Montcrest Asset Management (formerly known as NYX Capital Corp.) acquired three continuous parcels of land in Mississauga, ON. The 22-acre site is comprised of 19.4 developable prime industrial land with a small wood lot. The plan is to develop three new A-Class industrial buildings with a gross floor area measuring approximately 300,000 square feet.
Located in northeast Mississauga on Tahoe Boulevard near the intersection of Dixie Rd and Eglinton Avenue W, the property is part of the new Erin Mills Business Park. The site is located just south of Toronto Pearson International Airport and near Highways 401/427/403 making it an ideal location due to its connectivity.
The property was purchased from Truscan Property Corp. for $40.695M
Montcrest CEO Yashar Fatehi said, “The Greater Toronto Area is one of the strongest industrial markets in North America with vacancy rates below 1%. There is clearly a high demand for the assets, but it is challenging for developers to find suitable sites. We are thrilled to add Creekside Industrial to our portfolio and look forward to delivering new units for the underserved market."