1650 Comstock Road
1650 Comstock Road, Ottawa, ON, K1B 3W8, CA
5.599 m²
Jones Lang LaSalle Real Estate Services, Inc. (“JLL”) is pleased to offer for sale a 100% freehold interest in 450-452 Bowes Road, Vaughan, Ontario (the “Property”), two multi-tenant buildings comprising 78,379 square feet1 (“sf”) of high-quality industrial space on an 8.7-acre site, including 3.4 acres of excess land, which is currently leased as highly coveted outdoor storage space. Situated within an established business park of central Vaughan, proximate to the Vaughan Metropolitan Centre, the Property benefits from exceptional accessibility to Highways 7, 400 and 407, several key logistic hubs and an array of retail amenities.
The Property comprises 10 small to mid-bay units, offering modern and well-maintained warehouse space, clear heights between 13 and 23 feet, eight truck-level doors and 18 drive-in doors, along with approximately 3.4 acres of excess land, which is currently being utilized by existing tenants as outdoor storage space. Positioned among the highest quality small-bay buildings in the submarket, the Property is fully leased with attractive in-place rents and strong contractual escalations over a weighted average remaining lease term (“W.A.L.T.”) of 3.9 years2, providing an investor healthy and stable cash flows over the medium term.
HIGH-QUALITY, SMALL-BAY ASSET WITH EXCESS LAND
High-quality industrial asset benefiting from significant capital investments since acquisition, demised into multiple small and mid-bay units featuring functional layouts and clear heights, along with flexible zoning and 3.4 acres of excess land, which is currently utilized as highly-coveted outdoor storage space
STRATEGICALLY LOCATED IN CENTRAL VAUGHAN
Centrally situated in an established node within the City of Vaughan, proximate to major 400-series highways, including Highways 7, 400 and 407, as well as key logistic hubs and areas identified for future redevelopment and intensification
EXCEPTIONAL TENANT PROFILE
Fully leased to a diverse mix of tenancies with attractive rental rates and strong rental escalations over a W.A.L.T of 3.9 years1, offering prospective investors attractive yields and healthy, stable cash flows
STRONG MARKET CONDITIONS
Unprecedented small-bay industrial market dynamics in Vaughan, exhibiting record-high average asking rents of $18.40 psf and historically-low vacancy rates of 0.8%
1 Billable area, excluding 5,417 sf of mezzanine space in 452 Bowes Road
2 Industrial buildings only