H&R and Tribal Build New Plant in Mississauga | RENX
The site, called Meadowvale Commerce Park and marketed by Cushman and Wakefield, is located at the northeast corner of Mississauga Road and Meadowvale Boulevard, and also faces Financial Drive. It will be accessible from Meadowvale Boulevard and Financial Drive.
The new site was separated from the old campus of the 60-acre head office of the GSK pharmaceutical company, now owned by Bora Pharma. H&R (RH-A-T) and Tribal acquired the property through a competitive process and had it under contract since October 2018. They closed it in July 2020 after securing the separation.
âIt was a 15 acre excess at the south end of the site,â said Michael Yull, vice president of Cushman & Wakefield, in a conference call with the senior vice president of Cushman & Wakefield , Fraser Plant and RENX. “They realized they weren’t going to use the excess land and wanted to monetize it because industrial land was becoming quite valuable.”
The price was around $ 1.2 million an acre, according to Yull, who said it would likely sell for $ 3 million an acre if it hits the market now.
Approval of the site plan is expected before the end of the year and occupancy is targeted for the first quarter of 2023.
Features of Meadowvale Business Park
Both buildings will include: three percent office allowances; clear heights of 40 feet; Bay sizes 40 Ã 55 feet; 60 Ã 55 foot fast bays; two access doors; LED lighting; and early suppression and rapid response sprinkler systems.
The largest building A will have an area of ââ185,508 square feet. It will have 37 truck-level mooring doors and 142 parking spaces.
Building B will have an area of ââ151,041 square feet. It will have 24 mooring doors at truck level and 115 parking spaces.
âAs we go through the construction process and people see the activity on the site, there is going to be a lot of interest,â Yull said. âWe have seen the interest of distribution companies and life science groups.
Plant said the ownership group would prefer to have single tenants in both buildings, but the smaller could accommodate two businesses and the larger could manage up to three.
âWe believe both buildings will be leased prior to their substantial completion,â Yull said. âBy this time next year, I wouldn’t be surprised if both buildings had been announced. “
All new speculative industrial buildings in the region are pre-let before substantial completion, according to Plant.
âThe vacancy rate for Class A space is less than 1% and tenants understand that they must be proactive in securing new construction opportunities.
However, owners of industrial buildings are reluctant to rent too early. Since rents are rising so quickly, they fear leaving money on the table by making deals too long before delivery.
Mississauga and Meadowvale
âMeadowvale is known to be home to many pharmaceutical companies and is the headquarters of many companies,â Yull said. âWe believe that presenting two new buildings, one 150,000 square feet and one 185,000 square feet, is truly a unique offering for the Meadowvale market.
The site is located a few hundred meters from Highway 401 and Highway 407, and 18 kilometers from Toronto Pearson International Airport.
There are 600,000 inhabitants within 10 kilometers of the site, so a significant workforce will be available. The valley of the meadows GO Transit the train station is two kilometers away and six public transport lanes are within three kilometers. There are 46 restaurants, three banks and four hotels within the same three kilometer radius.
The 500-acre Orlando Churchill Business Community business park is located northwest of the site and provides office, distribution, warehousing and manufacturing facilities. Amazon, Thomas, Grand & Singer and Canada Logistics are among the tenants.
Meadowvale Business Park Owners
H&R, headquartered in Toronto, is one of the largest real estate investment trusts in Canada, with total assets of approximately $ 13.1 billion as of June 30.
It holds interests in a North American portfolio of office, retail, industrial and residential properties over 40 million square feet.
Tribal, based in Vaughan, is involved in acquisitions, construction, development and asset management.
It partners with private and institutional investors and develops industrial, office, commercial and mixed-use properties in Canada and the United States.