Brampton investor pays $46 million for prime Mississauga land for future development
Published August 9, 2022 at 2:43 pm
A Brampton-based investment firm has purchased five industrial properties at a busy east Mississauga intersection with an eye toward potentially redeveloping the site down the road.
Soneil Investments reportedly closed on the acquisition deal last week, paying $46 million for the five-property industrial portfolio located on nine acres of land on the southwest corner of Dixie Rd. and Eglinton Ave. E.
According to Ottawa-based Real Estate News Exchange (RENX), the properties at 1331 Crestlawn Dr., 1330 Eglinton Ave. E. and 4700, 4800 and 4900 Dixie Rd. are in an established industrial/commercial node and occupy about 140,000 sq. ft. of space combined.
The properties are a mix of small- and mid-bay buildings with heights of about 18 to 24 feet that were built during the late 1970s and renovated several years ago.
RENX reported the properties were acquired through a competitive bid process and that the buyer noted they are in it for the long haul.
No immediate plans for redevelopment are in the offing, but that’s something that may be looked at 10 or 20 years down the road, according to Soneil, described as a “long-term investor.”
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Soneil has acquired some $180 million in assets so far in 2022, bringing its total holdings to more than $1 billion.
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