- What 209 Frobisher Drive in Waterloo, Ont., sold for $10.1m
- Why Cushman & Wakefield had the marketing assignment
- What next An owner-occupier acquired the asset
A mixed-use office building in Waterloo, Ont., has traded for $10.1m, Green Street News can reveal.
An unknown owner-occupier acquired 209 Frobisher Drive from a private investor. Cushman & Wakefield had the assignment on behalf of the vendor.
The valuation for the 39,000 sq ft building is $262/sq ft. Pricing landed just shy of Cushman’s $10.3m guidance.
The building was sold vacant after Broadcom vacated the property in December. It serves as an office but was originally built as an industrial asset with seven truck-level doors and one drive-in door.
209 Frobisher Drive is on more than 2 acres near the intersection of Northfield Drive East and Bridge Street West. It’s within 2km of Conestoga Parkway, Conestoga Station and King Street North. Several Grand River Transit stops are nearby.
According to Green Street’s Sales Comps Database, recent office transactions in Waterloo include Northfield Park Office Campus at 2200-2300 University Avenue East, which Spear Street Capital offloaded in February for $76.7m, and 630 Weber Street North, which Ontario Culvert and Metal Products acquired for $11.7m late last year.
The City of Waterloo’s office vacancy rate was 15.7% in Q1, Cushman & Wakefield said in a recent report, below the regional average of 22.7%. The Region of Waterloo reported over 339,000 sq ft of negative net absorption for the quarter.
