Top Industrial Leases Recognized for Toronto
Top Industrial Leases Recognized for Toronto
Prominent industrial leases signed by Lactalis Canada, The ProLift Rigging Company Canada and Stage Windows and Doors negotiated by top dealmakers from CBRE and Colliers are among the third-quarter industrial leases recognized by CoStar.
As big-ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. CoStar will recognize the largest leases completed each quarter and the dealmakers who made them happen in their respective markets.
Here are the Greater Toronto industrial leases selected as the third-quarter 2023 winners of the CoStar Power Broker Quarterly Deal Awards:
Space Leased: 379,000 SF
Deal Type: New Lease
Size: 379,000 SF
Tenant: Lactalis Canada
Brokers Involved: Kyle Hanna and Fraser McKenna of CBRE represented the tenant.
Deal Commentary: In one of the largest industrial deals of the third quarter, Canadian dairy product producer Lactalis Canada Inc., the company behind such popular brands as Cracker Barrel, Black Diamond, Balderson, Astro and Lactantia preleased a new distribution facility in Oshawa, east of Toronto. The company, a subsidiary of France-based Lactalis Group, signed a long-term lease for a new 379,000-square-foot distribution centre at 1680 Thornton Road North that is set to open in the fourth quarter of 2024 being developed by Montreal-based Broccolini and designed by GKC Architecture and Design. “Lactalis Canada’s new facility in Oshawa will become the largest distribution centre, from a capacity standpoint, for Lactalis Group globally,” said Mark Taylor, president and CEO of Lactalis Canada, in a statement. “This bold step exemplifies Lactalis Canada’s growth ambitions in Canada as a dairy leader and, more importantly, reinforces our continued commitment and investment in the country and communities in which we operate.” The new facility will be used to consolidate multiple shipping locations the company operates serving its cheese and tablespreads category, including an internally operated centre in Belleville, Ontario.
Space Leased: 162,500 SF
Deal Type: New Lease
Size: 162,500 SF
Tenant: The ProLift Rigging Company Canada
Brokers Involved: Kyle Hanna, Pat Viele and Frank Protomanni of CBRE represented the landlord. Colin Alves of Colliers represented the tenant.
Deal Commentary: In another large industrial prelease signed in the third quarter, a rigging company agreed to prelease a new warehouse under construction in Brampton set to reach completion in March 2024. The tenant, ProLift Rigging, is based in Lynchburg, Virginia, and provides lifting, rigging, and relocation services.
Space Leased: 126,785 SF
Deal Type: New Lease
Size: 178,303 SF
Tenant: Stage Windows and Doors
Brokers Involved: David Hoffman and George Siotas of Colliers represented the landlord.
Deal Commentary: Stage Windows and Doors, a company that manufactures energy-efficient windows and doors, struck a deal in the third quarter to lease more than 126,000 square feet in this warehouse facility in Vaughan, Ontario, owned and managed by Manulife Financial Corp.
Space Leased: 67,373 SF
Deal Type: New Lease
Size: 67,373 SF
Tenant: Stephenson’s Rental Services
Brokers Involved: Fraser McKenna and Mike McFarlane of CBRE represented the landlord.
Deal Commentary: Stephenson’s Rental Services, a fast-growing equipment rental services company, struck a deal in the third quarter to lease Amdev Property Group’s manufacturing building at 35 Bertrand Ave. in eastern Toronto.
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