4km away via Rutherford Road.
Toronto Pearson International Airport is approximately 18km away.
CanFirst is a private investment shop based in Toronto with approximately 1m sq ft of industrial holdings in the GTA. So far this year, the company has traded two industrial properties in Scarborough for a total of $55m, according to the Sales Comps Database.
