- What Spear Street Capital offloaded Northfield Park Office Campus in Waterloo, Ont.
- Why The valuation for the four-building complex is $115/sq ft
- What next The campus is occupied by several tenants
Spear Street Capital has sold an office campus in Ontario for $76.7m, Green Street News can reveal.
A private buyer acquired Northfield Park Office Campus, at 2200-2300 University Avenue East in Waterloo. CBRE’s Todd Cooney and Jaysen Smalley led the deal.
The valuation for the four-building campus, which spans nearly 669,000 sq ft, is $115/sq ft.
Tenants include BlackBerry, Magnet Forensics, Molex, Crawford & Co. and WSIB. Per leasing materials, gross rent for vacant units ranges from $27.21/sq ft to $27.77/sq ft, depending on the building.
The campus was completed in 2010 and is LEED silver certified. There are 1,450 parking spaces, a gym and green spaces. Data centres are located in some of the buildings, a capability which the purchaser intends to expand upon.
Northfield Park Office Campus is on 38 acres, approximately 19 of which are developable. Near the intersection of Northfield Drive East and University Avenue East, the campus is 1 km from RIM Park and within 3 km of Conestoga Mall, Conestoga Station and Conestoga Parkway. Waterloo is 90 km from Toronto.
Spear Street Capital owns and operates office buildings in the U.S., Canada and Europe. Rajiv S. Patel is president of the U.S.-based company.
