- What Melscott has bought three industrial buildings in Scarborough
- Why The buildings are fully leased
- What next Scarborough is poised to exceed its overall annual record for industrial sales
A portfolio of industrial buildings in Scarborough traded for $34.7m this month, Green Street News can reveal.
Toronto-based private investor Melscott paid $210/sq ft to buy three multi-tenanted warehouses totaling 166,000 sq ft in the north Toronto borough from KingSett Capital. The deal closed in early August.
Marcus & Millichap’s IPA division and CIBC Capital Markets represented the seller.
The one-storey buildings, built in 1982, are at the intersection of Tapscott Road and Melford Drive. They comprise: 31 Melford Drive (64,000 sq ft, eight units), 33 Melford Drive (65,000 sq ft, five units) and 420 Tapscott Road (37,000 sq ft, three units).
The buildings are fully leased. Tenants include an electronics recycling company, a restaurant equipment supplier and an orthotics provider.
The buildings have ceiling clearance heights of 16 ft, and all have surface parking lots.
KingSett purchased the properties in 2021 for $24.8m.
Scarborough has seen a brisk pace of industrial sales worth more than $5m this year. Recent JLL research indicates that the borough is on track to exceed 2021’s record of $481.7m in total annual sales.
