- What Davpart sold a two-building office complex in Markham
- Why An unidentified buyer purchased the property for $173/sq ft
- What next The buildings are 97% occupied
An office complex in Markham, Ont., has traded for $22.1m, Green Street News can reveal.
Davpart offloaded Warden City Centre, at 3760-3762 14th Avenue, to an unidentified buyer. Avison Young brokered the deal, which closed in mid-January. The valuation for the two-building complex, measuring 128,000 sq ft combined, works out to $173/sq ft.
Warden City Centre is 97% leased to 16 tenants including Direct IME, Hallmark Canada, Tower Steel Buildings and XS Law Professional Corp. The weighted average lease term is three years. According to marketing materials for the available units, net rent is $15.75/sq ft and additional rent is $15.90/sq ft.
The complex dates to 1993 and was renovated in 2020. It’s BOMA gold certified. There are over 400 surface and underground parking spaces, three passenger elevators, one freight elevator and a cafe.
The buildings are on nearly 3 acres at the corner of 14 Avenue and Warden Avenue. They are within 3 km of Highways 404 and 407, the Unionville GO station, the Viva Blue bus line and downtown Markham.
According to Avison Young, suburban office markets in the Greater Toronto Area had a collective vacancy rate of 13.3% in the fourth quarter, while the availability rate stood at 20.6%. In the GTA North, which includes Markham, the availability rate was 21.1%.
Davpart is a Toronto-based real estate investment and property management firm led by chief executive David Hofstedter. In January, the company put 140 Allstate Parkway in play for $18.5m. That office building is 4 km from Warden City Centre.
