- What A 54,000 sq ft industrial building in Vaughan, Ont., was recently sold
- Why The D’Angelo Group paid $366/sq ft
- What next The property is leased to multiple commercial tenants
Downing Street Property Management has offloaded a multi-tenant industrial building in Vaughan, Ont., for $19.9m, Green Street News can reveal.
Family-owned firm The D’Angelo Group paid $366/sq ft for the 54,000 sq ft building at 633 Edgeley Boulevard. RE/MAX Premier brokered the deal, which closed in mid-January.
Built in 1989, the Class-C building has a number of commercial tenants, including a cold storage door manufacturer, a gourmet foods wholesaler and an HVAC systems provider.
The building, on just over 2 acres, has two truck-level loading doors plus six drive-in doors, with a maximum clearance height of 18 ft.
633 Edgeley is 2 km from the nearest onramp to Highway 400 via Highway 7. Toronto Pearson International Airport is 16 km away. The closest public bus stop is a little over 100 m away, at the intersection of Edgeley and Applewood Crescent.
Vaughan-based Downing Street Property Management oversees a 9.1m sq ft portfolio of commercial assets. It controls 87 industrial assets, ranging in size from 20,000 to 250,000 sq ft.
The D’Angelo Group is based in the Concord neighbourhood of Vaughan. The company operates a commercial drywall business specializing in renovations for large-scale institutional buildings. Santino D’Angelo is the company’s president.
In recent Vaughan industrial property deals, a 17,000 sq ft warehouse at 160 Edilcan Drive traded in October for $9m.
One month prior, Mantella Corp. bought 210 Great Gulf Drive, a 128,000 sq ft industrial property, for $48.7m according to Green Street’s Sales Comps database.
