Cushman & Wakefield Represents Buyer in Acquisition of Mississauga Industrial Property

Walter Spoja Represents Buyer in $11.5M Investment Sale 

TORONTO, May 17, 2023 – Cushman & Wakefield announced today that the firm represented buyer Derry & Tomken Business Centre Inc. in its $11.5 million acquisition of 6305 Danville Road in Mississauga, Ontario. Associate Vice President Walter Spoja represented Derry & Tomken Business Centre Inc. in its transaction with seller Sarapton Limited.  

Dave Robertson and Kevin Brennan with Indusite Realty Corp. represented the seller.  

The 37,710-square-foot building is fully leased to two tenants at below market rates. It is within minutes of access to both Highway 401 and Highway 410 / 403. 

According to Cushman & Wakefield research, the West submarket led the Greater Toronto area with net absorption of more than 650,000 square feet in the first quarter. Due to the low vacancy rate of 1.2% this submarket also had the GTA’s highest average, weighted net rents at $18.28 per square foot. 

“This is a quality investment property with tremendous upside potential,” Spoja said. “The GTA West submarket is the most vibrant area in one of the world’s leading manufacturing and logistics hubs where net lease rates have more than doubled over the past three years. The new owners will have the opportunity to significantly increase their return on the property by adjusting to market rents as tenants renew or new tenants are added.”