TORONTO—Avison Young has announced the sale of 45.78 acres of industrial zoned land in Markham, Ont., a deal valued at $106.5 million.
The deal was executed on behalf of the seller, Lesso Mall Development, and the buyer, Triovest, stated a recent release.
The property, located at Woodbine Avenue and Elgin Mills Road with frontage on Highway 404, provides Triovest with the opportunity to develop nearly one million square feet of new spec industrial development.
Avison Young noted industrial space in the Toronto area is difficult to come by, with an availability rate of only 1.2 per cent in Q3 for the GTA.
“As one of the last infill development sites available in the area, this is a rare opportunity for large development of industrial land in Markham,” said Ryan Hood, a principal with Avison Young in Toronto North, in a statement. “This provides an immediate solution for those seeking big box space for lease, which will certainly boost the local economy.”
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