Subject Property

Located at the intersection of Major Mackenzie Drive East and the Woodbine By-Pass, this 45.69-acre parcel of employment land was optimally located in the community of Cathedraltown in the City of Markham. The site was draft plan approved for 4 business park blocks ranging in size from 5.7 to 15.2 acres. With fantastic frontage on to Highway 404, the site provided an ideal opportunity to purchase large scale employment land in a prominent municipality within the Greater Toronto Area.

Our Role

This site was widely marketed by the Land Services Group as a rare business park development opportunity based on its size, frontage on Highway 404 and municipal services located directly at the property line. Our team’s vast reach and ability to attract foreign purchasers allowed us to attract a publicly traded company based out of Foshan City, China to purchase the property. The Land Services Group emphasized the sheer scale and lack of available comparable land opportunities in an attempt to minimize the Purchaser’s due diligence period and increase the purchase price. We extensively marketed the property and received a range of offers well below the pricing we deemed acceptable. We continued marketing the property using CBRE’s expansive global platform which ultimately allowed us to reach an international purchaser.

Outcome

Our team was able to close the deal after a 45-day due diligence period for a price of ±$41.03 Million on an all cash basis, setting a benchmark for pricing and terms for deals in this area. The final purchase price resulted in a price per acre of ±$900,000 and was sold to a foreign investor from China, Lesso Mall Canada Inc.