Toronto, ON – Avison Young is pleased to announce the sale of Northlea Corporation’s $312M industrial portfolio, making it one of the largest industrial investment transactions ever completed in the Greater Toronto Area (“GTA”).

The sale of the 908,360 sf GTA West Industrial Portfolio to Pure Industrial closed on December 23, 2021. Ben Sykes and Richard Chilcott, of Avison Young, acted as the exclusive brokers on this transaction.

The Portfolio was 99.9% leased and included 13 single and multi-tenant industrial assets in Mississauga, Brampton, and Etobicoke. The quality of the assets and central locations offer unmatched connectivity to a strong local labour market, highway network, Pearson International Airport, and national railway systems. 

“We wanted to deliver a strong result for Northlea Corporation,” said Ben Sykes, a Principal in Avison Young Canada’s Industrial and Capital Markets group. “The strategy we executed generated a high degree of interest from the investment community, resulting in a very competitive offering process which speaks to our team’s ability to leverage market conditions through our underwriting and disposition process. I am thrilled to be a part of this marquee investment transaction and look forward to growing Avison Young’s industrial capital markets business in Ontario and across Canada.” 

This transaction is symbolic of not only the high-quality desirability of the portfolio assets, but also of Toronto’s position as one of North America’s largest and tightest industrial markets, with high rent growth and historically low availability. Industrial space is in high demand in the GTA, with only 0.6% vacancy as of Q4 2021. 

“This was a complex investment transaction, managed seamlessly in a rapidly evolving market that has witnessed marked changes in rental rate and investment demand over the past two years as supply shrinks and prices per square foot surge,” said Richard Chilcott, a Principal in Avison Young Canada’s Capital Markets group.