Small-bay industrial portfolio, comprising 7720, 7686, 7676, 7650, and 7634 Kimbel Street and 2299 Drew Road (“Drew-Kimbel” or the “Portfolio”) in Mississauga, Ontario.
Comprising 395,567 sq. ft. of net rentable area across six buildings and 18.6 contiguous acres, Drew-Kimbel represents a coveted small-bay portfolio of significant scale. Functional building layouts, shipping doors for essentially every tenant (1 door per ±2,200 sq. ft.), efficient 18 to 21 ft. clear heights, and recent renovations (±49.0% of NRA in last three years) collectively provide unrivaled leasing flexibility for a depth of small-to-mid-sized tenants. The scale and concentration of the Portfolio permit compelling management and leasing synergies.
The Portfolio is currently 93.3% occupied by 61 tenants in diversified industries with a weighted average lease term of 3.0 years. Market rents at a ±30.7% premium to in-place rents and area condo sales up to $550 per sq. ft. present an attractive opportunity for investors to capitalize on multiple value-add strategies in the near term.
Drew-Kimbel’s central location in Mississauga adjacent to Pearson International Airport is one of the most sought-after industrial nodes in North America. Convenient connectivity to 400-series highways and a doorstep MiWay transit stop provide tenants with expedient access to labour, clients and customers across the broader region, driving long-term competitive advantages for both leasing and sales.