- What A 126,000 sq ft industrial building changed hands for $39.8m
- Why V.J. Pamensky Canada purchased the property on June 19
- What next Availability rate for Toronto industrial properties increased 60 bps in Q2, reaching 3.9%
V.J. Pamensky Canada was the buyer of a 126,000 sq ft industrial building in Toronto, Green Street News can reveal.
The property, at 175 Gordon Baker Road, sold for $39.8m, or $316/sq ft, on June 19. The seller was a private group. CBRE had the listing.
V.J. Pamensky Canada was founded in Toronto in 1977 as the exclusive importer of WEG electric motors, controls and transformers. Today, the company is one of Canada’s biggest importers of electric motors, with offices and warehouses across the country.
The property has 103,000 sq ft of warehouse space and 24,000 sq ft of office area over two floors. Zoned as an industrial-office business park, the building is on an almost 6 acres and has eight truck-level doors and one drive-in door. The clear height is 25 feet.
The property is just off Highway 404 a little more than a mile north of Highway 401. According to marketing materials, the roof was recently replaced.
The availability rate for industrial properties in Toronto increased 60 bps in Q2, reaching 3.9%, according to a report from CBRE. That’s the highest level since Q1 2016.
CBRE said that most of last quarter’s increase was due to existing buildings coming to market, unlike Q1, when the increased availability rate stemmed from large-bay sublease offerings and the delivery of vacant new supply.
