- What A 50,000 sq ft warehouse in Vaughan has been purchased for $18.1m
- Why An unidentified buyer paid Northbridge Capital $361/sq ft for the medium-bay property
- What next Northbridge has listed another Vaughan industrial asset
A Vaughan warehouse has sold under asking for $18.1m, Green Street News can reveal.
Northbridge Capital agreed to sell the 50,000 sq ft vacant, freestanding industrial property at 96 Planchet Road to an unidentified buyer at a valuation of $361/sq ft. The deal closed at the end of February.
Local firm Vanguard Realty Brokerage had the marketing assignment and had listed the property for nearly $20m in 2024. Prior to that, Lennard Commercial Realty, Brokerage had marketed the property.
Completed in 2000, the Class-C building is on a 2.1-acre lot. About 7,000 sq ft of the building is office space, while the rest is a warehouse. The property has undergone renovations in recent years, most recently a full white-boxing of the interior.
The one-storey building has eight shipping doors — seven at truck level and another with drive-in access — with a maximum clear height of 18 feet.
Located in the Concord neighbourhood, the property is 2 km from an on-ramp to Highway 407, which connects to other major transportation corridors, such as Highway 401, serving the Greater Toronto Area. Toronto Pearson International Airport is 18 km away.
Northbridge’s property holdings include over 2 million sq ft of industrial, retail, office and multifamily space across North America. The Toronto-based company was founded in 2016.
Northbridge purchased the warehouse along with a two-building industrial property at 450-452 Bowes Road, also in Vaughan, for a combined $36.6m in 2022, according to Green Street’s Sales Comps Database.
In late February, Northbridge listed the Bowes property for $45m ($574/sq ft), seeking a capitalization rate of 6% for the multi-tenanted buildings.
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