- What Ontario Culvert and Metal Products has acquired 630 Weber Street North
- Why The valuation for the 67,000 sq ft building is $174/sq ft
- What next The sale includes 6.2 acres of excess land
An office building with development land in Waterloo has sold for $11.7m, Green Street News can reveal.
Ontario Culvert and Metal Products acquired 630 Weber Street North in mid-October. JLL brokered the deal on behalf of the seller, identified only as 630 Weber Street North.
The valuation for the 67,000 sq ft building works out to $174/sq ft. The sale includes 6.2 acres of development land. Bank of Montreal has written the buyer a $42.5m loan on the property.
630 Weber Street North was completed in 2012 and is designated LEED silver. It has an outdoor kitchen and two elevators. Tenants at the two-storey property include CBI Health, Kaleidescape Canada and Monarch House.
Cooper Construction purchased the parcel in 2011 and planned to develop a three-building office complex dubbed the Exchange. The other two properties have yet to be constructed.
Cooper Construction and 630 Weber Street North share a business address in Oakville. Domenic Natale is vice president of development and real estate at Cooper.
The property is less than a kilometre from Conestoga Parkway, Northfield Drive West and King Street North, and within 2 km of Northfield and Conestoga bus stations. Conestoga Mall and several hotels and restaurants are nearby.
According to Colliers, the average sale price in the Waterloo office market was $193/sq ft in Q3, a 30% annual decline.
