- What A 79-acre land parcel in Whitby, Ont., is in play
- Why The developer has submitted plans for an industrial project on the site
- What next Colliers has the assignment
A land parcel in Whitby, Ont., is being shopped for $79m, Green Street News can reveal.
Colliers has the assignment for 5360-5400 Thickson Road North. Bids of roughly $1m/acre are being eyed for the entire 79-acre parcel.
The sale of smaller blocks – between 11 and 60 acres – is being considered for approximately $1.8m/acre. The blocks would need to be severed from the larger parcel. The site does not have municipal services.
Panattoni Development manages the site on behalf of a corporate client. The developer has an equity stake in the property.
Panattoni has submitted plans to the Town of Whitby for a nearly 1.6m sq ft industrial development. The site plans include five one-storey industrial buildings with 40 ft clear heights.
The smallest building, measuring 57,000 sq ft, has two drive-in doors and 12 loading dock doors. The largest, at 616,000 sq ft, has eight drive-in doors and 106 loading dock doors. There is the potential for a buyer to acquire the site as a built-to-suit sale.
The land parcel is 600 m from Highway 407, 5 km from Highway 412 and 9 km from Highway 401. CN Intermodal Terminal, CPKC Vaughan Intermodal Terminal and Toronto Pearson International Airport are within 65 km. Whitby is 44 km northeast of Toronto.
Headquartered in Irvine, Calif., Panattoni is a private real estate developer specializing in industrial, office and built-to-suit developments. Carl Panattoni is founder and chair, and Adon Panattoni is chief executive officer.
