$21.75 Million Office Asset Sale Brokered by Marcus & Millichap
April 12, 2018
MISSISSAUGA, Ontario, April 12, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 6860 Century Avenue, an 87,099-square-foot, two-building office complex located in Mississauga, Ontario. The asset traded at a price of $21.75 million.
“The buyer is Victor Lopez, president of Frastell Associates Inc.,” says Andrew Riley, senior associate in Marcus & Millichap’s Toronto office. “Victor heads a long-established Toronto-based investment and property management firm that tasked us with identifying stabilised, well-managed office properties for potential acquisition. In cooperation with the vendor, Crown Realty Partners, we were able to identify this property as an excellent fit whose disposition and acquisition aligned well with the strategic interests of both parties.”
Built in 1979 and recently refurbished, the three-story building is in Mississauga’s Meadowvale neighborhood near the Meadowvale and Lisgar commuter rail stations and approximately 10 miles from Toronto Pearson International Airport. The property was fully leased at the time of the sale.